Did you know that in 1972, the US Census began to track female entrepreneurship? At that time, there were 400,000 businesses owned by women.
However, 50 years later, that number has risen to 13 million. Yet, still, only 31 percent of small business and franchise owners are women.
As a woman owning a business franchise is an excellent way to be your boss. However, is it the right choice for you?
Please keep reading to learn more about business franchises and how they can help you to be your boss.
What Is a Business Franchise?
A franchise is a company that sells its trademark and business model to other individuals. These individuals, or franchisees, pay the parent company for the right to use the trademark. Franchisees also pay for support, training, and assistance that a parent company might usually provide its employees.
In return, the parent company receives royalties from its franchisees. This relationship between parent and franchisee can be considered a business franchise.
You are not the only person with the right to use the business ‘ trademark, but you have a much more incredible opportunity to be successful than an independent business owner.
Benefits of Owning a Business Franchise as a Woman
There are many benefits to owning a franchise. Some reasons you might consider holding a business franchise include the following.
Profit
As a woman with a business franchise, you can make more money. 54 percent of entrepreneurs feel they make more money owning their businesses. If you think of owning a business franchise, you could make an excellent living for yourself and your family.
Success Rate
While starting a business can be risky, the risk is much lower if you own a franchise. Most new business owners can only succeed if they have the correct information and support. But with a business franchise, you have support and training from the parent company.
Flexibility
When you own a business franchise, you can set your work schedule and work around your family. You will not always have to work long hours, but you can choose how much time you want to put into your business. As an independent business owner, you could also work from home.
Experience
When you own a business franchise, you have the experience of the parent company to rely on. The parent company will give you help and support, so you do not have to make all of the mistakes they made. If you are starting a business independently, you will have to learn all this information, which will take more time and money.
Support
When you are starting a business, you are going to need help. Due Diligence is the key to a successful business right from the start, so you will need help with paperwork and advertising and an idea of what to expect when you run your own business. A business franchise provides you with support for all of these things.
Training
You will get training from the parent company. This training will equip you with the necessary information to run your business successfully. You must figure out how to run a trade independently if you are an independent business owner.
Types of Franchises
Number of Establishments in Key Franchise Industries
Business franchises can be found across a variety of industries. However, the most common sectors for franchise businesses include the following.
Food and Restaurant
A remarkable thing about the food and restaurant industry is that you will always attract customers no matter what type of food you sell. People will always be interested in trying new types of food and drinks.
Well-known franchises in this industry include fast-food restaurants.
Health and Beauty
We all care about our appearance. The multi-billion dollar industry is based on making us look and feel good. And because of this, there are many business franchises to choose from in this industry.
A well-known hair salon franchise in this category is Great Clips.
Retail and Business Services
People will always need help with advertising, retail, and business services. Plus, people will always need retail stores or services.
Companies like Saiter Real Solutions offer these types of services.
Property Restoration
Property restoration is a franchise that has the potential to bring in revenue year-round. Property always needs to be cleaned up, home and office spaces need to be restored, and property needs to be preserved. This franchise is worth exploring if you want to make a living in the cleaning and restoration industries.
Companies like 1-800 Water Damage and Blue Kangaroo Packoutz are examples of this type of franchise.
Home Services
Sometimes we need more time to take care of the simple things that need to be taken care of around our homes. This is why we have people who will clean for us, cut our lawns for us, and do things to help us take care of our homes.
Companies like Chem-Dry, DUCTZ, N-Hance Wood Refinishing, and Redbox+Dumpsters are examples in this category.
Home Repair
No matter where you live, work will always require hiring a professional. Many professionals can do repairs on everything from rusted tools to broken appliances.
The Patch Boys and PlumbingPro are good examples of potential franchises in home repairs.
Know What Business Franchises Won’t Work for You
While there are many benefits to owning a business franchise, it is essential to choose the right one. There are many different types of business franchises, and some of them are riskier than others.
You may avoid choosing a franchise that falls into the following categories.
Franchises that Handle much Inventory
You will need money to pay for the merchandise if you choose a business with much inventory. This could be risky if you only have a limited budget to work with. You’ll want to make sure you select the right business for your budget.
Franchises that Require Much Money
If the business you choose requires a significant initial investment, you will have to have a lot of money available to put into the business. You will have to get a loan if you do not have this kind of money.
If the business is successful, you could retain your business and still have to pay back the loan. When choosing one, how much money will you have to put into a franchise?
Franchises that Require Much Time
If you choose a franchise that requires you to work many hours, you may need help to focus on your personal life. You may be unhappy with your business if you do not want to perform these extended hours. It would be best if you chose a franchise that allows you to maintain an excellent work-life balance still.
Franchises that Have a High Failure Rate
When choosing a business to start, you want to avoid companies with a high failure rate. You may have to spend much money to get the business off the ground, and it may not be worth the initial investment.
You don’t want to start a business that is guaranteed to fail and take all of your savings with it. There are many different types of companies, so you need to make sure you choose one that has a low failure rate.
How to Choose a Business Franchise
Now that you know what to avoid when choosing a franchise, you are ready to move forward with your research. You want to choose a business that is carefully researched and one that will be successful.
The first step is to narrow your choices down to what you want your business to be. Write down all of the things you are interested in, and put them on a chart to compare them. You want to choose a business that fits your interests.
What Type of Business is Most Successful?
Once you have made a chart comparing three or four different businesses, you will want to rank them according to what you think will be the most successful. If you need more time, you should research the companies to see which have historically been successful. You will want to choose a business with a higher overall success rate.
Finding a Franchise
Once you have chosen a franchise, you will need to search for one available in the area where you want to open the business. Therefore SRS will help you find a place to start your business. You will want to find a company that has the potential to expand, and you can do this by finding a location that is growing, whether it is a new shopping district or a new housing development.
Owning a Business Franchise as a Woman
Owning a business franchise as a woman gives you control over your professional life. Many factors go into starting your business; however, there are many benefits.
Are you interested in taking control of your life by starting a franchise? Let us help you get off the ground.
Saiter Real Solutions offers consulting services to help you choose the right path for your franchise. Book a meeting today to chat about your options.