What are the best franchises for women? Discover the qualities (like cost, work-life balance, and training) you should consider when making a franchising decision.
Out of necessity, women are taskmasters and champions of efficiency. These skills are learned on the fly as women make strides in business while continuing to shoulder the bulk of childcare and household responsibilities. Although steps remain to ensure women are supported at both work and home, their ability to multitask makes them valuable assets in the small business community.
Women are helping drive small-business growth in the U.S. The 1.1 million female business owners in the U.S. generated $1.8 trillion in sales in 2019, according to the latest numbers from the U.S. Small Business Administration. Women turn to entrepreneurship to find flexible schedules, work-life balance, and financial security.
“The path of entrepreneurship has opened doors and provided opportunities and financial independence for strong, visionary women throughout American history,” said Isabella Casillas Guzman, the SBA’s administrator, in a statement.
Female Entrepreneurship Hits Speed Bump
The pandemic outbreak put a spotlight on the challenges facing female entrepreneurs and full-time employees. Coping with fallout from the pandemic fell disproportionately on women, particularly mothers. Women were forced to juggle teleworking, school closures, and caregiving responsibilities to keep their families safe and secure. Despite initial setbacks, female business owners weathered the storm. At least 82.3% of female small-business owners expected to survive the pandemic, and 74% of them report being somewhat or very happy, according to a survey conducted by Guidant Financial.
Entrepreneurship also provided a welcome relief for many female members of the workforce. Women left behind the constraints of corporate jobs and turned to business ownership to navigate the new normal. At least 40% of women who started a business in 2020 cited the impact of COVID as a major factor in taking the leap, according to a survey of 1,199 new female business owners. Over the last two years, more than 10 million businesses launched in the U.S., and new business applications hit record levels.
Economic Outlook Brightens
Despite positive strides, the past year ushered in a new set of challenges. Rising inflation, supply chain issues, high gas prices, and labor shortages hampered business recovery in 2022. Companies were forced to raise wages and offer signing bonuses to retain talent. Economists warned of a looming recession, and layoffs swept through the technology and financial services sector.
Luckily, doom and gloom projections did not match reality. The U.S. Federal Reserve’s efforts to stem inflation are changing the economic tide. Wages are stabilizing, and the outlook by analysts is optimistic. Dubbing the phenomenon a “slow session” rather than a full recession, analysts now expect diminished turbulence, paving the way for continued strong results from the small-business community.
Franchising Helps Women Chart a New Course
Franchising provides female entrepreneurs with an accessible model to achieve the American dream. The main obstacles to female business ownership are access to financing, timeline to profitability, and having ample time to conduct due diligence, reports the National Women’s Business Council.
Franchising opportunities for women eliminate many of the hurdles of business ownership by offering a proven business model with a history of success. During validation, women gain insight from existing owners, and many franchises partner with lenders to make financing more accessible. Opening one of the best franchises for women with brand recognition and built-in customers speeds up the time it takes to turn a profit and is less risky.
About 31% of franchise owners are female, and even more women co-own a franchise with a spouse. Franchising offers a wide array of business models designed to help women achieve balance. Home-based businesses, mobile opportunities, and owner-operator options featuring varied startup costs are some of the best franchises for women.
Senior care, childcare, restaurants, event planning, beauty salons, and fitness are popular choices. When validating franchise opportunities, it’s important to pay close attention to their training program, marketing strategy, ongoing support, and the outlook of existing franchise owners in the system.
Complete Weddings: Top Female Franchise
Complete Weddings + Events is one of the best franchises for women who are searching for a fresh start. We’re an all-in-one wedding and event planning business with a low initial investment and a home-based business model. We specialize in event and wedding photography, videography, lighting, DJ services, coordination, and photo booth rental. We have a variety of packages designed to make decision-making easier and less stressful for hosts.
For an initial investment of $56,820 to $71,070, if you qualify for our current incentive program, you get access to a turnkey business in the lucrative wedding and event planning industry. Complete Weddings earned a spot on Franchise Business Review’s list of the 80 top-ranked brands that have minimum investments of under $100,000. By focusing on wedding and special occasion events alike, our franchise owners have access to multiple revenue streams and year-round business.
Franchisees follow established steps to own a franchise and keep startup costs down by launching their business from a home office, with national and local advertising support to help build their customer base. Working primarily from a home office gives women the flexibility to lean into their dreams and meet their financial and lifestyle goals. After reaching certain financial milestones, owners can launch a storefront to grow the business. We offer extensive training, ongoing support, and marketing guidance to help your business keep pace with industry trends.
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