What’s driving your research into franchise ownership or investment? For many women, it’s one or a combination of these six factors:
Do any of these sound familiar? They certainly do for Carmen Chavez de Hesse of Echo Growth Strategies, who has been working in the franchising space for almost two decades. In episode 4 of the Franchise Rising podcast, Carmen discusses these 6 themes she’s seen come up over and over again in her interactions with women looking into buying a franchise.
Have you ever sat down at your desk in a corporate office, wondering how you got there? How it’s possible that you’ve spent so many years doing the same thing? Why you’re still working for someone else instead of answering and earning for yourself?
So many women have been there, feeling frustrated and looking for a way out.
Most women want to feel control over their lives and here are some examples of where those looking to buy a franchise start their journeys:
Women working in a corporate environment, wishing they were working for themselves instead.
Any of these scenarios can set a woman in motion looking for an opportunity where she can become an entrepreneur, and franchising is an attractive option because it gives them the opportunity to take control of their lives, both professionally and personally.
When you buy a franchise, you are the business owner and the business’s success is in your hands. That feeling of control can be so valuable to women and is a huge driver in the decision-making process.
Work-life balance. How many times have you heard the term? Tried to figure out how to actually attain it? Many women thrive in the flexibility afforded by life as a franchisee, and find it a great way to achieve work-life balance.
Don’t get us wrong - owning or running a franchise is not necessarily a cushy job, at least for a while. Like any business, it requires a huge amount of work, especially during the early days. This is also known as ramp up time. It’s not going to be a 9:00 - 5:00 job, and will likely require more hours than that.
But, as a business owner, you can typically schedule work around your needs. Need to pick your kids up from school at 2:30 to get them to soccer by 3:00? Have a standing appointment every Tuesday at 4:00? Prefer working out in the late morning? That may be more possible than if you’re working for someone else with rigid 9-to-5 policies.
It comes back to the control factor we discussed earlier - as the franchisee, you have more control over your schedule and workload. Depending on the franchise, you can invest in a business system that will allow you more flexibility, and that’s hugely attractive to many women.
Many women find themselves reaching a certain age and thinking about what they can leave behind in life that’s impactful. Often, they dream about leaving a legacy for their children, both personally and professionally, and a franchise can be a great way to do this.
When you buy or invest in a franchise, there is often so much room for growth. Maybe you’ll open several locations of a single brand, maybe you’ll become that brand’s area developer, or maybe you’ll expand into other concepts.
The possibilities are endless, and when everything is aligned, you have the power to build an empire that will provide financial support for your family for years to come. Plus, a strong entrepreneur is an incredible role model for her daughters and sons.
What are you passionate about?
Animals, cooking, education? A specific brand?
With so many different types of businesses, there is a franchise opportunity to meet almost anyone’s passion. Love animals? You could open a pet store, grooming shop, boarding business.... The list goes on.
Do you have to have passion to thrive in a franchise system? Generally, yes, but passion can mean so much more than a love for children or a specific brand. You could be passionate about the business’s growth trajectory. You could be passionate about creating jobs in your community. You could even just be passionate about the earning potential.
Carmen recommends asking yourself what will fulfill you and then go from there. Is it the industry in general? Is it the specific brand? Are you passionate about the business’s growth trajectory? Are you passionate about creating jobs in your community? Or do you really get excited about the earning potential?
Finding your “why” is an important step in the process of buying or investing in a franchise concept.
Everyone wants to feel that their life has purpose and meaning, and we’re increasingly seeing women want to do the same professionally. Buying or investing in a franchise can offer many ways to do this, making it a great option for many of us.
Some brands are purpose-driven. Take Tumbles, a kid-gym franchise concept. Many of the owners and coaches are seriously impacting the children’s lives, teaching them about the importance of exercise and helping them live healthier lives.
Other brands support charities, giving a portion of profits to a cause that’s meaningful to them. If this is appealing to you, check out this list from Franchise Help that details the world’s most charitable franchises.
Any franchise concept you buy or invest in can have a significant impact on your community, as well, since you’ll be creating new jobs.
One of the greatest benefits of buying a franchise, and the #1 driver for many women who invest, is the mitigation of entrepreneurial risk.
There’s a level of comfort in knowing you have branding, systems, support, and history to bank on. If others have done it, you, too, can achieve success within a specific brand and business model.
Most franchise brands are incredibly supportive, helping alleviate many of the trickiest aspects of launching your own business:
But the most important factor is that you’ll receive support from day 1. The moment you buy or invest, you have a team with a proven record behind you, helping you every step of the way.
Is success guaranteed? No. The success or failure is based on your ability to be an entrepreneur, follow the system, and be willing to learn. But either way, you have far more support than you would if you were trying to start out on your own.
Can you relate to any of these six factors? All of them? Let us know what’s driving your journey into franchising in the comments below.