The numbers alone speak for themselves in demonstrating an increase in the number of women who are pursuing success in the franchising market. According to recent data collected by the International Franchise Association (IFA), more than 25 percent of women are operating franchises in the world, and that data point doesn’t include another 17 percent of the population where men and women are operating businesses together as partners. The reasons why so many women are pursuing success in franchising might surprise you.
The Know-How is Priceless
Many female entrepreneurs are reporting that the intimate knowledge of how to successfully run, maintain, and grow a business is priceless. This is a primary reason why Rhino7 is a true full-service franchise development company, offering operations support, franchise brand evaluation, marketing services, and territory mapping, among many other support functions.
Lisa Korstein admires the way Rhino7 has supported her unique boutique business by hiring sales reps and area development managers to specifically sell Scout and Molly’s.
“Rhino7 walks them through the process until they are ready to come to “discovery day” and then Rhino7 and myself do “discovery day” together,” she said. “They’re fantastic partners and incredible to work with, and I feel really lucky that we work with them. They didn’t try to change anything. They represent Scout and Molly’s just as I would.”
The Network is Powerful
Another unique characteristic of women entrepreneurs is their willingness and eagerness to collaborate with others. By working with franchise developers like Rhino7, other female entrepreneurs and select partners, women often feel like they’re in business for themselves, but not by themselves.’
Women are also discovering other unique support structures in their networks. These include women-specific programs at institutions like the Small Business Administration, as well as organizations like the Women’s Franchise Network (WFN). The WFN’s first network launched in 2002 in Denver and now includes local networks designed to develop relationships with women franchising professionals in markets across the United States and Canada.
Even massive chains like 7-11 are targeting female entrepreneurs, most recently to award a franchise fee-free 7-Eleven franchise.
Franchises Boost Financial Security and Flexibility
The franchise model also offers several unique benefits to women entrepreneurs. First, the model is appealing to women who are seeking the financial security that is increasingly difficult to obtain in a corporate workplace.
Other women see franchising as a business that is friendly to their lifestyles, whether they are raising their families, performing as athletes, or traveling the world. Female franchisees also tend to look at their businesses from various angles, rather than being single-mindedly driven by profit.
Finally, franchises allow women entrepreneurs the opportunity to pursue their passions. Whether franchising a pre-existing business or becoming franchisees, many women in franchising report first being attracted to their product.
Taking Away the Question Marks
Yet another factor driving women into entrepreneurship is the confidence that comes with a well-known brand. While women are as likely to take risks as men, they tend to value risk mitigation more than men. Franchise owner Erica Wishnow abandoned Wall Street for the franchising market and now owns almost 100 Dunkin’ Donuts and Taco Bell Franchises.
“Having been associated with such a strong brand, it takes a lot of the question marks away, because you know that you’re a partner with somebody who’s been doing this for decades, and they have a tremendous track record,” said Wishnow to Moneyish about her incredible success.
