Franchise Spotlight: Women
Industry trends show an increase in female-orientated franchises.
Women can be found working as franchisees in every industry. There is no such thing as a ‘women-only' franchise. There are, however, business models which specialize in appealing to female consumers and these are more often owned by female franchisees.
In a bid to reduce the gap between the number of men and women becoming business owners, the federal government made over CA$1.4billion available to support financing for female entrepreneurs between 2018-2021. There was also an increase of CA$130million allocated to investing in women-led technology firms over a five year period, through the Business Development Bank of Canada’s (BDC) women in technology fund.
With more money being invested to support female entrepreneurs, now is a great time for women to invest in becoming franchise owners and take their share of a range of possible lucrative markets.
In 2018 there were 1,079,000 self-employed women in Canada (37% of all self-employed people) according to Statistics Canada, and this figure looks set to rise. The type of franchise women choose to invest in will be determined by personal interest, experience and skills. There are certain franchises that naturally attract more women, including women’s health and fitness, due to the nature of the consumers who use these services desiring a female-led support network of personal trainers. Some classes are also tailored specifically to attract female clients, such as pre and post-birth exercise classes.
Women Industry Analysis
It is reassuring that the number of women in business is continuing to grow and that more money and support is being channelled into breaking down barriers to encourage more women to become franchisees. Franchising offers a wealth of benefits to those who are interested in becoming their own boss. The flexibility of hours, options to work from home and the opportunities to grow your business and employ staff are all appealing aspects of business ownership.
Franchises that offer training and ongoing support, under the brand and banner of an established company, are exciting prospects for those looking to invest. With more women entering the franchise sector, now is a great time to consider making the move to become your own boss. With a wealth of opportunities available, the future looks bright for female franchisees.