Women in Franchising
Investing in a franchise opens the door to a range of benefits that can enable women to combine a career with raising a family and - more importantly - gain job security while being in control of their earning potential.
With today’s women being more independent and ambitious than ever before, why is it that only 22 per cent of new franchise businesses in the UK are run by women?
For some it may be family commitments, lack of funds or even lack of confidence. Whatever the reason, by joining a franchised business – where franchise owners receive all the tools, training and support needed to run their business successfully – women can start their own business with confidence and find a career which provides the perfect work/life balance for them.
The number of women who are out of work now tops 1 million – the highest figure since the late 1980s, noted Nigel Meager, Director of the Institute for Employment Studies. The situation is likely to get worse with the planned half a million job cuts in the female-dominated public sector. Now is the time for women to take charge of their careers.
Mother, wife and MOLLY MAID CEO, Pam Bader OBE believes that women underestimate the valuable skills that they obtain while running a household and that more women should consider the idea of joining a franchised business.
“By simply running your home and family you accumulate organisational, man-management and planning skills that would put many business managers to shame. There are a lot of women who are on their own and find the challenge of starting a business very daunting, but very often these women are great in franchising because they get all the training and support they need to be successful.”
It would appear that many women possess the fundamental skills needed to run a business successfully, so why are men still dominating the franchise industry?
Here are just some of the reasons why more women should consider the exciting opportunity of joining a franchised business.
Flexibility: The franchise industry has a wide range of investment opportunities on offer, which can be run on a full-time or part-time basis from home or a commercial premise at hours to suit the needs of the business and franchise owner. With such diversity on offer, there is a franchise out there to suit everyone, from a mum wanting to work part-time to an ambitious businesswoman starting her business empire.
Working with an established brand: One of the main benefits of investing in a franchise is being able to operate your own businesses and be your own boss while receiving support and guidance from an experienced and recognised brand. This offers a huge advantage when launching your business because potential customers are likely to recognise the name and logo and should understand the values that these represent.
Successful business model: When buying into a brand, franchise owners have the reassurance of knowing that they are investing into a tried and tested business model, resulting in lower failure rate and financial risk.
Easier to finance: Today, many high street banks have specially trained Franchise Managers to assist new and existing franchise owners with financing their businesses. The 2010 NatWest and British Franchise Association (bfa) survey found that estimated start-up costs have declined slightly and with 90 per cent success rate of applications for franchise loans it is becoming much easier and affordable to buy a franchise.
Training and support: Along with the brand name comes the company’s work ethic and methodologies. Most franchisors will provide new owners with comprehensive training, support and any business materials that may be required. Franchise owners also benefit from the peer network which franchising creates, where colleagues can support one another and offer each other advice and guidance.
Easier to recruit: Having good staff is a key factor to running a successful business, which is why franchisors try to find the right people for their franchise. A franchised business with a recognised brand will have greater recruiting power than an unknown business.
Growth opportunities: With many successful franchises, if the product or service is in demand, it will continue to expand its network. The opportunity for franchise owners to invest in multiple franchises is quite common in this sector, enabling individuals to widen their market and progress the franchise.
Job satisfaction and security: When entering into a franchise, individuals have to consider their own personal skills and interests. In most cases, franchise owners invest in a franchise, which they feel passionate about. It may be hard work running a business but when it’s for a brand that you believe in it makes the effort worth while. In today’s economic climate, one of the most appealing benefits of becoming your own boss is obtaining job security – you are in control of your life and business.
Reported by Tiffany Brooking