The number of women in the franchising industry continues to grow. Today, women either own or co-own about 265,000 franchises in the U.S. To give that figures some context, that’s approximately 35% of all U.S. franchise outlets, up 24% from just a decade ago. But these numbers represent a mere snippet of the impact women are having on the franchising industry and the wider business world.
Why Are Women Turning to Franchising?
It seems that many of the innate characteristics of women position them perfectly to become franchise owners. They have an exacting eye for detail, are great organizers, and can adapt and improvise when the situation demands.
Female franchisees have also built up vast personal and professional networks throughout their lives, and so can quickly pick up customers to test, trial, and gain feedback during the post-launch period. That’s without mentioning the benefits of early positive word of mouth. Their conservative approach with finances also helps to win over franchisors who appreciate the value of starting small and scaling.
Lastly, franchise-based businesses are often flexible, meaning they can be molded around the day-to-day routine of a stay-at-home parent.
In Which Franchises Are Women the Most Involved?
Gone are the days where women were limited to health-and-beauty service franchises. Today, women franchise owners outnumber men in several industries, including:
- Decorating services (86% women-owned)
- Modeling schools and beauty salons (68%)
- Clothing, toys, and accessories (63%)
- Travel agencies (61%)
As you can see, while beauty services still account for a significant proportion of women-owned franchises, women have taken over in many over previously male-dominated industries such as decorating and travel.
With women franchise owners reporting record satisfaction levels (87%) while operating their business, the increasing trend of women franchisees is only set to continue.
– Sue Bennett, Certified Franchise Consultant
Sue Bennett, CFE, CFC; Co-owner of FranFinders, a Franchise Consultancy and Funding Company, with her husband Rob, since May 2008. They have helped hundreds of clients create wealth through franchise ownership. For more information, visit www.franfinders.com.