Women are effective leaders. Besides having a large appetite for growth, female entrepreneurs have a large appetite for growth. For these reasons, it’s no surprise that countless of them outperform their male peers. Moreover, any franchise consultant can tell you that women are making big waves in the franchising and entrepreneurial marketplace.
Why Women Are a Good Fit for Franchising
Females are more likely to use a detail-oriented approach when prioritizing key tasks. Since they typically communicate easily, they’re known for their innate ability to network. Studies also show that they can quickly adapt to changing conditions and think independently. These natural abilities make women a good fit for franchising.
Statistical Data About Women’s Entrepreneurial Accomplishments
- The Rise of Female Business Owners
Did you know that the U.S. Census Bureau started tracking female entrepreneurship in 1972? While only 400,000 female-owned businesses were running during that time, the latest statistics show a phenomenal increase to 13 million businesses as more and more women venture into entrepreneurism.
Today, women own 42% of all businesses in the country. Besides accounting for nearly $2 billion in annual revenue, these companies have nearly 10 million workers. According to research, these female entrepreneurs come from diverse geographic and ethnic backgrounds.
- Small Business and Franchise Ownership in the U.S.
Moreover, research conducted by Guidant Financial shows that women own approximately 31% of small businesses and franchises in the United States. About a third of this group has owned and operated their businesses for more than ten years. It’s worth noting that women of color started 64% of new women-owned businesses in 2022. Moreover, the number of Black women starting their businesses is higher than other racial groups, at 17%, and around 14% of these businesses have between 10 to 50 employees.
- Franchise Business Ownership Piquing Women’s Interest
Recent data confirm that females among Gen-X and Gen-Y demographic groups are in pursuit of owning a business as they outnumber men in seeking information about franchise ownership. In 2021, women made 90 cents for every dollar earned by men, which is approximately 90% of what their male counterparts earned on average. In addition, the overall percentage of female franchise owners has been rising since 2016. Since the franchising industry is generally mindful of the gender pay gap, more and more women are likely to explore this route.
- Women-Owned Franchised Businesses in Various Sectors
Women are riding the crest of the tidal wave of franchise business ownership across popular sectors. For instance, they own and operate 51% of child service-oriented franchises in the United States. Travel and hospitality are the next closest market at 43%. Fitness-related concepts follow at 39%, and sports and recreation franchises at 36%.
Working Mothers Exploring Home-Based Franchised Businesses
During the height of the recent COVID-19 pandemic, working mothers found themselves facing unprecedented childcare issues. While these childcare demands compelled countless mothers to stop working, others who kept their jobs bore the brunt of commuting when businesses started to reopen.
As a result, many working mothers who dealt with disrupted childcare arrangements and logistical obstacles decided to invest in franchise businesses. Since franchising offers self-employment and the stability of having a proven system, it’s an attractive option for working moms who want a change or were laid off or furloughed.
Many female franchisees were pleasantly surprised at how quickly they got their home-based businesses up and running. After launching a home-based franchised business, those struggling to meet the demands of their traditional office jobs and their families enjoyed flexible schedules.
Contrary to popular belief, home-based franchised businesses aren’t complicated or time-consuming. With the help of a certified franchise consultant, getting started is as quick and painless as signing paperwork, going through training, and opening for business. However, it’s important to note that the franchisee’s efforts, the support and guidance they get from their franchise consultants, and the local demand are key factors playing into the franchisee’s success.
Popular Home-Based Franchise Options for Women
Perhaps you’re wondering how you can find a franchise that can give you a good chance of success and a better work-life balance. Although you can always start with online research and live and virtual trade show visits, seeking the help of an experienced franchise consultant is your best option. These professionals can show you reputable franchises that don’t usually appear on typical online searches and trade show rosters.
The good news is that the franchising industry offers numerous options that work well for both full- and part-time self-employed women. You can finally say goodbye to being restricted to set hours or tied to an office. Although most home-based franchises may start as part-time, you can scale at your own pace.
Vending
Vending is an excellent way to generate semi-passive income. Streamlining operations won’t involve a complex process because technology allows you to monitor inventory digitally. What’s more, managing and running a vending business with a few machines only takes a few hours each month. If you’re a mom, you can get your kids involved in your business by taking them along on your routes to help stock machines.
Vacation Rental Management
Working moms wanting to start a part-time business before growing it at their own pace should consider starting an internet-based vacation rental management franchise business. With the franchisor’s effective and established marketing strategies, you can scale up your business operations, expand service offerings, and increase your customer base.
Advertising and Marketing
Advertising and marketing franchises present unique opportunities for women with sales experience. Additionally, this type of home-based business is ideal for mothers who are immersed in their respective communities. As a franchisee, you can sell ads on indoor digital and mobile billboards or specialty direct mail coupons and publish your local niche magazine. Choosing an advertising and marketing franchise means having little overhead. It also allows you to run your business solo and part-time.
Home Services
Although home services have been male-dominated for years, countless women out there are breaking the glass ceiling by becoming successful home service franchisees. The opportunities are endless, from window cleaning, home inspection, painting, and drywall repair. You won’t need to do the heavy lifting if you hire a team to do the work.
Franchise Consulting
A consulting business franchise provides various services, from career coaching to cost reduction. Since this franchise typically involves a one-person operation, you can run it from home, whether part- or full-time. Furthermore, you don’t have to be an expert in a certain field or area to own this business because the franchisor will teach you how to run the business and everything else you need to know.
Do You Want to Be a Franchise Consultant?
At FranServe, we’re here to help you start and grow your franchise consulting firm and help others achieve their dreams of business ownership through franchising. Contact us today to get started.