Thanks to the work of the National Association of Women Business Owners, we know that American women now operate 39% of privately business and those businesses provide nearly nine million jobs close to two trillion dollars in sales. It's expected that Women ownership will continue to expand. A June 2018 report by Small Business Trends shows that rates of women and minority franchise business owners have climbed in the past few years. Between 2007 and 2012 minority ownership of franchise businesses went from 20% to 30%, which has grown much faster than non-franchise business. Ownership of franchise business also went from 20% to 30% in that same five year period. A June 2018 article by Forbes corroborated this information and went further, showing that back in 1995, the proportion of women-owned franchise was less than ten percent.
This trend isn't limited to America. We're seeing this all over the world. Franchising is having a significant impact on women business ownership. At You've Got Maids, we're proud to say that close to half of our franchise owners are female. But why are women entering into franchising in increasing amounts? Fiona Simpson of Forbes Magazine writes that,
"Female business owners tend often to be more financially cautious and therefore the lesser element of financial risk often associated with buying into a franchise of an already well established brand may have significant appeal over starting up a business from scratch."
Furthermore, Entrepreneur Magazine write Jim Judy believes that women are attracted to franchising due to the schedule flexibility, support systems, help securing loans, dissatisfaction with corporate America, and industry outreach. Women are fed up with being corporate jobs where they face gender wage gaps, a male-dominated management structure, and uneven opportunities for advancement. With franchising, women get the empowerment of entrepreneurism and the structure of being a part of a system. It's a best of both worlds scenario.
If you're interested in franchising and are ready to take the next step and learn more, then click the link below to the franchising section of our website wherein you can get in contact with our development team and learn more.