Five Traits of a Successful Women's Franchise

If you are one of the thousands of women looking to make it big in the trillion-dollar franchise business, learn from the best. Successful women franchisees share the secrets of their successes.

Women Increasingly Look to the Booming Franchise Industry

The International Franchise Association reports that there are more than 760,000 franchised businesses in the US, accounting for sales of 1.53 trillion dollars. As franchises continue to grow, women are increasingly looking to franchises as a way to meet their professional and personal goals.

"We see more women at the annual franchise convention, more women on our board of directors and more starting their own franchising systems," says Amy Bannon, spokeswoman for the International Franchise Association, in Working Mother Magazine.

A Perfect Balance

Franchising offers women the benefits of flexible schedules and secure incomes without the risk of starting a business from nothing. Whereas four out of five start-up businesses have failed within five years of opening their doors, three out of four franchise owners are thriving, according to Department of Commerce statistics.

"Franchising allows moms to be their own boss, but without many of the challenges of starting a business from scratch," Lixa Druxman, founder of Stroller Strides franchise, tells Working Mother.

Niche Franchises Cater to Women

Many franchising opportunities allow women to make a career out of their experiences as wives and mothers, while others target women's interests. Here are some growing niches for women in franchising:

• Educational or enrichment opportunities for children, i.e. cooking, dancing, art and fitness for kids
• Drop-off pet services
• Fitness and Weight Loss
• Interior Decorating
• Senior-Care Services
• Healthy Quick-Service Restaurants
• Do-it-yourself Meal Preparation

The Five Secrets of Successful Women Franchisees

While franchising is a great choice for entrepreneurial women, not all franchises are created equal, take a look at these five traits of successful women's franchises:

Secret Number 1: Find a Supportive Franchise
Above all, a women's franchise is a franchise. And the most successful women franchisees have ensured that their investment is sound and that their business partner will support them with training, marketing, and financing.

Secret Number 2: Find the Perfect Fit for Your Business Talent
Great women franchisees have found a franchise that fits their interests and abilities. John Elgin, franchise expert for Entrepreneur.com warns that "if you're only passionate about the product or service, it can actually be detrimental to success." Successful women franchisees buy into franchise businesses that match their personal skills and professional goals, not just their private tastes. Overall fit is also important. "Whether you're talking to the franchisor or the franchisee, you want to make sure the culture and personality of that organization match yours," FranChoice's Lori Kiser-Block explains in "Find Your Perfect Franchise Fit."

Secret Number 3: Recruit and Retain Good Employees
Great women franchisees know how to recruit and retain good employees. In fact, Jeff Elgin calls this "the single most important factor for success."

Secret Number 4: Be Willing to Learn--and Keep on Learning
Owning and operating a business is a learning process. The best women's franchises are open to change. The motto of the franchising world is: In business for yourself, not by yourself. Jeff Elgin explains that "successful franchisees look for opportunities to learn from others in their franchise system," and when they don't know the answer, they ask for help.

Secret Number 5: Make the System Work for You
Great women franchisees know how to make the system work for them. This means they have an accountant and a lawyer who specialize in franchising. Franchising lawyers can negotiate contracts that will give you an edge, and specialized accountants can ensure that you take advantage of all the breaks afforded small-business owners.

The Secret Ingredient: Passion
So what's the secret ingredient that makes women's franchises really successful? It's passion, says Jackie Gallagher, a consultant with FranChoice. Gallagher tells Franchise Update, "Women need to have more of a passion for the business, while men seem to see the bottom line a little better, regardless of what the business is."

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