Franchise Ownership: Some Tips to Get You Started
Franchise ownership is a popular growing opportunity for young women to accomplish their dreams through entrepreneurship. Many franchisors acknowledge that women acquire the necessary leadership skills to operate a thriving, successful franchise business. Within the past decade, the number of female franchise owners has doubled. Women franchisers seek to pursue their passion, provide flexible work-life balance, and establish financial security by owning a franchise business.
Pursuit of Passion
Franchise ownership becomes more appealing as more women come to realize that the corporate world today is afflicted by dominant male culture, unwelcome lay-offs, and passed over promotions. Women are natural risk-seekers while exhibiting above and beyond the usual minimum standards. Yet young women are discovering that there is no gender inequality by seeking to pursue their passions and become their own boss. Strong leadership skills guide women to break through the glass ceiling in the corporate sector to grow and network their dreams of entrepreneurship.
Financial Security and Independence
Ashley Lamothe is one of the youngest Chick-fil-A franchise owners at just 26 years old. She started working at a Chick-fil-A franchise at 15 years old in Atlanta, Georgia to earn money to purchase her own car. Lamothe went on to attend Spelman College where she served as a team leadership director at the local Chick-fil-A near her campus. Through hard work and balance, she became a female franchise Chick-fil-A owner at 26. The hardest challenge Lamothe faced was to recruit, hire, and retain employees. She is now responsible for 85 team members who keep her motivated to dream big.
Another young female entrepreneur at just 28 years old is Jade Colin from New Orleans who changed history by becoming the youngest black woman ever to own a McDonald’s franchise. After years of earning promotions and awards as a McDonald’s employee during college, she purchased her own franchise. Colin firmly believes in community service and giving back where she can. She encourages and mentors her employees to finish high school and pursue financial independence through entrepreneurship.
Maximize Flexibility and Control
A solid franchise business provides the chance at the kind of work-life flexibility and financial security that is often difficult as a corporate employee. For these reasons in the last few years, an increasing number of women are investing in new or existing franchise opportunities. Women that are willing to donate time and energy to their businesses can achieve financial stability through a partnership with a leading franchisor. Many are attracted to these types of businesses because they control the direction of their business. Also, women can maintain personal flexibility within all aspects of their life at the same time.
Choose an Established Franchise Brand
One area that female franchises can benefit the most is the use of an established national brand name. Not only are you investing in a secure brand, but you reduce the potential new business risk by taking on the brand name known nationally and regionally.
Although it can take years to build a reputable brand name, a franchise owner can bypass that time and start a successful business without having to build a reputation. A female franchise owner instantly has a valued customer base that starts driving sales immediately. Often there is no need for additional marketing techniques because the brand speaks for itself.
High Level Tips to Consider
Many women agree that starting your own business as a franchise owner can be a challenge. Consider these high-level tips to ease the process and become a woman entrepreneur.
• Monetary Operational Investment
A franchise is a brand license that gives you the right to products, services, logos, and other business perks. In return, the franchisee pays an upfront franchise fee, monthly marketing fee, and royalty fees. Contacting a financial institution enables a young entrepreneur the financial reserve for the total amount of capital needed for operational expenses.
• Franchise Disclosure Document
An FDD is a legal document that provides the new owner with information about the franchise. The Federal Trade Commission (FTC) provides additional information and advice in greater detail concerning the franchise agreement.
• Eliminate Competition
Create a powerful strategic planning technique called SWOT analysis identifying strengths, weaknesses, opportunities, and eliminate threats to rise above the competition.
• Implement Training Programs
The success of your franchise business directly relates to the quality of your employees’ behavior, attitude, and customer service. Franchise owners like Jade Colin and Ashley Lamonthe empower employees by instilling brand knowledge, trust, and encouragement to exemplify confidence in their employees.
• Talk to Other Owners
Current franchise owners can provide you with vital information and advice to get you started as a new owner. Make connections and speak with several business owners about the daily operations of the business to ensure a smooth start-up plan.
Why is Entrepreneurship Important for Young Women?
Ultimately, an increasing number of new women franchise owners are on the rise. Women continue to apply and deliver dedicated time, energy, and perseverance as an exemplary franchise owner. Support programs teach new female entrepreneurs’ strategies to access high-quality credit sources to build strong franchises. Business mentorships encourage women to develop strong skills in a competitive marketplace to strengthen the global economy and local business world. Undoubtedly, young female entrepreneurs are taking franchising to new heights and enjoying the benefits of business ownership. BossChix: Build your empire today and purchase a franchise.