Though women have had the drive and skill set to be phenomenal franchisees, they’re just now beginning to dominate the franchise world. In fact, for many women, franchising has become more lucrative than getting a job or starting a business of their own.
Women in Franchising — A Growing Demographic
In 2012, roughly 20 percent of franchises were owned by women. Fast forward just five years to 2017 and that percentage has shot up to 30.6.
Why This Number is Growing so Rapidly
Franchise as a whole is growing at a very steady pace, but the number of women in franchising has surpassed general industry growth for several years now. While many women join the franchise world for the same reason men do, there are a few aspects of franchising that are especially important to women.
Many working women are also mothers, sisters, and wives. Franchising gives owners the option to be semi-absent from day-to-day responsibilities, especially once the business is established and profitable. This allows many women to be stay-at-home mothers if they want. It also helps them save on childcare costs.
The Desire to Leave Corporate America
There’s no doubt that women are making great strides in corporate America, but the average woman is still paid less than her male counterparts. Additionally, women remain severely underrepresented in every level in corporate America, from entry-level positions to CEO.
Owning a franchise allows women to make business decisions for themselves and puts them in charge of their professional future.
Not only are women accepted by the franchise industry, they’re seen as valuable members of the system. Recently, the IFA created the Women’s Franchise Committee (WFC), an organization committed to “inspiring and encouraging women in franchising by creating a network of business professionals dedicated to strengthening the success of women in franchising.”