Managing a franchise is no easy task, but that’s not stopping women from investing in successful franchises of all kinds.
From researching the right brand to choosing and running the franchise itself, more and more women are making smart franchise investments.
Here are just a few reasons why women are so successful with franchises:
Women-Owned Businesses in the U.S.
Investing in a franchise isn’t just making a financial commitment, it’s committing to running a business. Women all across the country are up for the commitment, which is why women-owned businesses are on the rise.
In fact, according to the National Women’s Business Council, there are nearly 8 million businesses in the United States that are owned and operated by women. That’s 30 percent of businesses nationwide.
In addition, women-owned businesses make up for just more than $1.2 trillion in domestic sales. With the numbers above in mind, it’s plain to see that women are making a place for themselves in the business world.
The question is what makes them successful franchisees?
Women Research Before Making Any Decisions
As the following article looks at, one reason why women make great franchise investors is due to their research skills.
Unlike some of their male counterparts, many women research businesses opportunities through and through before making any decisions or commitments. This includes thoroughly studying business franchise models.
By knowing budgetary constraints, overhead costs, upfront costs, and payroll estimates, franchisees can gain a better idea of the business they’re about to jump into.
Franchise models provide all of this information based on working models, which is something most female entrepreneurs research before moving forward.
Women Have Great People Skills
Throughout the investment and ownership process, people skills are a necessity. Women listen to ideas and take others’ feelings, wants, and needs into consideration. These are the fundamentals of great people skills.
Whether it’s making sure customers are satisfied, making sure employees are happy, or juggling the needs of franchise founders, women have the people skills to get the job done.
When investing and owning a franchise, having the right people skills could mean the difference between business success and franchise failure.
Women Aren’t Afraid to Ask for Advice
Part of investing and owning a successful franchise is to know when to ask for advice. Women aren’t afraid to reach out to colleagues and mentors to ask for guidance, which is an important part of the learning process.
Asking for advice is especially important early on in the investment stages. By asking experienced franchise investors and owners their advice throughout the process, franchisees can get a better understanding of what it’s like to own a franchise. In other words, women aren’t embarrassed to ask for a little advice now and then.
Women Don’t Take All of the Credit
Finally, when a franchise investment turns out to be a real profit-maker, women are the first to share in the success.
Women know how important it is to give credit to everyone involved, which is why they are successfully taking over franchises and the business world as a whole.
When it comes to investment and ownership, women are creating successful businesses one franchise at a time.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including business franchising and investing.