With an average of 608 new women-owned businesses launched every day in the U.S., and accounting for 30 percent of American small businesses, it’s clear that women entrepreneurs are seeking the flexibility, control and opportunities that business ownership offers.
Often, women choose business ownership because of the unique advantages provided by being your own boss. For example, they benefit from the ability to set their own hours, allowing them to tailor their work life around their children’s schedules and to better provide for them as a result of their own hard work.
For many women, a franchise provides distinct benefits for business ownership. Many franchises can easily be tailored to a woman’s skill set and passion. Here are some of the reasons women are choosing franchise opportunities when they decide to start a new business.
A variety of options allow women business owners to choose a franchise opportunity they’re excited and passionate about.
Most women-owned businesses in the U.S. are within the healthcare, education and service industries, including accounting, attorneys and tax preparation. Women are passionate about helping others and bettering their world, as is reflected in their choice of businesses. Franchises provide opportunities within these fields, helping women to achieve their dreams of business ownership, and giving back to their community and other women.
Although this can vary by industry, franchises let the owners set their own hours. Some options, such as tax preparation franchises, have a short, intense season, allowing the business owner to make the majority of their income for the year between January and April. However, Liberty Tax and other seasonal franchises can also offer other tax-related services, allowing the business owner the option of building their year-round business as well.
Aside from seasonal flexibility, business owners are also able to set their own hours, days, and vacation times. This can be an important option for working mothers and women who seek a healthy work/life balance.
Franchises give women a leg up in industries where there are less women business owners.
In the 2015 State of Women-Owned Businesses Report by American Express OPEN, women owned business accounted for 20 percent or less of the total businesses in construction, transportation and warehousing, wholesale trade, finance and insurance. For women seeking to break into these still-male-dominated industries, a franchise provides the advantage of a well-known brand and the necessary resources to succeed.
Franchises are available in all industries, including industries with high projected growth.
There are a lot of studies and reports available to help women choose an industry with a high chance of success to provide for their families. For example, franchisehelp.com houses industry reports for the major franchise categories, providing projected growth rates and helping entrepreneurs ensure they’re choosing a franchise that will be successful in their city, region or state.
Several female entrepreneurs are choosing the tax preparation industry, since every American adult is required to file a tax return – the IRS estimates 250 million tax returns will be filed by 2018. Growth in the tax preparation service industry is projected to grow by 4 percent per year through 2018, up from 2 percent a year between 2010 and 2015.
A proven model is already in place.
The fact that a franchise comes ready-made – with training, setup, support and a business plan already in place – is a distinct advantage, allowing a woman business owner to skip a lot of the planning stages that launching her own business and brand would require. This gives women the opportunity to begin earning money for themselves and their family more quickly.
A low initial investment.
Franchises allow women to start their own business without needing a lot of capital up front – many franchises are available for under $100,000, including the initial setup and training.
Franchises come with all necessary tools and training.
For a woman who seeks to own her own business and is driven to succeed, a franchise provides a blueprint to success, including marketing suggestions, a clear outline of how the business runs, and suggestions on how to find clients and customers. This cuts down on the learning curve, letting women spend more time on the process of bringing in revenue, saving hours of time that could be wasted in the trial and error of putting systems in place.
Ultimately, there are a number of advantages for women entrepreneurs who choose franchise ownership when seeking a new business opportunity. For women who want to be able to choose their own hours and have more control over the amount of money they can earn, a franchise paves the way for a business opportunity that comes complete with the tools, resources and flexibility she desires.
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