Franchise FastLane Celebrates Women's History Month

The month of March is said to “come in like a lion and go out like a lamb,” which may also be the perfect metaphor for female empowerment. Franchise FastLane is proud to support Women’s History Month this March, as well as International Women’s Day which occurs globally on March 8. We’re proud to join with multiple government agencies as we join in honoring the vital role women have played throughout our history.

As an organization that’s committed to the progress of diversity, equity, and inclusion, we salute our own female leadership, especially CEO Carey Gille, and the women who courageously lead several of our franchise brand partners. These include Amanda Gingold, Founder of DonutNV, Sarah Nuse, CEO of Tippi Toes, and Ellen Rohr, president of Zoom Drain. This week’s Franchise FastLane blog takes a closer look at why females and franchising are a good fit for one another.

Women in Franchising by the Numbers

The power of women in franchising continues to grow. From a paltry ownership rate of only 8.5% back in 1995 to nearly a third of all franchise owners (32%) today, progress is more than evident. According to the International Franchise Association (IFA), the number of female owners in the industry rose an astonishing 45% between the years of 2007 and 2016 – five times the national average for all other business sectors. A third of all female franchise owners have kept their doors open for 10 years or longer – a credit their desire to pursue an entrepreneurial future. Three-quarters of all women-owned franchisees report being very happy in their current role. According to the U.S. Census Bureau’s statistics on entrepreneurism, women account for more than 13 million small businesses, contributing over $2 billion to the annual GDP.

Key Milestones of Female Entrepreneurism

When combining entrepreneurism as a broader category than simply franchising, women have achieved much more visible levels of success. Various studies and surveys reveal that women feel more empowered than ever to launch entrepreneurial ventures of their own – and they now outnumber men when it comes to seeking information on franchising. More than two-thirds felt they were ready to be their own boss and nearly 40% of current employees shared they were unhappy working for others. The pay gap in the entrepreneurial world is also considerably less than in Corporate America, with women earning – on average – 91 cents to every dollar earned by men.

Why Women Love Franchise Ownership

For female franchise owners, empowerment tops the list of reasons they decided on an entrepreneurial future. But franchising also provides them with a proven business model, comprehensive training, and close-knit, ongoing support. A majority of women franchise owners who were surveyed over the past couple of years report an affinity for the freedom and flexibility that the industry provides. This makes life much easier for those with school-age kids, especially those who are primarily responsible for caregiving. There’s no denying that the pandemic led to an exodus of women in the corporate workforce. But Corporate America’s loss may have been the franchising industry’s gain.

Though these updates on women in franchising and entrepreneurial ventures is encouraging, there’s still plenty of work to be done. Women still face multiple challenges and obstacles related to securing the necessary funding, as men are 20% more likely to get small business loans. But as a path to wealth creation, franchising has proved to be fertile ground for women who want nothing less than to take control of their own destinies. Let’s keep these statistics in mind as we reflect on the accomplishments we intend to celebrate during Women’s History Month.

Ready to Explore Franchise Ownership?

If you’d like to explore an entrepreneurial life made possible through franchising, we invite you to contact Franchise FastLane for an initial discovery call. Our staff includes dozens of qualified franchise experts who can help you explore the 20+ select brands in our inventory – all at no-cost and no-obligation. You’re more than welcome to call (531) 333-3278 or email us directly at fastleads@franchisefastlane.com. Once you enlist our assistance, we’ll help you turn your business ownership dreams into reality.