Over the years, women in New Jersey have become more active, not only in the job market, but increasingly in the business ownership world as well. Today, more than ever, it is common to find women who own their own businesses and who invest in franchises.
Across the United States, there are more than 8.6 million businesses that are owned by women that earn over $1.3 trillion in revenues and create employment for almost 7.8 million people. The franchise industry has also attracted its fair share of women as well with over 20% of franchised business belonging exclusively to women and another 24.4% being co-owned by men and women.
So if you are a woman looking to invest in a franchise, you’ll be happy to know that you are in good company. Still however, there are a few tips you can follow to help ensure that your franchise experience is as positive as possible.
- Do your research
Just like any other business (or job for that matter), it is important to do your research and determine whether a particular franchise is really right for you. Take some time and figure out what your goals are, what your skill sets are, and what kind of business model would be a good fit for you.
- Make sure that you feel good about the franchisor
Your relationship with your franchisor will be quite close at times, and hopefully long term. It’s important that you feel good about this relationship and are comfortable that you’ll be able to rely on your franchisor for support when needed.
- Be willing to make sacrifices
Especially in the first year of your business, you are going to have to invest both money and time. Being a franchisee is not a Monday to Friday, 9-5 thing. You might have to give up quite a few evenings, weekends and holidays – especially in those early stages.
- Have a thirst for learning
Going into any business there is a lot to learn. Take advantage of all the training you can that is offered by your franchisor, read books about business, and get out in the community and network with other professionals.
By continually learning, you’ll be able to avoid some costly business mistakes, and when you do make a mistake, you’ll be more confident that you know how to correct it.
- Ask for help
One of the great things about owning a franchise is the built in support network. Not only will your franchisor be there to provide training and support, but you may also be able to reach out to fellow franchisees for advice.
Of course, there are many other professionals that you can and should reach out to as well included accountants, lawyers and business coaches.
Being a woman in the franchise industry in New Jersey is becoming more common every day. And when you look at the tips provided, you will see that they are not really all that different than tips for men entering the franchise world. If you’ve done your research and are ready to make franchise ownership work for you, then we invite you to give us a call to help you get started.