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Franchise Prospector » Franchising for Women
Not for Women Only: Could You Be Your Own Boss?
Being your own boss sounds like a dream in theory, but in practice, it can be a lot of work. Make sure you know what is in store.
One of the most frequently cited reasons for opening a franchise business is to "be your own boss." Granted, the freedom, flexibility, and control self-employment offers are certainly attractive. But what about the other side of the coin? What happens when your freedom turns into a lack of focus and your control leaves you burdened with tough decisions? These rough times are the true test of a franchise owner's mettle. Being her own boss might not be for every woman, but many franchise owners could never imagine living any other way.
Risk-Taking
According to the Center for Women's Business Research, 66% of women business owners are willing to take substantial risks for their business investments. Can you see yourself taking this sort of risk? If not, self-employment might not be for you. When you first open your business, you will be working very long hours, and you will not yet have developed a solid customer base. This can be a very stressful time for someone who does not like to live in uncertainty. Also, you might not be making enough money to support your lifestyle at first. Would you feel willing to cut back on your living expenses until your business takes off?
Choosing to open a business franchise rather than a new business does provide you with considerably more security. When you purchase a franchise, you are paying for an established brand name and the resources behind it. Franchisors help you learn about business, accounting, marketing and management. Essentially, they give you a blueprint for your new business. If you know that you do not handle uncertainty well, a franchise might help you go into business while feeling secure about it.
Plan-Making
Every good business needs a plan, and even though your franchisor usually offers help in this area, you will need good planning and organizational skills of your own to keep your business rolling. Franchise owners have a wide-ranging set of responsibilities and an ever-changing job description. On any given day, you might work on marketing, accounting, customer service, or a dozen other duties. The only way for them to get done is for you to stay well organized. If you are not a natural planner, it is a skill you must develop.
Social Skills and Decision-Making
This is an area in which women generally excel. As a franchise owner, you will work with customers, and, depending on your type of business, you might also have employees. Not all of your customers will be pleasant and easy to help, and not all of your employees will work to the best of their capabilities. It is up to you to smoothly manage interactions with even the surliest customers and to reignite your employees' passion for their jobs any time it fades.
Time Management
Being your own boss offers you a flexible schedule down the road, once your business is well established. Until then, though, you must be willing to devote a considerable amount of time to your business. You might find yourself working considerably more than a 40-hour week. If this idea does not appeal to you, or if you cannot imagine how you could integrate it into your family's schedule, now might not be the right time for you to open a franchise.
Even if you know that you struggle in one or two of the areas described above, you should not get discouraged. These are all skills that can be learned. With a bit of persistence, you can conquer your disorganization or spruce up your social skills and join the ranks of business owners who are delighted to be their own bosses.
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