What Female Entrepreneurs Should Know about Franchising

Written by Whitaker Stacey

The field of franchising is not just a man’s world anymore. In fact, there are some special financing opportunities and unique niches that make owning and operating a franchise as a female more feasible—and potentially more profitable—than ever before.

Special Financing Options

If you’re thinking about purchasing a small business franchise, look into the opportunities reserved only for minorities and women. Check with local, state, and federal agencies to find out the full breadth of options available to you, including loans, grants, and gifts, and then choose the one that best fits your specific business plans. The amount of money you have access to as well as the repayment terms and interest fees will vary according to which plan you choose. Here are some of your options:

Loans

o National Organization of Women Business Owners- This organization offers financing options for female entrepreneurs and may be the way to go if your credit score is less than top-notch. By cutting out the male competition, you may be more likely to get the loan you need to fund your dreams.
o Count Me In for Women’s Economic Independence – Looking for a small loan to get you started or to expand your business? Count Me In for Women’s Economic Independence offers what they call “microloans” ranging in amounts from $500 to $5,000 dollars.

Grants

o The Women’s Financial Fund- As its name implies, this fund is reserved only for female entrepreneurs and, if your grant is approved, you could receive up to 5,000 towards the start-up costs of your business.
o American Association of University Women - This may be the ideal solution for you if you’re looking to go back to school to learn the skills necessary to own and operate your own business. This organization can offer you up to 12,000 toward tuition or specialized training.

Angels

The term “angel” as it applies to franchise funding refers to any individual or organization willing to simply give you funds as a gift to start your own business. This could be a friend, relative, or community organization with a generous spirit and a willingness to help you get your business off the ground.

There’s a franchise that fits your area of expertise.

You don’t have to be a savvy businessperson in order to own and operate a franchise, nor do you have to know how to run a fast food drive-thru. There are more franchises available now than ever before, and some of these niches are perfect for the skills that many females are simply born with. Here are just a few:
           o   Child Care- The childcare industry offers a growing and seemingly recession-proof franchise opportunity for those interested in assisting working families by caring for young children in a supportive and caring environment.
           o   Education Services- If you have a degree in education or are simply interested in the field, teaching is not the only opportunity available to you. With the public education system receiving more criticism than ever, there are plenty of opportunities for private tutoring and other educational service companies to thrive.
           o   Cleaning- With more and more families requiring two incomes to meet their basic needs, who has time to clean? To save time and the inevitable argument over whose shoulders the responsibility falls upon, many families are outsourcing their chores to cleaning and maid services. Since everyone, families and corporations, alike need a clean environment to maintain sanity and be productive, the residential and commercial cleaning industries are always viable options.

Girl Power

If you’re a female, you may just have exactly what it takes to operate a successful franchise. Franchisees have to be able to follow a prefabricated business model while providing excellent customer service. This takes a combination of smarts, loyalty, and charisma…the quintessential female traits! So if you’re stuck in the Dark Age and think opening a business is only for guys, turn the lights on and find yourself a franchise. The very fact that you’re a woman gives you a leg up on the competition.

Conclusion

If you’re a female with an entrepreneurial spirit and a desire for economic stability, then becoming a franchise owner might be just the opportunity you’ve been dreaming about. If you’re scared of getting your open-toe shoes stepped on by the men folk, don’t worry—there are plenty of franchisors and organizations just waiting to hold the door open for you as you venture into the world of franchising.

References

Women Find Start-up Capital for Franchises. Franchise Prospector. Retrieved from http://www.franchiseprospector.com/money-financing/Women-Find-Start-up-Capital.php.