Franchising opens up new opportunities for minority groups to learn new skills, grow and expand their businesses, or acquire a new business and in recent years, the International Franchise Association and other associations have set up programmes, to increase the number of minority owned franchise firms.
With increasing numbers of franchise companies becoming active in the recruitment of minority franchisees, their commitment to diversity and multiculturalism in the industry, can help minorities achieve their dreams of franchise ownership.
Women and Franchising
Women and Franchising: Top Franchise Characteristics
According to Iain Murphy in his book (The Franchising Handbook: The Complete Guide to Choosing a Franchise), women are in some ways better suited to franchising and make a more attractive group as potential franchisees.
Here are a number of interesting characteristics that make women in franchising a successful target group for franchisors:
- Women are good at organising, at coordinating activities and people efficiently. This means women franchisees will be naturally inclined to organise and coordinate their franchise opportunity more productively and profitably.
- Women are good at prioritising, at deciding which activities are more important than others. This particular skill works well in the franchising industry, when problems arise concerning planning, staffing, financing and people management.
- Women enjoy working towards a common goal. Women operating a franchise will work to make that franchise a success, for all franchisees involved under the one franchise operation.
- Women are good at networking, ensuring effective communications are created between franchisee and franchisor, and franchisee and all other internal and external bodies.
- Franchising can offer women who are ambitious the opportunity to go into business and to be potentially successful and profitable on a personal and professional level.
Advantages for women running their own franchise
- In franchising you get to be your own boss, and take control of your own life. Women franchisees are more successful because they enjoy the work/life balance franchising can offer, making it more appealing to be their own boss.
- With 20% of small businesses failing in the first year of business, the concept of franchising offers assurance for women, interested in minimising business start-up risks. The tried and tested formula helps reduce the risks by providing training, help and support.
- After a career break or pregnancy, women can often feel a lack of confidence in returning to the workplace. Franchising gives women the opportunity to rebuild their skills and knowledge in a supportive and successful environment.
- Franchising offers a tremendous opportunity for ambitious women to start their own business. Women and franchising can make a very successful combination.
Retirees and Franchising
Today’s 50+ population is reluctant to be “put out to pasture.” Instead many people in their 50s and beyond dream of owning a business when they leave the traditional workforce. And there is no reason that older people driven by the entrepreneurial spirit cannot achieve their dream. For example, Colonel Harland Sanders was 62 when he sold the first Kentucky Fried Chicken franchise in 1952. Twelve years later, KFC was a popular fast food restaurant with locations throughout the US.
Franchise companies are recognising that older, experienced workers retiring from regular jobs are good candidates for franchise ownership. They have confidence from the wisdom gained over the years in the workforce. They know how to plan ahead and reliably persevere to reach goals. And their experience has refined and sharpened their interpersonal skills.
But before rushing into franchise ownership, retirees must carefully consider just what it is they want do in this next phase of their lives. Quality of life should be the first priority, so that factors such as time commitment and physical endurance must be carefully weighed. The financial aspect is another major influence – as one approaches retirement age, it is unwise to bet the farm on any investment. Retirees are better off looking for franchises with lower up-front costs and minimal ongoing overhead.