As a woman working in the franchise industry for well over a decade, I’ve observed that women are not only viable franchisee candidates, but are coveted by franchisors as a result of proven success. I wondered why this is, considering there are many oft recited gender stereotypes that paint women as being at a great disadvantage in business. Perhaps the growing numbers of female prospects interested in franchising as well as the increase in the percentages of women operating franchises are indices that the differences between the sexes are actually assets for women – and not handicaps.
Data and historical analysis aside – and sweeping gender generalizations be d***ed – here are 5 reasons why women are successful in franchising:
#1: We Like to Talk.
A proclivity for talking can certainly be an asset, though often viewed as a shortfall. The success of any franchise unit is rooted in effective communication and active networking. Working with the franchisor, managing employees and obtaining and retaining customers depend greatly on a franchisee’s ability to socialize, mingle and charm his/her audience. As “connectors”, women have a strong network and a strong network translates into a well-resourced franchisee, a successful franchisee.
#2: A Penny Saved is a Penny Earned.
Female business owners have a tendency to be more financially conservative than men. They are willing to start small in order to grow large. The ego is not the driving force behind a decision. Though they generally are not risk takers, those taken are calculated and well thought out. With a penchant for seeking consultation from others before making a significant financial commitment, women have an innate advantage for running a business. Franchisors find this attractive –it’s been proven to lend to successful ownership and operation of a franchise.
#3: Plans Make Us Happy.
Women love plans. Franchisors love a plan too – typically born from organization, prioritization and time management – and seek out franchisees who are likely to execute the business plan. After all, that’s what Franchising is… a successful business plan granted to an individual or group that is set to be marketed in specific territories. Women excel at plan creation, adherence and execution. Combined with enviable communication talents (see #1), women can work a plan both efficiently and effectively.
#4: Practice Makes Perfect.
Women have high standards. Settling for mediocrity is not an option. Careless errors are few and far between with a woman at the helm because they realize that success comes from hard work and not just “showing up” – contrary to Woody Allen’s famous declaration. The implementation of this philosophy leads to the business saving money because mistakes and sloppy work are avoided.
#5: I’m Every Woman.
It’s been said that men have a difficult time placing equal value on their life outside of work as they do on their career. Women already understand that their dedication to their business is made better by a full life outside of work. They are rarely in danger of “burning out” in their business because they have the capability to balance work with friends, family and hobbies. With a work/life balance, women are also more likely to be considerate of others — garnering long term loyalty. They also tend to share the credit, which establishes an environment where contributions are valued and allegiance to the business is paramount.
Creative Commons image attribution here