The Entrepreneur’s Source Reviews Why Franchising Is Ideal for Female Entrepreneurs
Regardless of whether a woman is looking to escape corporate America or if she is a stay-at-home mom looking to rejoin the workforce, franchising continues to be a great business outlet.
“Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers,” said Judy Stoleson, career coach at The Entrepreneur’s Source franchise and Co-Founder of Women Empowered by Business.
As the franchising industry continues to grow, women are entering this sector of the economy in large numbers. Almost 25 percent of new franchises were women investors, the International Franchise Association (IFA) reported according to the numbers from the last Census in 2010, a dramatic increase from just 20 years ago when only 10 percent of franchises owned by women.
Why Franchising Is Appealing to Women Entrepreneurs
The franchise business model is appealing to women for a variety of reasons. The Entrepreneur’s Source reviews some of the many factors that make franchising an optimal business model for women looking to become entrepreneurs.
Investing in a franchise rather than building your own business or entering the corporate sector provides a more flexible work environment for women, which is oftentimes ideal for those who are trying to juggle taking care of their family with bringing home a second income. When running a franchise business, franchisees are their own boss. This offers more flexibility for women because they won’t be obligated to work a standard 9-5 or set hours, but rather can fit their work in as needed by starting early or working late.
Women typically excel at developing relationships with individuals due to their nurturing instincts, which can be an added advantage in business. Building a franchise location is built upon developing relationships, whether it is with your franchisor, your customer base or local media outlets to get the word out. In the franchise industry, building and maintaining relationships is crucial to the success of a business and its likelihood of success. Because women tend to excel in relationship development, this can be an added bonus for business networking efforts.
Women are known for their communication skills, in fact, some studies have shown that women tend to use fewer words when speaking to someone and have a better understanding of the English language when compared to men. Because of this strength, women tend to think carefully before they speak, choosing strategically what they want to communicate with their words – an essential in running a business and delegating tasks.
Although this is a trait that is commonly associated with men, studies show that women actually tend to take the initiative more often and successfully than men, Forbes reports. This resourcefulness can work wonders for women trying to navigate the franchise industry for the first time while maintain a work-life balance. In fact, 33 percent of women who invest in a franchise report spending more time with their families as a result of opening their business. This unique multitasking ability that women possess is well applied and transferred into entrepreneurship and franchise ownership.
Contact a Coach at The Entrepreneur’s Source Franchise Today!
Consulting with a coach is a great first step for women looking to accomplish their entrepreneurial dreams. Alternative career coaches at The Entrepreneurs Source help their clients discover their Possibilities, Options and Dreams (POD) and how these can work in sync with a candidate’s Income, Lifestyle, Wealth and Equity™ (I.L.W.E.™) goals.