According to the research and analysis done by the Women’s Business Enterprise National Council (WBENC), as of 2018, there are 12.3 million women-owned businesses in the U.S. Compare that to 1972, when there were only 402,000 women-owned businesses.
Last year, 1,821 net new women-owned businesses were launched every day. Women of color founded 64 percent of those new businesses. Women are slightly more likely to start a business than men (according to the SCORE report) and women-owned businesses have increased by 58 percent since 2007.
This means that women are accepting challenges, breaking the barriers, growing and succeeding in business. Women are becoming more willing to step out of their comfort zone and try to take a piece of the market share.
The biggest challenge to business ownership is trying to decide on what type of business you want to own and operate. You can start from scratch or buy into a proven business model. The latter would be called franchising.
Franchising is an agreement where one party (franchisor) grants another party (franchisee) the right to use its trademark name as well as business systems and processes to market a good or service. This type of business model would have proven methods, tried and tested products and brand recognition.
Buying into a proven system has a lot of advantages over starting a business from scratch. As we mentioned, a franchise offers a proven system which leads to a higher success rate. The franchisor cares about the franchisees success which is provided by on-going support. You immediately have brand recognition. Customers know about and recognize your products which lead to increased sales.
The franchisor trains the franchisee on all the systems and techniques in order to ensure success. The franchisor offers continued support to the franchisee throughout their time as owners/franchisees.
A franchise offers a turn-key solution which means the business is ready to operate the moment you leave training. You have the supplies and knowledge for establishing your successful business in your area.