Starting a new business from scratch can be an intimidating undertaking, especially as a woman. Perhaps you’re excited about running something that is just yours and creating your own schedule, but you don’t necessarily have a new business idea or proposition. Well, you’re in luck. A career in franchising may be a perfect option for you. Unlike opening your own small business, a franchisor licenses their products and services to a franchisee who then creates a business selling those items. If you’re interested in taking charge and opening a franchise, you will be adding on a fresh branch of a company that already exists just in a new and exciting area.
Benefits of franchising include becoming a business owner with minimum risk compared to striking out on your own. You have the flexibility to create your own work environment while benefiting from an already established brand that has fostered a reliable, trustworthy relationship with its customers. As a woman working in business, you’re probably already aware of the slight disadvantage you have compared to men in the same area. Stereotypes continue to play a role in how men see powerful women in business, so you may have to work twice as hard just to be taken seriously in this field. But with a pre-established brand and franchise behind you, you’re sure to find success. Here are just a few tips to guaranteeing your franchise meets its fullest potential.
Find your niche market and know the specifics of franchising.
While franchising may seem simpler and more straight forward than other business ventures, there are still plenty of nuances to understand and master before you set out on your own. Just like any business plan, you need to find your niche market and your target audience for your franchise. It helps if you know a little bit about the area you’re going into. For example, if you want to open your own coffee shop, you don’t have to be a complete expert, but it would help if you have experience as a barista or something along those lines. This will also give you an idea about your community and their needs. Will the franchise do well in this area? Do you have working capital your local buyers will be interested in? You need to answer these questions before you jump in headfirst.
As female entrepreneurs, it helps to display your expert knowledge right from the start. It is also okay to ask for help in areas you don’t understand. Consult your franchisor to learn all you can about the overall company. Get together with other franchisees to figure out the best option for pursuing your own path. You don’t have to do this alone. Your small business administration for a franchise looks different than other business plans. Learn the specifics and adjust accordingly.
One place where franchising may differ from regular business operations is through the franchise fees and business loan agreements. As a franchisee, you will be responsible for paying your franchisor for their brand and products. Make sure these extra costs are included in your business plan. Sometimes the franchisor will offer you a discount to pay if you pay upfront, or you can strike up a deal where you pay over time. If you need extra cash quickly to pay your franchise fee, you could get a bank loan, but there may be a better option for you. With specific franchise revnue loans, your financing options are adaptable and designed for your exact needs. Because these companies work with franchises all the time, they understand the integrity of what you’re trying to do and the adjustments to make for your loan application to get approved. Design the type of loan that works best for your franchise business by going with the right choice that can be personalized for you.
Demand respect from your male counterparts.
As a female in any type of business, you need to work to gain the respect of your male counterparts, clients, and superiors. Yes, it still seems old fashioned and unfair, but that’s the world we’re still living in. The best way to earn this respect is by doing superior work and always acting professionally. Be on time, stay organized, and be one step ahead whenever you can. The more on top of things you can be, the more people will notice your diligence and hard work. You’ll also want to be kind, patient, and flexible with your coworkers and clients. Working in a franchise means mixing many different personalities rather than being on your own at a startup. Treat everyone with the same amount of respect you’d like to receive. When you do your job incredibly well, they’ll have no choice but to look up to you.
Looking professional is a huge part of this as well. The female wardrobe is more tricky to navigate than the men who throw on a suit and they’re all set. Know what business attire will be best for your franchise while staying conservative and not too flashy. You can still make a statement as a business model who has her stuff together in dress pants for women, fabulous blazers, and fun boutique finds. Invest in some basics that make you feel confident. Know you can take on the whole world by first looking the part.
Build a great team.
As mentioned above, you can’t open your own franchise location without the help of a team. Maybe it’s your family members or potential lenders or a great team of coworkers, whoever they are, rely on their assistance. Oftentimes your franchisor may be able to help you out getting the right training for your staff. Include staffing and training needs in your startup costs. You owe your team to do your due diligence and help get them ready to be a valued member of your team. You also want to make sure they’re taken care of. Be sure payroll is one of the first things you secure account numbers for. This has never been easier than with online check printing available. Make checkout and payment a breeze and keep everyone, including yourself, happy, and paid.
Invest in the best location.
With your franchise, you’re probably planning to open a brick and mortar store. This is why your location matters immensely. It comes back to your niche market and target audience. Where can you get the most visibility for your store and foot traffic in and out? If you really want your franchise to succeed, you need to put it in an area that really needs the store. Don’t be too close to another franchise owner and find a way to invest in your community as a whole.
Fit your franchise into your life.
One of the reasons why franchising is so beneficial for women is because it fits in so well with your life. Your role as a franchisee requires great networking and communication skills, both things women are known for. The flexibility also fits your lifestyle if you’re needing something outside of a traditional nine to five sets. Overall, if you enjoy collaborative environments and being able to fit work around your busy life, a role in franchising may be absolutely perfect for you. Take advantage of how your skills match up with the needs of this business venture.