When singer Helen Reddy came out with the song “I Am Woman” in 1971, there was no way to know how far women would actually come.
Statistics from last year show more than 11.6 million firms are owned by women, employing nearly 9 million people, and generating $1.7 trillion in sales, according to the National Association of Women Business Owners.
Now that’s some roaring in numbers too big to ignore, and totally not surprising.
Women are strong franchisees, thanks to their innate abilities of organization, prioritization, improvisation, networking and communication, and here’s a trait wives and mothers can relate to – multi-tasking.
A 2017 survey in Franchise Business Review of 6,400 women franchisees found 90-percent of respondents say they enjoy operating their business, with 74% saying they’d do it all over again knowing what they know today.
Women tend to choose franchises that involve child care, education, home health care and areas involving health and fitness, according to Franchise Gator. Personally, I love showing women businesses in male dominated markets like restoration, handy-man work, window coverings, etc. It’s a great opportunity to be in a business that most of your customers are female and make a great connection with them.
Key ingredients on why women succeed in franchising include the fact that women are wired to value relationships over results. Women are well-connected and engaged in their communities, and are used to making key decisions.
Franchises offer women a sense of community and mentorship in a field that’s mostly dominated by men. Building a network of contacts with other women is a great way to strengthen our standing in the business world. I’m personally in a mastermind group made up of female franchise consultants and it’s a group I value tremendously. Although we’re all from different walks of life and could be viewed as competitors, we lift each other up, support each other by sharing best practices and industry news and updates. We’re sort’ve like a franchise in that we share best practices, as well as mistakes so others can learn from them and avoid them.
Ladies, if you’re considering franchising, make sure to choose a franchise that shares your values by doing some research to learn more about the products and services offered by the potential franchisor. It’s all about finding your passion, or as two-time Olympic gold medalist Mia Hamm once noted, “If you don’t love what you do, you won’t do it with much conviction or passion.”
If owning your own business sounds intriguing, give me a call and I’ll help you find the perfect match. And remember, you are strong. You are invincible. You are woman!