The entrepreneurial landscape has always been dynamic, not only ever changing its form but also in the challenges it presents to those wanting to find success in the area.
Recently, entrepreneurship has seen a major surge in female ownership, many of which face an entirely new battlefield of inevitable challenges. This recent trend shows women with a strong passion for achieving a positive work-life balance, achieving professional development, and maintaining a successful career while also fulfilling personal needs. Many of these challenges are even more prominent to those women planning to enter franchising due to the strategic business acumen it requires.
Since 2018, we have seen the largest increase in entrepreneurial aspirations among women, a majority of which is being fulfilled by millennials and Gen Z, showing the shift in dynamic as the workforce continues to grow and change. Furthermore, we can see this increase in entrepreneurial desire seeping into franchise ownership, with women now operating 29 per cent of franchised businesses across the country, amounting to an incredible 28,000 approximately. Women are even more prominent when it comes to SMEs, with 35 per cent either owning or managing.
Despite these promising statistics, the journey to success can still be extremely difficult for women founding and maintaining small businesses, with limited resources and budgets remaining extremely prominent. This is where we see the appeal of franchising rise, especially among women.
Franchising offers a highly flexible career path, perfectly fitting the increasing trend of women wanting to maintain a healthy work-life balance. In franchising, there’s an opportunity for a structured yet adaptable framework that allows women to move toward their business goals while balancing their personal lives.
The benefits of franchising, however, extend beyond this balance. Franchising offers the security of a proven system with head office support, being part of a dynamic peer community, and proven success. Having this system in place acts as a confidence booster for aspiring business entrepreneurs, providing the challenges of running a successful business but also the guidance and pathways for growth.
If you’re looking to excel in your career as an entrepreneur but love the appeal of maintaining a healthy work-life balance, there are several top tips you can keep in mind:
- Embrace the challenges that may come. When you equip yourself with an understanding of market trends, the economy and consumer behaviour, you continuously learn to adapt and stay ahead in the competitive landscape.
- Surround yourself with a support network. For women in franchising, you will always receive support from the brand, but expand your network with peers and advisors who can provide valuable insights.
- Utilise the resources offered in franchising. Whether it’s training programs, marketing assistance, or operational advice, these are all essential in developing a career and maintaining a healthy support network.
- Come with a resilient mindset. The journey to entrepreneurship can be filled with both opportunities and challenges and learning from setbacks can catapult you multiple steps forward. Adapt, resolve and always keep your goals in mind.
With an increasing trend of women entrepreneurs and upcoming ones, it is important to create an environment that provides support and empowers women in their business journey. Through anticipating and understanding challenges, utilising opportunities and adopting a resilient mindset, women business founders and operators can succeed in their journey and in franchising as well, should they choose this path.
