One question that is often asked is, why are there not more women in franchising?
According to research into franchising, 70 per cent of respondents felt there were barriers that made it more difficult for women to own or operate a franchise, compared with men.
However, women do possess a large number of the skills needed to run a franchise, including:
- The ability to multi-task.
- A fine attention to detail.
- The ability to follow proven systems.
- Good communication skills and diplomacy.
- A personable approach to negotiation/business relations.
Support
However, women can be held back because of family commitments, lack of childcare - and often a lack of confidence. Joining a franchise is great for boosting confidence because of the support system offered by franchisors in the form of:
- Training.
- Telephone and email support.
- Visits from a dedicated franchise manager.
- Talking to fellow franchisees.
- Franchisee meetings.
Investing in the right franchise is an excellent way for women to work around their family and other commitments. Buying into a franchise based on a proven business model provides more stability than just starting out on your own, and you are never alone.
When a woman is considering a franchise, especially one that offers a good work/life balance, it is important to remember it may be part-time work, but it is not a part-time job. It will be your business 24/7.
It’s just as important that a woman prepares a ‘commitment plan’ as well as a business plan that answers such questions as:
- Are you passionate about running your own business?
- What do you want to get out of running a franchise?
- How many years do you want to commit to the franchise before selling?
- What hours are you willing to dedicate to your business to make it a success?
- How much time do you plan to take off?
- Will you need a dedicated quiet place at home to work?
- If you have children, do you have adequate childcare in place?
Research
Often a woman is nervous about the first meeting with a franchisor, but they can always take along a friend for support. They must make sure they have carried out lots of research about the franchise and the industry it is in. For further information about questions to ask at an interview with a franchisor, visit www.thebfa.org and www.ewif.org.
Encouraging Women Into Franchising is a not-for-profit organisation and its mandate is to inspire, educate and support the following:
- Women who are looking to become franchisees.
- Women business owners who are looking to franchise their business.
- Franchisors which have an under-representation of women franchisees and would like to encourage more into the network.
