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Why are a growing number of women becoming franchisees?
Louise Harris writes:
This is a little ‘armchair psychology’ from me but, speaking as a women who has been a franchisee, there are some simple reasons behind the increase in women entering the franchise sector.
Franchising is a lower risk route to owning your own business than starting from scratch. There is a proven model, a set of directions and a support network as part of a standard franchise package. If you look at ‘typical’ female motivators, this ticks all the boxes.
A study of applicants for funding through the major business lenders showed that a higher percentage of women applying for business loans are accepted than the percentage of men who apply. I think this speaks to the fact that women typically plan more, look more closely at the minutiae and are more considered in their approach.
But most importantly, with the rise of Encouraging Women into Franchising and the British Franchise Association’s Empowering Women in Business events women have never been more welcome than they are now. In addition, banks such as HSBC and NatWest run direct female-led initiatives. This all means that franchising has declared itself truly open to bringing women on board. Long may it last.
Louise Harris is an experienced franchisor, having built and sold an award winning franchise. She’s currently franchise operations manager at Mathnasium UK.
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