The world of entrepreneurship has opened up many opportunities for the women aspiring to own their business. The domains which were considered as male dominated earlier are now accepting more and more female entrepreneurs. A number of factors contribute to this like the education qualification of women, technological advancements and financial requirements to maintain a high standard of living. A lot of women used to give up on their career because of personal commitments at home. Managing home as well as work gets tedious leading to women backing off from their professional careers. Franchising has helped women in managing both work and business simultaneously.
Below are the reasons why women are opting for franchising opportunities instead of going for an independent business.
Franchising provides more flexibility when it comes to managing and maintaining a business. Women are naturally good at multitasking and franchising allows them to maintain a perfect balance between personal and business life. A balanced lifestyle with a valuable career is what makes franchising a really good option. The kind of flexibility that exists in franchising is not offered in the corporate world. Franchising is a good combination of a flexible lifestyle and career fulfilment. It offers good working hours and the franchisees get to balance their work and life effectively.
Every franchise business has reduced risk factor as compared to an independent business. Women, in general, tend to avoid risk and look for options that offer more stability. Buying a franchise is one of the opportunities that come with low-risk and high return benefits. The franchisor and its team are always guiding the franchisee. Since there is a business model already in place, the risk of its failure is not much and the franchisees can consider investing time in the same. The franchise of a well-settled business involves lesser risk related to the success of a business as there is a tried and tested business model in place.
Running an independent business requires a lot of effort as compared to running a business that is already well-established. Women aspiring to build a career without hampering family life are best suited for buying a franchise. They do not have to plan the strategy of the business and are given all the support by their franchisor. Franchisees have to implement the business model of the parent company and they have to comply with them.
The franchisees are trained by the franchisors during the onboarding as well as after they successfully become franchisees. They are provided with the required knowledge and skills that help them in running the business successfully. This ensures smooth functioning of the franchise business. Unlike the independent business where the training is provided by the employer to the employees, the franchisor trains the franchisee and mentors them all the way. They also provide assistance wherever required and are always ready to clear your doubts.
Freedom of Delegation
The freedom of delegation is where the franchisee can delegate the work that they are entitled to do to their other employees. Since all the employees are given training by the parent company, delegation of work becomes easy and work life balance can be ensured. This is different than the independent business where delegation is not always easy and one has to do the work that they are responsible for.
One of the biggest expenses is associated with advertising. Effective advertising is important as well as expensive. Irrespective of whether you have a prime location, the customers won’t come in if they are not familiar with what you have to offer. The franchise fee which is paid by you includes the cost of advertising campaigns while in some cases you might be asked to pay some part of the fee. The advertisement, of course, has to be done by conforming to the brand standard and brand image.
There has been a rise of women in the franchise space off lately. Women have started entering in franchising due to various factors. The flexibility of the business and low-risk factor is one of them. Joining a well-established business, ongoing training and freedom of delegation are some of the reasons why women turn to the franchising business. They are also provided with the assistance related to advertising. The sector which was male dominated is now witnessing change and the trend is expected to grow.