Why Franchising is the Best Option for Aspiring Women Entrepreneurs?
Advantages of franchising from Women Entrepreneurs' perspective!
Although we’re seeing a rise of women entrepreneurs in India, the hard truth is that they are far outnumbered by men in the world of entrepreneurship. According to the stats shared by the Ministry of Statistics and Programme Implementation, only 14% of the total entrepreneur base in India is made up of women.
There could be many reasons at play. For one, it’s not easy to be an entrepreneur. And the challenges stack up even higher for a woman. From socio-cultural deterrents to the difficulty in raising funds to lack of government support — women have to jump through many hoops to make their business see the light of the day.
Franchise ownership has emerged as a great avenue for aspiring women to step into the world of business and self-sufficiency. Here’s why!
Flexibility to strike a balance
In today’s cut-throat business environment, a career that offers financial security and allows one to balance work and family is increasingly hard to find. But this flexibility is often a priority for most women who need to dedicate time to their personal commitments and take care of family responsibilities, which often includes raising a child. That’s where franchising fits so perfectly with the dreams and goals of aspiring female entrepreneurs.
While no one can deny that successfully running a franchise requires a serious investment of time, it does allow owners to decide the working hours and pace of growth that best suits them and their situation.
Predictable income and a higher success rate
Starting your business comes with its own risks and it’s often hard to predict the fate of your business idea. Because franchises are built on tried-and-tested business models, the involved risk and volatility are far less. Moreover, franchisors are required to equip owners with everything they need to know about the business and its performance. And, they will steer you in the right direction through ongoing support, training, and guidance. Compare that to starting a business from scratch where you’ll have to figure it all out, and often at the expense of costly mistakes.
Getting business loans from bank is relatively easier in case of a franchise. And, that’s because it’s easier and less risky for them to finance an established franchise with a track record than a totally new venture. But do remember that your chances of securing business loans gets that much better if you have a good credit score or repayment history to back you up.
Do what you love
Want to pursue a career in your area of interest? From education, fitness, health, and wellness to food, fashion and beauty — you can choose a franchise from an unlimited range of industries. And, that’s the beauty of franchising!
While the industries we just mentioned are top-performing sectors for women franchise owners in India, you can find successful franchise businesses from other fields as well. But whatever be your interest, it’s absolutely necessary to do your research and due diligence before signing up with a franchise.
If you’re driven by the passion to be your own boss, then franchising truly offers the satisfaction of being self-reliant!