Top Tips For Women In Franchising
Thinking about owning your own business? Consider buying a franchise – you’re in business for yourself, but not alone which can offer peace of mind and a bit of extra confidence when taking the leap and becoming a business owner.
In a nutshell, this is the essence of franchising; being a part of something bigger and more experienced. You’re working with a known brand and a sound business model with access to support networks and a strong marketing strategy. It’s the perfect solution for those who want the opportunity to own their own business, but may not have the confidence, capital and know-how to start something from the bottom up.
Buying into a brand with an existing presence and loyal following means a large part of the foundation work is done. But that’s not to say the rest is easy… success does only come if you work for it!! And there’s much planning, budgeting, forecasting and decision-making involved in ensuring your slice of the franchising pie is a fruitful business.
For many women who are also aspiring business owners, franchising is an attractive ‘tried and tested’ option, and many women often see success in the franchising game!
- Women are often great organisers! They know how to plan and prioritise and have an eye for detail.
- Multi-tasking comes naturally to females. Women are quick thinking, improvise and are comfortable with adapting to make things work.
- Believe it or not, women in business tend to be more financially conservative than their male counterparts! This means starting small and taking baby steps in growing their entity – a pretty sound approach for purchasing, owning and operating a franchise business.
- Women are generally pretty open to building business relationships and aren’t afraid to tap into the wider community, including other franchisees.
You might be on track to look at franchise business options, but there are some considerations from those already in the thick of the franchising game, suggest to women who are considering going down this path:
Look at options and business offerings that match your passions and your personality. If you enjoy fitness, maybe a gym franchise is a fit for you. But don’t go into motor spares, if fashion is your interest.
Remember, franchising is a long-term business prospect. Make sure what you choose is something you’re happy about so that you’re energised to make it work, especially during the down times.
Be a facilitator
Help create and maintain a positive business culture. Look to fellow franchisees as part of a wider team, rather than competitors. It will help you (and the overall franchise system) grow! And you know those organisation skill sets – use them!
Ask for help
You have the networks and resources available to you for guidance, so utilise them! You’re not expected to be able to do everything, so focus on your strengths and hire a team for their expertise (and perhaps any of your own weaknesses). Don’t be afraid to bounce off other experienced franchisees for their guidance.
Think outside the box
The beauty of franchising is that you do have support and formal planned activities, but you also have the freedom and I suppose responsibilities to implement your own ideas that really make your part of the business your own. Do this, but do it within the framework of your brand… Anything that’s worthwhile will garner support from your franchisor.
And as history has it, some of the most successful franchise brands have women working with them… so we say what are you waiting for?
Visit ffco.com.au for some great franchising tips and business opportunities with Franchised Food Company including brands like Cold Rock, Trampoline Gelato, Pretzel World, Nutshack, Mr Whippy and Europa Coffee.
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