Does it appeal to you to own your own business and be your own boss, but the thought of developing your own business model seems daunting? Does flexibility and time with your family sound appealing?
Franchising just might be the solution for you.
With recent decreases in economic growth and employment, franchises are becoming increasingly popular worldwide. Recent statistics also suggest that there is rapid growth in the area of women in the roles of franchisee and franchisor.
The Basics
Today, franchises no longer consist of fast food restaurants or specialty retailers alone. Included in the franchise sector are over 75 industries throughout the world. From home-based marketing to mobile computer education, the options are endless. It is now possible to take a personal interest and turn it into a business opportunity. Whether one wishes to start one's own network of franchises or buy and purchase a single franchise, more options than ever are being offered today.
It is estimated that the number of women buying franchises in the United States is close to the national average for women opening their own small businesses in this country. In the U.S., 38 percent of all businesses are owned by women. According to the National Foundation for Women Business Owners (NFWBO), there are 9.1 million women-owned firms in the U.S., employing 27.5 million people and generating more than $3.6 trillion in sales. Women are rapidly entering the business marketplace and franchises are no exception.
The franchise community is making a huge effort to invite women into the franchising world. There are awards for women in most franchise-related magazines, committees for women only, loans that make financing easier for women to obtain. The trend seen most recently is a rapid increase in women franchisees. For many women, becoming a franchisee has led to success and happiness in career and personal life.
Special Services for Women Franchisees
With a boom in woman-owned small businesses, there is a support system being established for potential female franchisees. This support system will help you as you begin and while you travel on your franchisee journey.
Committees and Organizations for Women: As a woman in today's business-owner's community, you will have lots of support and guidance from a network of organizations and committees devoted to helping women entrepreneurs succeed in the business world.
IFA's Women's Franchise Committee has a mission statement, which reads, "To promote women's participation in franchising by providing opportunities for the exchange of ideas, resources and experiences." The committee meets regularly to discuss the state of women in the franchise industry, and is chaired by American Leak Detection's Executive Vice President, Lorrie Rennick.
There are many women's small business associations and organizations for women in business. Try using a search engine, such as Yahoo.com, to find organizations specific to your region of the country, franchisee or franchisor support networks, or organizations devoted to helping women of specific races, such as AWIB.org (Asian Women in Business).
Financing for Women-Owned Businesses
Special interest banks and financial institutions are rapidly looking to assist women in starting their own businesses. In fact, the Small Business Association (SBA), who grants SBA loans to men and women who want to become entrepreneurs, has formed a partnership with a variety of women's business groups. The SBA has signed partnership agreements with 15 leading professional women's organizations so that they can more effectively reach women entrepreneurs and share with them information about SBA programs. Organizations include, The National Association of Women Business Owners, The National Federation of Black Women Business Owners, Business and Professional Women/USA, National Association of Female Executives, and many others. Additionally, the SBA has more than tripled the number and dollar value of approved loans to women entrepreneurs since 1992.
If you're having problems getting a loan, there are SBA loans that are easier to receive, if you meet the SBA's special criteria. For example, there is a program available which is designed to assist minority and women borrowers in developing viable loan application packages (7(a) Minority and Women Prequal). Find out more by searching for information on the Internet, and by contacting a financial expert.
Angel investors are another option for those trying to finance their new business. There are angel investment clubs with women in mind. WomenAngels.com is a new angel investment club designed to help women investors in the Mid-Atlantic region capitalize on the explosive growth in entrepreneurial activity and venture financing. The club is the first women's angel investment club in the country and wishes to act as a catalyst for the female angel community.
Businesses Owned By Women
As growth of the population of women entrepreneurs increases, statistics prove that many women prefer small, friendly, easy to manage businesses, while more men prefer large, profitable organizations. Thus, the trend in more women choosing to be franchisees than franchisors emerges. Women choose to start their own business for many reasons, including freedom from corporate limitations, flexibility, ability to take risks, and independence. By maintaining freedom and flexibility, women business owners find that they become more confident and more creative.
Women think differently than men think. Studies indicate that women tend to use both sides of their brains when they make decisions, unlike men, who are more left-brain influenced. Furthermore, 53 percent of women business owners emphasize intuition, which is "right brained". Intuition allows us to see opportunities and situations that might not be apparent and gives us the ability to know if they are right without the use of reason or analysis. From this very different way of thinking and making decisions, women tend to run their businesses differently. Women entrepreneurs often describe their businesses in family terms and they often see their business relationships as a network. Thus, employee motivation and productivity is often very high at businesses owned by women.
If you're ready to purchase a franchise of your own, today is a better time than ever before for women to become entrepreneurs. Seize the day, do your homework, and you will be on your way to success as a businesswoman!
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