During this week’s edition of the Proven Match blog, we’re going to take a closer look at the role of women in franchising and what brands can do to enhance their outreach. First, let’s review a recent survey put together by Franchise Times Magazine. In April of this year, they conducted a survey of over 6,000 female franchisees who collectively represented over 300 different brands. The results showed some fairly encouraging news about how women view their roles as franchisees.
Of the respondents to the survey, job satisfaction was a clear winner. Nine out of 10 indicated that they loved their job and the organization they represented. Eight out of ten would recommend the franchise they represented to another person. And three-quarters of the survey respondents said they would do it all over again if they knew then what they now know.
From a statistics standpoint, the sheer number of women who have taken on the primary role as a business owner is also encouraging. According to the most recently available research, there are approximately 8.6 million women-owned businesses. These operations produce over $1.3 trillion in revenues and employ nearly eight million people in the United States. Now for the spike which occurred over the past 20 years. Since 1997, the overall number of businesses in the United States increased over 40 percent. But the number of women-owned businesses skyrocketed 59 percent! That’s one and a half times the national average.
What we do know about franchise concepts can be found in research studies that show where women choose to start businesses of their own. The results show a high tendency for women to gravitate towards health care and social assistance, educational services, other consulting roles, as well as management-based opportunities.
So how can franchise brands get the jump on marketing their concepts to this growing trend of women in franchising? All signs seem to point to the increased flexibility that franchising offers as a starting point. Moreover, when compared to men, women seek to find career opportunities that offer a better work-life balance. In the aforementioned study, more than half of the respondents indicated that the flexibility of being your own boss was an extremely attractive quality when choosing the entrepreneurial path in life.
The dreaded “glass ceiling” analogy is also an appealing reason for women to turn to a franchising solution. Unfortunately for many women in the workplace, they simply don’t earn near what their male counterparts do—and their frustration is growing rapidly.
Relationship marketing is also important to budding women entrepreneurs. Women share a common, nurturing bond and often seek a business with the capacity to give back to the communities they hold dear.
For women interested in franchising, there are several resources available. Back in 1996, the International Franchise Association created the Women’s Franchising Committee (WFC). Its stated mission is to “promote women's participation in franchising by providing international networking opportunities for the exchange of ideas, resources, and experiences.” Other national entrepreneur groups dedicated to women include CRAVE, Make Mine a Million and Women 2.0. Check your local area for chartered groups and subsequent events and activities.
Last but not least, our franchise brand partners would do well to check out a recent documentary dealing with the subject of women and entrepreneurship. Entitled, “Dream, Girl”, it’s a passionate look at female entrepreneurship and how many successful women are inspiring the next generation of business owners. You can view a trailer of the award winning film here.
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As a franchisor, you’ll want to know which existing and potential franchisees best fit your business concept. Proven Match is the proven solution in determining those factors. Through our proven behavioral assessment techniques, predictive analysis becomes a predictive success for your franchise concept. If you’re ready to show your leadership by getting started, give us a call and we’ll put you on the path to a more productive year in 2017.