Women in Franchise: No More a Minority
Women in franchise are no more the minority group. As per Pricewaterhouse Coopers and the International Franchise Association, female entrepreneurs roughly account for only 25% of the total franchise ownership today across the globe. That being said, the percentage of female entrepreneurs investing in franchise businesses continues to grow.
Franchisors have already started taking notice of it and hence we have a UK-based non-profit organization – Encouraging Women into Franchise (EWIF) run entirely by the volunteers. They provide guidance to enthusiastic women looking for a route into the franchise sector, whilst directing their recruitment efforts towards the female entrepreneurs.
Networks and initiatives such as this have not only raised awareness of franchising amongst women generally but have resulted in a trend towards more franchisors specifically targeting women in their franchise marketing.~Forbes
Last year, we had the pleasure of attending two events organized by EWIF in London. The agenda was to encourage and support women in franchise and those who are willing to kick-start their franchise businesses. In the past couple of years, there has been a significant rise in the number of women franchisors and franchisees. Today, in the USA, there are around 11.6 million franchises owned by women which makes 39% of all the privately held firms. This year, the EWIF event is scheduled for Thursday 19th September 2019.
Here are some more statistics over the past 30 years on women in franchise –
- There are around 8.6 million women-owned businesses in the United States that generate revenues over $1.3 trillion, employing nearly 7.8 million people
- While the number of businesses in the United States increased by 41% between 1997 and 2013, the number of women-owned businesses has increased significantly by 59% which is 1.5 times the national average
- Female entrepreneurs exceed overall sector growth in 8 of the 13 most populous industries
- Women-run franchises are mostly focused on the following sectors – health care and social assistance, educational services, administrative support, and waste management services
- 24.4% of franchises are co-owned by both men and women
Here is a list of some franchises that are actively seeking female business owners –
So, what is it about these women in franchise that has spurred this marked growth? Here are some factors that you can consider upon to understand the female intervention in the franchising –
- As compared to men, women have proven to be great organizers
- Women can prioritize well, and have an eye for detail, thereby making them a great fit in the management
- Management skills possessed by women are a perfect match for operating a franchise
- Women often have the ability to think rationally and adapt easily when required. They have special strengths when it comes to operating a franchise
- Women have strong networking and communications skills which are imperative for the franchisor, vendors, and customers
- Female business owners also tend to manage money well and have the skills to expand a small business smartly
- Female entrepreneurs understand the franchise business approach and know-how required to open, operate, and grow a franchise
Thanks to the initiative by organizations like EWIF, women in franchise have more opportunities than ever. There are also other organizations such as the SBA and Association of Women Business Centers who organize and host workshops, seminars, mentoring programs, and fund-raising events for women entrepreneurs who are interested in franchising.
With this female-focused franchising trend only set to grow, it will be interesting to see how female entrepreneurs will not only adopt the new franchise marketing methods but also many of them can contribute in creating innovative marketing approaches. We, at Sparkwork, are devoted towards assisting the women in franchise to adapt easily to their franchise models and processes and inspire more women into their businesses. If you are among these curious minds and wondering how to find a route to the franchise industry, contact us and we would be glad to assist you.