Why
women are more interested in franchising than men?
When it comes to
franchising, we've heard that the future will be female. Women, outnumber men
when it comes to seeking franchising information, and a third of franchises are
currently owned by women, as stated by Franchise Insights. Franchising is
popular with both men and women for many of the same reasons. Women can run
their businesses with the support and systems of a franchisor through
franchising.
Franchising is another
strategy for closing the gender pay gap for women. In 2022, working women used
to earn 82 cents for every $1 earned by working men (the disparity is even
greater for minority women). Female franchisees receive 90 cents for every
dollar earned by male franchisees.
Here are some of the
reasons why franchising is more appealing to women than men:
·
It is generally
believed that women are adept at performing multiple tasks simultaneously.
Additionally, the HSE Neurolinguistics Laboratory in Moscow conducted research
and discovered that it is more than just an old wives' tale. It demonstrated
that women are better able to switch between tasks and multitask than men. When
you are a franchisee, this is an excellent skill to have. When you run a
franchise, there are a lot of different tasks that need to be done, so you
might have to quickly switch from dealing with a customer complaint to mopping
the toilet floors.
·
Women typically
take personal development very seriously and are excellent learners. When
starting a franchise, this is an important consideration. The franchisor
effectively teaches you how to follow their tried-and-true business model so
that you can benefit from their success. The ability of franchisees to
duplicate the franchisor's business system, which is shared through initial and
ongoing training, mentoring, and coaching, is the foundation of the franchise
model. Women are already predisposed to becoming successful franchisees because
they are avid learners.
·
One of the most
important things a franchisee needs to do is hire the right people. It is
essential for your business and their continued employment that you hire
workers who are a good fit for the franchise culture. The best way to find the
right people is to create a robust recruitment process, but good intuition is
also important. You might have a candidate for an employee who responds well to
all of the questions in the interview and comes across as extremely
professional, but you just have a gut feeling that they aren't a good fit for
your franchise. Women often choose with their hearts rather than their heads
because they can rely on their gut feelings. Even though this can be bad in
some situations, it can be good when hiring.
·
Women are adept at
developing rapport and relationships, whether at a networking event, in a one-on-one
conversation, or even in an online forum. They are also excellent listeners,
which enables them to comprehend the requirements of their franchisees or
employees and fulfill them. Trust is established as a result, which contributes
to a long-lasting and healthy relationship.
·
Although passion
is not a quality that is sought after in an office or on the factory floor, it
is actively encouraged when starting a franchise. When you're in charge of a
group, strong emotions can work in your favor, and women are often very
sensitive to their feelings. As a franchisee, you should have a lot of passion
and high emotional intelligence. It is essential for any business, even the
most established franchise brands, to be able to maintain staff motivation.
·
The emergence of
networks and programs specifically designed to encourage women into
franchising, such as EWIF, the Women's Franchise Network of the International
Franchise Association, and the Women into Franchising initiative of the British
Franchise Association, must also be a factor. These kinds of networks and
initiatives have not only made women more aware of franchising in general, but
they have also led to an increase in franchisors specifically targeting women
in their franchise marketing.
Sometimes, the nature of a career doesn’t matter, the
thing that matters is passion. It is believed that when a woman enters into a
franchising business, she will face criticism whether it is from clients or
people from the surrounding. It is evident that the very nature of franchising
really can lend itself to the way that many women want to set up and run a
business – with a network of fellow franchisees and support from the franchisor
– regardless of the goals and ambitions that a female entrepreneur may have for
her venture. This female-focused trend is only going to get more active, so it
will be interesting to see how franchisors change not only how they market
their franchises but also how many change their franchise models and processes
to get more women into their businesses.