Are you a woman who is looking to start your own small business? Franchising may be the perfect way for you to get started. The number of women working in the franchising industry has grown exponentially over the years, with about one-third of all franchises currently owned by women.
Even as this number continues to grow, starting or owning a franchise can still seem a bit daunting for many. To ensure you aren’t among them, and ensure your business kickstarts with as few hitches as possible, here are five helpful tips we've put together specifically for women in business.
1. Know Your Passions
When launching any small business, it’s essential to identify your passions and goals for the business. Understanding how these key elements fit into your profession is crucial to ensuring you will be doing something that you love.
It’s also critical to assess any relevant skills or experience you may have that may make you a good fit for a specific industry. Working in a career that you’re passionate about - and can grow into - makes the job immeasurably more enjoyable. It will also give your overall work ethic, leadership, and productivity a boost.
2. Do Your Research
Franchising can be a great way to get your small business up and running quickly, but it’s still important to do your research. Industry research is essential to help you build a plan for success. For example, one of the first things you should look into is who your competitors are and how they’re performing.
It’s also important to determine whether a particular product or service is in demand in your area, and if there’s enough potential for growth. To get the answers you need, be sure to seek out the experts in your field and ask detailed questions. By gathering as much information as you can, you will be better able to determine the resiliency of your chosen industry and what the long-term outlook will be.
3. Recognize Your Strengths
When starting any small business, it’s important to know where your strengths lie. Having a clear understanding of your skills, strengths, experience, and preferences can help you understand how to grow your business - and when to reach out to others to fill any gaps. Success lies in building a team with complementary strengths, so that together, you can ensure that all your bases are covered. In this way, you can be sure that your business is prepared to thrive.
4. Prioritize Your Network
As any seasoned business owner will tell you, networking is a key part of small business success. As a woman in franchising, it’s essential to build relationships with other business owners. In fact, by making effective networking a priority, you can gain valuable insight into your industry and tips to help your business succeed. Part of the reason for this is that connecting with like-minded colleagues gives you the opportunity to brainstorm, as well as learn new ways of conducting business. Both are key benefits to franchise business ownership and can help improve the way you run your franchise.
5. Have a Support System in Place
Finally, it’s important to have a strong support system in place before you launch your franchise business. This is why Jo McCabe, a Mr. Handyman® Franchise Owner, advises “Don't be afraid to ask for help and surround yourself with successful owners/people.”
If that sounds daunting, never fear! You do not have to launch your franchising journey alone. The right franchisor should offer you full support and access to other franchisees. In fact, any franchise worth working with will help set you and your business up for success.
Find the Franchise That’s Right for You with Neighborly®
Neighborly brings together a variety of small business franchises designed for women – or anyone! – who wants to start their own business. If that includes you, our franchise opportunities offer women a way to grow a successful business, one that comes with full training and support. Explore our 19 brands today to see if a franchising opportunity with Neighborly is right for you!
