The Entrepreneur’s Source on Why More Women are Entering the Franchise Sector
Franchising used to be viewed as an old boys club, but the authenticity of this perception is beginning to change as more women have entered the business world, and specifically the franchising sector. As women have entered the workforce in record numbers, an increasing number of these women are taking the entrepreneurial route to success. The Entrepreneur’s Source provides insight into this trend in the franchising sector and how alternative career coaches can help guide them through this process.
The Entrepreneur’s Source Reviews Women as Business Owners
Today there are an estimated 8.6 million women owned businesses in the U.S, an astounding 59 percent increase over the past 15 years, according to the 2013 State of Women-Owned Business Report. These female-fronted businesses are also responsible for employing approximately 7.8 million American workers and generating $1.3 trillion in profits.
This progressive growth isn’t expected to slow anytime soon. According to the Spring 2014 Bank of America Small Business Owner Report, about 70 percent of female business owners are expecting their sales to increase within the next year, warranting 56 percent of these businesses to plan to hire more employees over the next 12 months.
Among some of the most popular business concepts for women to own include health care, educational services, waste management services and administrative support sectors of the economy. However, an increasing amount of female entrepreneurs are starting to become interested in the male-dominated franchise industry and are making big strides.
The Entrepreneur’s Source Reviews Women in Franchising
The amount of women entering the franchising sector has increased 45 percent within the past five years, Entrepreneur reports. According to the International Franchising Association (IFA), females own nearly 21 percent of all franchise businesses in the U.S. Along with this, an added 43 percent of franchise businesses are co-owned and operated by men and women together. Some of the characteristics of franchise ownership that commonly appeal to women include:
- Openness and collaboration: This is, in part, is built into the structure of the franchise model itself. When entrepreneurs enter the franchise industry, they are provided with a natural community of other business owners that are in their franchise system. Women franchisors and franchisees can turn to other franchisors and franchisees for advice or mentorship, providing women with the unique opportunity to start their business with access to a large network of experienced individuals who have been in the same boat previously.
- Control and flexibility: Investing in a franchise concept grants women greater access to financial security and flexibility in their careers. As women strive to move from Employment to Empowerment by leaving the corporate world and instead invest in a franchise, they enter into The New Career Economy, which allows them to have a steadier stream of income without the fear of being laid off. Because franchising follows a set system of procedures and operations, this enables franchisees to better structure their time, allowing them to spend more time with their friends and families while maintaining control of their business simultaneously.
How a Coach at The Entrepreneur’s Source Can Help
Although women are entering the franchising industry in record numbers, they still remain a minority in this sector of the economy. Because of this, many women don’t know where to turn when investigating whether or not investing in a franchise may be the right fit for them.
Women interested in taking the leap from Employment to Empowerment are encouraged to contact an alternative career coach at The Entrepreneur’s Source today. E-Source coaches are trained professionals and knowledgeable about the franchise sector and can guide you through The Discovery Process to help you uncover your entrepreneurial dreams and turn them into reality.
For more information about how an alternative career coach can help you accomplish your goals, contact us at The Entrepreneur’s Source today.