Franchising can offer hope to young women just starting out in business, EWIF says
Reports about the gender pay gap still gather momentum, as the light shines ever brighter on the issue facing working women. As of two weeks before the Government’s end of March deadline, two thirds of UK businesses were yet to publish details of the difference in wages paid to male and female employees. Of those who had published their figures, 77 per cent paid women less than their male counterparts - sometimes less than double the wage.
So if the gender pay gap persists, what hope is there for young women who are about to step into a whole new world of work? Those who leave university in debt suddenly face an uphill challenge to actually be paid what they’re worth.
Work for yourself
While there are growing numbers of ‘mumpreneurs’ who have discovered the benefits of franchising, Encouraging Women into Franchising believes there’s a place for younger women in many of the franchises operating today.
A 2016 Microsoft survey of Britain’s start-ups revealed young women under 35 have what it takes to start successful businesses.
Only three per cent of new businesses run by someone under 35 was running at a loss, compared to nine per cent of new businesses run by someone over 55. In addition, only two per cent of new businesses run by a young woman was running at a loss, compared to eight per cent of new business run by young men.
Combine these results with the success rates for franchise businesses compared to independent start-ups and the potential for young women to become successful business owners is certainly not one to be dismissed. In fact, having the advantage of youth, with a healthy balance of risk taking and caution, could work in your favour.
The benefits of owning a franchise are many. They include:
- You own it.
- You set your own wage, and those of your staff, as you grow a profitable business.
- The structure of the business has been created for you by the franchisor.
- This alleviates the pressure to come up with the next big idea.
- You have an amazing support network to inspire and encourage you.
- You also have access to expert training, giving you access to any business in any industry.
Breaking down barriers
Despite the success young women can potentially enjoy from owning a business, many are afraid to take the leap because of lack of funds, financial risk and a lack of experience.
Again, this is where franchising nails it. Banks are, on the whole, more likely to grant loans to someone looking to invest in a franchise because they know the franchise and have seen the success it has generated for other franchisees.
Not having experience in a particular sector isn’t important to a franchisor who’s ready and willing to share their expert knowledge and experience to the ready and willing to learn. And as they’ve already developed a successful business model, they’re confident in the opportunity they present to you.