While the franchise industry continues enjoying steady economic growth year over year, female franchise ownership is in the midst of an economic boom.
While some women are making the choice for franchise ownership for the same reasons that their male counterparts do, there are some aspects of franchising that address issues specific to aspiring female entrepreneurs.
Here’s why more women are getting into franchises - Schedule Flexibility; Recent studies show that working mothers are spending more time in the labor force than in the past, but also more time on childcare. Further, working moms are much more likely to say balancing work and family is difficult today.
- Support Systems; Another recent report from Guidant Financial found that more than three in 10 women surveyed lacked good support in small-business ownership. Whether it’s an issue with finding funds to open their business or appropriate mentors in the business community, a dearth of good support could leave many aspiring female entrepreneurs on the sidelines.
- Help securing loans; The same Guidant Financial report found that 74 percent of women in small business struggled to secure a loan. In fact, women reported that their most likely source of funding for their business was cash, money borrowed from family and friends or borrowing from their 401K.
- Dissatisfaction with corporate America; Women continue to be underrepresented at every level in corporate America, a ratio of inequality that worsens at almost every stop from entry level to the C-Suite.
- Industry Outreach; More than ever, the franchising industry is working to bring more women into the fold. The IFA offers the Women’s Franchise Committee to promote women's participation in franchising by providing international networking opportunities for the exchange of ideas, resources, and experiences.
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