The Time Has Never Been Better for Women to Get Into FranchisingThought the industry has typically been dominated by men, that's starting to shift. Here's why.

We've heard thefuture is female, and when it comes to franchising we're seeing that shift. According toFranchise Insights, women, especially Gen Z and millennials, outnumber men in seeking franchising information, and todaya thirdof franchises are owned by women.

In the 50 years theU.S. Census Bureauhas tracked women-owned businesses, they have grown by a staggering 3,150%, with women owning more than 13 million businesses today. When I first got involved in franchising 30 years ago, I can't remember a woman-owned franchise brand, and there were very few women franchisees. Today there are examples of both, and their success is helping drive more and more women tomake franchising a career.

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Why franchising appeals to women

Many of the reasons franchising appeals to women are the same as the reasons it attracts men. Franchising gives women the opportunity to be their own boss while having the support and systems offered by a franchisor.

For women, franchising is also a way to reduce the gender pay gap that still exists in corporate America. In 2022 working women earn82 centsfor every $1 working men make (the gap is wider for minority women). Women franchisees earn90 centsfor every dollar their male counterparts make.

Franchising often affords women a better work/life balance than traditional careers offer. Women can select a franchise that has hours that coincide with school hours, for example, or brands that have no weekend hours. With a general manager onsite, owners are also free to set hours that work for them. The franchising model gives women much more flexibility over their schedules than working as an employee for another company.

"So many women left the workforce during Covid and are looking for something that offers the flexibility of franchising," Pamela Fazio, a 20-year franchise veteran and current CEO ofDuff's CakeMix, says. "I expect more women to turn to franchising. It lets them be successful while also having the time to focus on themselves and their families."

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Successful women in franchising

Today examples of women franchisors and franchisees are everywhere in the industry, and their success is fueling a new generation of women to join themanbetx2.0客户端下载 .

Back in 1997, friends Dena Tripp and Debbie Shwetz started operatingNothing Bundt Cakesout of their Las Vegas kitchens. Today the popular dessert franchise has more than 430 locations in the United States and Canada. Shwetz exited the company when a private equity firm invested in 2016, but Tripp stayed on until this year when the company sold.

Stacy Brown created a great chicken salad recipe then figured out how to make new versions of the classic recipe, and in 2008 theChicken Salad Chickwas born. Today the franchise has more than 285 locations. Brown is passionate about helping other women achieve their entrepreneurial dreams. She helps mentor and train employees, helps women develop business ideas and created the Chicken Salad Chick Incubator.

The success of these women and others like them is inspiring a new generation of franchisors. In 2022 Christine Cutlip, founder ofSavannah Seafood Shack, started her franchise journey, and she now has one of the strongest unit economics in the restaurant industry. In 2019 Ghazal Quershi began franchising herIdea Lab Kids International, and today it has 93 locations. At just 29 years oldToastiquefounder Brianna Keefe has four corporate locations and 37 franchises of her health-conscious cafe either open or slated to open by 2023.

Although many women entrepreneurs are expanding their businesses through franchising, even more are attracted to becoming franchisees. According to a 2020 Women in Franchising report, from 2018 to 2020 women comprised41% of new franchisees.

Related:Are You an Ideal Franchisee? Here's How to Find Out.

Industry support

One of the most difficult hurdles for franchisees to cross is finding access to financing. There's a gender financing gap just like there's a gender pay gap. Entrepreneurs who are men are20%more likely than women owners to get approved for a business loan.

To encourage more women in franchising, several programs like theSBA Loans for Disadvantaged Business Ownersand theOffice of Women's Business Ownershipcan help women obtain capital. There are alsonational grant and loan programsto help women obtain financing, and more people today are usingcrowdfunding platformsto help fund their franchises.

劳伦·费尔南德斯,鸡肉沙拉小鸡franchisee and general counsel for FOCUS Brands, is now helping other women succeed in franchising withFull Course, a company that offers education, counsel and investment for women looking to grow a business.

Since 1996 The International Franchise Association has helped propel women into franchising with its Women's Franchising Committee, and in 2002 launched theWomen's Franchise Network, which helps women learn from other women in the industry. With restaurants being a huge part of the franchise industry, the National Restaurant Association helps women through itsMulticultural Foodservice & Hospitality Alliance.

With the resources available to women today, coupled with a path paved by the first generation of successful women franchisors and franchisees, the future for women in franchising is bright.

Disclosure: I am the CEO of Fransmart, a franchising group partnered with Duff's CakeMix and Savannah Seafood Shack.