The Future of the Franchise Industry Is Female
By: Maxine Wexler
Women have been able to increase their involvement in the franchise industry, as they now own one-third of franchises overall. In the past, the franchise industry has typically been run by men, as they dominated the field without the presence of female franchise owners. But over the past fifty years, women have been successful in starting businesses. In 1972, the U.S. Census Bureau estimated that 400,000 businesses were owned by women. But today, the latest statistics reveal that females own 13,000,000 businesses (Entrepreneur).
Franchises are appealing to women as they allow them to balance both their professional and personal lives. With the opportunity to be their own bosses, women have the chance to choose their hours. For example, the ability to work during school hours, and take weekends off allows flexibility in women’s schedules that wouldn’t be commonly found at other workplaces. Many women naturally have the skill sets and personality traits to own a franchise. In Women In Franchising: The Rise And Rise Of Female Franchisees, Fiona Simpson concludes that women have good communication skills and are strong collaborators. Because of these personality traits, Fiona Simpson establishes, “Women are likely to be drawn to the idea of joining an established franchise network and working as part of a team, being in business for themselves but not by themselves” (Forbes). Owning a franchise is non-threatening to women, as they most likely already have the personality traits needed for the job. Franchises are also beneficial to women as they reduce the gender pay gap that still exists in corporate America. In The Time Has Never Been Better for Women to Get Into Franchising Dan Rowe writes, “In 2022 working women earn 82 cents for every $1 working men make (the gap is wider for minority women). Women franchisees earn 90 cents for every dollar their male counterparts make” (Entrepreneur). Although women don’t gain full equality regarding pay, the franchise industry reduces the gap for women, making the industry more appealing. Through both the flexible hours, and the more equal pay, franchises are appealing to women, and make it easy for them to want to take ownership of one.
The future of franchises is female. Now that one generation of women has worked hard to increase their ownership of franchises in the industry, they have paved the way for future generations of women to follow in their footsteps. After easily being appealed to the industry, women have then worked hard to create successful businesses and ultimately inspire young females.