Monday, February 19, 2024
Women in Entrepreneurship: Franchising, a Winning Model for Success
More and more women are turning to franchising, and it's no coincidence. This entrepreneurial model offers numerous advantages that particularly align with the aspirations of women entrepreneurs.
These aspirations are highlighted in the "Barometer of Female Franchising", conducted jointly by Toute la Franchise, the leading platform for connecting franchisors and franchise candidates, and Reconversion en Franchise. Here are the key insights from this survey.
Franchising: Reassuring Support and a Secure Framework
Franchising allows women to benefit from continuous support from the franchisor, a crucial element for their success. This support includes initial and ongoing training, technical and commercial assistance, as well as the sharing of experiences and best practices. This reassuring framework is especially appreciated by women embarking on entrepreneurship for the first time.
In fact, 26% of respondents cited this support as a key reason for choosing franchising to start their business.
It's worth noting that 80% of respondents in this 2024 Female Franchising Barometer (*) were employees before becoming franchisees, and 66% changed sectors.
The presence of the franchisor by their side to launch their new business was therefore essential. "Franchising reassures them because they are not starting from scratch and find a framework that was familiar to them as employees," explains Corinne Gicquel, founder of the platform Reconversion en Franchise, who co-organized this survey with Toute la Franchise.
Increased Freedom and Flexibility Through Franchising
Franchising also offers women the opportunity to become their own boss and manage their time as they wish. This freedom is essential for women who want to balance their professional and personal lives. Eight out of ten franchisees were already mothers when they started their business, and 33% of them did so to better manage their time. Additionally, 21% mentioned gaining more freedom in their entrepreneurial projects.
Once this economic model was chosen, the decision to join one franchisor over another was guided by personal connection for 29% of respondents, as well as the quality of support (23%). The financing of their franchise was done through personal investment and bank loans for two-thirds of franchisees. More than half of the participants in this Barometer (58%) invested more than €50,000 in their project.
Satisfied and Fulfilled Female Franchisees
Female franchisees are generally very satisfied with their choice. They appreciate the freedom and autonomy that this entrepreneurial model offers, as well as the opportunity to thrive both professionally and personally.
In fact, 43% of respondents expressed satisfaction with the personal fulfillment that franchising provides, particularly through better organization between professional and personal life. Nearly nine out of ten franchisees (88%) would recommend their franchisor to another woman today. And half of these female franchisees believe they would have started in franchising earlier if they had known about it. "Franchising is a form of personal fulfillment, freedom, and independence within a secure business model, so it's logical that those who have experienced it regret not taking the plunge sooner!" says Denis Conaut, Director of Toute la Franchise.
Are you a woman considering starting your own business? Franchising is an option not to be overlooked! Feel free to explore the full results of this 2024 Female Franchising Barometer and learn more about the benefits of franchising!
Also, don’t miss Franchise Expo Paris from March 16 to 18, where you can meet many industry players and engage with them!
(*) Survey conducted by Toute la Franchise and Reconversion en Franchise between October 18 and December 5, 2023, with a representative sample of 219 participants of all ages (from 20 to over 50 years old), from 42 brands across all sectors.