In case you hadn’t yet heard, March is a big month for female empowerment. It’s Women’s History Month and, last week on March 8, the world celebrated International Women’s Day. FranNet of DFW & Oklahoma is a female-owned business and we wholeheartedly support these initiatives that celebrate the accomplishments and impact of women in the workplace. After all, we’re in the business of helping other females (and males, of course) find business ownership success through franchising.
Speaking of franchising, it’s an industry that provides a perfect illustration of female empowerment. The franchise industry is full of examples of women who’ve gone on to establish, cultivate, and nurture successful small businesses in their own communities. In support of this effort, we thought we’d share a few statistics that reveal the opportunity that awaits women who are looking to explore an entrepreneurial future.
A Celebration of Participation
Recent research from franchise funder Guidant Financial shows a bustling environment for women-owned businesses. Females account for a third of all small businesses and franchises in the U.S. and a full third of these women have been in business for 10 years or more. The current numbers for minority female business ownership are encouraging as well – with black women starting businesses at a faster clip than any other ethnic or racial group. In the event these facts don’t sound like a big deal, let’s go back in time to 1972 when the U.S. Census Bureau first began tracking women-owned business information. That was some 50 years ago. And they counted 400,000 examples. Today, that number is upwards of 13 million. Now that’s what FranNet of DFW & Oklahoma considers progress.
Onwards and Upwards
Considering that there’s never been a better time for women to own a business of their own, let’s review some additional data that supports their efforts. Counting all businesses – not just small businesses – women can be found at the helm of 42%. They employ some 10 million workers and contribute over $2 billion in annual revenue. But for a majority of women, franchising has become a conscious choice. Among Gen X and Gen Y demographic groups, women now outnumber men when it comes to seeking information about franchise ownership and establishing an entrepreneurial future. This conclusion, attributed to a 2021 study by Franchise Insights, also reveals that franchising exceeds the national average when it comes to pay disparity among women and men. That’s right, women earn 90% of their male counterparts in the franchising industry – a far better breakdown than a majority of other industries.
What makes females and franchising such an amazing collaboration? In some ways, they’re way better suited for the industry’s hallmarks, such as the proven business models that help owners follow a roadmap to success. That’s a credit to their organizational skills – especially when it comes to prioritizing what’s important in the day-to-day ownership duties. Other studies point to women’s ability to be agile, pivoting to focus on the most pressing of concerns, while remaining adaptable to changing situations and conditions. Women have an innate understanding of scalability and fiscal conservatism – after all, many have been running their household finance for generations!
If you’re a forward-thinking female who’s always wanted to own a business of your own – or perhaps are in the midst of considering a career transition, you could do a whole lot worse than discovering what the franchise industry has in store for you.
We salute the month of March. Here’s to female empowerment – anywhere and everywhere!
If you’d like to know more about franchise opportunities and ownership, please get in touch. FranNet of DFW & Oklahoma is uniquely qualified to match your potential with the possibilities that come from small business ownership through franchising. All you have to do is allow us to be your guide. Our no-cost, no-obligation consultations have helped hundreds of entrepreneurs in North Texas and Oklahoma secure a future that belongs to them and them alone. If you’d like to get started on your own entrepreneurial journey, we’d love to introduce you to a whole new world of possibilities through franchise ownership.