25 Apr 6 Factors Female Franchisees Must Consider When Setting Up A Franchise
Not many people are aware of this or will be willing to accept this, but the fact is that in most cases, women are definitely more successful than men in the franchising landscape.
The former are born business leaders and they are conditioned to multi-tasking from a very young age. Aside from this, they are instinctively able to judge what people are thinking and know how to motivate people.
When they are in communication mode, a lot of women have a very special touch; they are able to use the right mix of empathy, compassion and involvement that most men may not be able to bring into their interactions. Here are some factors that potential female franchises should take into account when considering setting up a business:
Things female franchisees should consider
#1 Be Gutsy
Women franchisees must have the verve to embark on their franchising journey in what has conventionally been more of a man’s domain. But it’s important for you to know that there are a number of women franchisees that have made a success of their businesses in the franchising industry.
#2 Networking is Important
You should be bold enough to be able to network with experts in the industry, the franchisor as well as the other franchisees.
#3 Knowledge is Power
Before entering into any particular franchise industry, you should proactively learn and understand as much as they can about how that business and the industry as a whole works, before they dive into it. This will give you the best possible chance of succeeding in your venture.
#4 Don’t fear failure
This can be one of the biggest hurdles in your path to success in the franchise industry. Like any other business, a franchise business also carries a certain amount of risk. But you should be resilient enough to be able to take failure in your stride. And in case you do trip and fall, should have the ability to dust off your knees and forge ahead; that is the only way you will learn and become more confident with running your business.
#5 Take a 360° of Your Situation
Before you take the plunge, consider what your current lifestyle and obligations are. Learn more about the business as that will help you ascertain what will work and what may not; it is rightly said that being forewarned is being forearmed. Ensure that you have the full support of your spouse/partner, family and kids.
#6 Maintain Objectivity
You need to be realistic and objective about what you are able to do and have the potential to do. While it’s never a good idea to underestimate yourself, it’s also important that you don’t overestimate yourself either. If this is your first foray into the franchising field, there will be a lot to learn and it’s crucial that you review your skillset. Recognise what areas you excel in and which attributes and skills you can improve upon.
Some Questions You Should Be Asking Yourself
Aside from all the aspects we just talked about there are some questions you should asking yourself:
- Are you able to build relationships?
- Do you network and are you able to keep those connections going?
- How strong are you from a financial standpoint?
- What is the amount you would be able to invest?
- What amount are you willing to risk?
- Are you passionate about the business you are planning to dip your fingers into?
Once you have the answers to these questions, you will be better-equipped to take a smart and well-informed decision. If you want to know more about buying a franchise business or want some advice, feel free to get in touch with us at The Franchise Institute. You can call us on 1300 855 435 or fill in this contact us form and we’ll reply as soon as we can.
Thanks for reading,
The Franchise Institute Team
1300 855 435