March is when many organizations celebrate the women who have paved the way for others in their industry. Women’s History Month is a great period for reflection, but it is also an opportunity to review the current “change makers” in any organization. While 71% of franchises are owned by men, female representation in the industry is increasing every year. Perhaps franchise ownership doesn’t feel as “sexy” as some other small business opportunities, but franchise organization leaders have seen firsthand how women have become standouts in their field.

Getting Their Slice of the Pie

According to Entrepreneur magazine, 42% of all U.S. businesses are owned by women, and recently women have begun to outnumber men when seeking information about franchise ownership. While most of our master franchise owners at Mint Condition are men, our top performers have been women. Why? Perhaps women feel they have something more to prove when entering a male-dominated field. When former female executives have come to us interested in franchise ownership, we have heard about their exhaustion in the corporate world. Even if they were a top executive and contributor to the organization, they still felt on the outside of a “boys’ club” and that their opinions were dismissed simply because they were a “diversity hire” versus an individual who had the intelligence and experience to be in the room. It is an ever-present and invisible hill to climb. Most women who have worked a corporate job know this feeling.

And when anyone – women or men – is in a toxic work environment and feeling undervalued they are going to look at different career options. Women are particularly drawn to franchise ownership for many of the same reasons men are: flexibility, higher income, and greater control of one’s time and future. In fact, these reasons are why 88% of women report enjoying franchise ownership and 75% would recommend their franchise to others.

Characteristics of Being Successful

At the core of running a business – any business or industry – is the ability to adapt to a system whether it is a proven franchise system, or the proven system of an industry in order to gain a profit. Because, at the end of the day, every business owner is responsible for whether the business fails or succeeds. We have seen similar characteristics within the female leaders in our industry, and these characteristics, we believe, directly led to their success:

  • Self-confidence and grit: Starting a business is not for the faint of heart. You need to believe you can do it – and be successful – no matter how tough the road gets.
  • Self-awareness and humility: It is important to know where your shortfalls lie, and most importantly, where your confirmation bias might be hindering progress or innovation within your business.
  • Detail-oriented: Top performers pay attention to the numbers of their business and the sometimes small changes needed to improve their bottom line.
  • Responsibility: Every business owner must take responsibility over the wins and losses of a business.

The ability to have an achievement-based mindset and work the system that allows this to unfold strategically and organically is a key differentiator in leaders who are successful for the long-term.

Building Opportunity for All

Regardless of industry, the leaders who share their success by lifting others build long-term and authentic relationships that oftentimes contribute to the growth of their business. In the world of franchising, this is a natural and successful way to build your business, and we have seen women be especially good at it. For example, female executives have shared that they naturally feel inclined to support other, less “traditional” communities because they want to give minority populations a chance. For one of our Master Franchisees, she dedicated her time to tapping into specific populations and helping others achieve their dream of entrepreneurship. For this Master Franchisee, her legacy was about empowering others to take charge of their careers and overcome obstacles to achieve success. The profit, naturally, came along with it.

Furthermore, many of our Master Franchisees come from white-collar backgrounds and struggle to connect with people in blue-collar roles (who are typically executing the daily tasks of the franchise). Women build relatable and trusting relationships both with their customers and their unit franchisees. They can speak to multiple types of audiences and are comfortable doing so authentically. According to the Association of Women’s Business Centers, “We shouldn’t be surprised this business model is of keen interest to women entrepreneurs. The recipe for success to a strong franchising relationship includes frequent communication and creativity.”

The Future is Female

A  2021 report by Oxford Economics stated: “32% of franchisees… would not own a business if they were not franchisees.” Clearly, the franchise model must be working. Women especially see the value in the model that has, of course, evolved with the times and continues to adapt to a rapidly changing world. This is where the expertise and experience of individual franchise owners comes especially into play. Not only are they supporting the people downstream with their own businesses, but they are motivated to challenge and improve an already strong model. We have seen female franchise owners think critically about executing their franchise model while also offering constructive feedback on how to make it better.

This, in a nutshell, embodies the revolution we hope to be seeing in the franchise industry. Where women may have felt on the sidelines in other industries, franchising gives them the opportunities to grow and exemplify all of their skills and make everyone better around them in the process.

If you know an amazing female leader who is looking for a new chapter – or are one yourself – let’s chat.