Why Women Are More Interested In Franchising Than Men

• February 27, 2023
• #opportunity, #franchising, #entrepreneurs,
• Administrator

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.