Over the past year, a focus on women has spread nationwide, even making local waves here in New Jersey. While the dialogue mainly featured harassment topics, discussion of female empowerment in the workplace went hand-in-hand. Women deserve the opportunity to have successful careers.
In fact, women became franchise owners at a higher rate than men since 2011, according to the popular franchising “matchmaker” service FranNet. The growth is significant, considering that women own an additional 7% of total franchises than a decade ago.
Why women choose to franchise
Every woman seems to have her own unique rationale for opening a franchise. For mothers, this manner of work allows a balanced lifestyle with children. Other women recognize a gap in the market for female-friendly businesses, such as the woman who franchised an auto shop that caters to families.
However, many women simply seek the same benefits of franchising as their male peers. The parent company can give owners a guide and a safety net in times of conflict. It can be a great option for anyone who has an entrepreneurial spirit, but does not want the high risks of starting from scratch.
Challenges of getting started
Unfortunately, Entrepreneur reports that women in particular often have a tougher time with banks. When starting any type of business, most people need to take out a loan to cover the initial set-up costs. However, women could face gender discrimination while seeking loan approval. Based on data of loan approvals, their requests may be rejected or lowered in value.
Women and men alike can also stumble into legal issues in the process of setting up shop, including tax obligations, reviewing contracts and disputes with the franchiser company. Although opening a business can be risky and stressful, more women are proving that they are up for the task.