Since Sept. 2020, something quite interesting has occurred in the franchising industry. Call it a shift, if you will, but for the first time, the number of women making inquiries about franchise ownership topped men among two key demographics—Gen-X and Gen-Y. This according to Franchise Insights analysis, using demographic data acquired from Alliant, a leading consumer audience researcher, and FranchiseVentures’ demand-generation data platform.
Why this shift, and why now? Perhaps the answer lies in a recent MetLife survey of working women, where 20% of respondents stated they were pushed out of the labor force during the pandemic. But the survey also revealed that two out of three respondents are also planning their triumphant return to full-time work. This time around, they appear to have choices, and they don’t seem to mind taking matters into their own hands.
Returning to the Franchise Insights findings, we can gain some further introspective by reviewing the specifics of this rise in female-based franchising interest:
- The gender of prospective franchisees is balanced across all age cohorts. Overall, women account for 50.08% of prospects contacting franchises, and men 49.92% This compares with women at 47.8% and men 52.2% of prospects contacting franchises prior to the shift, in January-August 2020
- Women make up higher percentages of the younger age cohorts, at 50.8% of Generation X (ages 41 to 56) and 50.6% of Generation Y (also known as millennials, ages 25 to 40)
The updates from the Franchise Insights study and the MetLife survey are not only encouraging for women—they’re an empowering sign that many more females are showing an increasing amount of interest in the proven business models of franchises. And there are vast amounts of resources awaiting them once they arrive. Franchising.com, the official site of the International Franchise Association (IFA), has a wonderful recent article on women in the industry, “Lead Like a Girl: 10 Ways to Put Your Feminine Strengths to Work”. And the increasingly popular online hangout, Clubhouse, has begun a recurring webinar series entitled, “Women Wednesdays” that runs on a weekly basis at 4:00 p.m. EST.
If you’re a female who was downsized from your career during the pandemic, or if you’re just ready to explore what a career transition might look like, FranNet of DFW & Oklahoma can help you discover the brave new world of franchise ownership. Together, we can investigate and find a business model or concept that perfectly aligns with your lifestyle and financial goals. And it won’t cost you a dime, as all of our consultation services are no-cost and no-obligation.
Reach out and schedule an initial visit today. Let’s show them what it means to really franchise like a girl!