Women in Franchising;
Changing lifestyles have seen many more women set up their own business later in life, capitalising on re-found freedom after the children have left home.London Express reports that women are quickly becoming a franchising force in the United Kingdom. Females represent roughly 25 percent of the entire franchisees in the U.K.
62% of Internet users in the UK are female
According to the National Foundation for Women Business Owners, 9.1 million women owned business firms in the U.S. This represented 38 percent of all business, employing over 27.5 million people, and generating over 3.6 trillion in sales
Females are at the forefront of the 10 percent to 12 percent franchise profit growth in 2004, reports the International Franchise Association, The trade group notes that women are especially adept at running franchises because of their relationship building, consensus building, and listening skills.
Female Franchisee’s increased at a rate of over 5% year on year throughout the 21st Century
In fact experts at Barclays predict so many women are going it alone that by 2010 – just three years away – they will outnumber men starting up businesses
Half of Female Franchisees say they would not have gone into business, if it hadn't been for the back up and opportunities presented by a franchise system.
80% of female Franchisees say domestic flexibility was a key factor in choosing a system
Women are less likely to suffer financial management difficulties than men.
Men are twice as likely to use Bank finance as women, whom 49% buy into their Franchise from personal savings, and better use of friends and family funds.
More than one in five female entrepreneurs are over 50 according to a survey by
BDO Stoy Hayward, while only 3% are in their twenties. They say that more females have set up a business after the age of 40 than in their twenties, and nearly a third are in their fifties when they started their business.
One famous quote for women to remember;
“Men are good at encouraging you to start a business but then complain when their dinner isn’t on the table at 5:30”
“Women entrepreneurs are real leaders in terms of having new and different ways to do business and be successful”
Carol Nichols, JP Morgan Chase, Senior Vice President, and Texas State-wide manager of commercial business banking
WOMEN BUSINESS OWNERS ARE YOUNG, AND CONTROL SIGNIFICANTLY MORE THAN A 51% INTEREST IN THEIR OWN COMPANIES
A study by the Women's Business Enterprise National Council (WBENC) shows that most of the women business owners polled are under 50 years old, and maintain from 75 percent to 100 percent ownership of the businesses they run.
The findings are taken from a survey of female owners of more than 1,200 WBENC-certified women's business enterprises (WBEs). WBENC, the nation's leading third-party certifier of businesses owned and operated by women, is a 501 (c) (3) non-profit organisation, and in partnership with women's business organisations throughout the United States provides major U.S. corporations and government agencies with access to certified woman-owned businesses through its Internet database - WBENCLink.
"This survey tackled myths about women business owners to help dispel some of the misconceptions that prevent these companies from doing more business with corporate America and government agencies," said Susan Phillips Bari, president of WBENC. "The results reinforce the fact that WBEs are ready to compete in America's business marketplace. Their size, scope of operations, technical capabilities, and marketing savvy, make them desirable suppliers."
According to the WBENC study, 77 percent of the women business owners polled own from 75 percent to 100 percent of their businesses. This contradicts the myth that women own 51 percent of a business and are really partners to the males running it. WBENC-certified WBEs also have significant gross annual sales, with 17.7 percent with sales in excess of $5 million.
The longevity and experience of woman-owned businesses were also addressed by the study, according to Bari. She explained that 58 percent of the respondents have been in business more than 6 years and nearly 38 percent in business at least 10 years.
Also WBENC-certified WBEs are young with nearly 82 percent under 60 years old, and more than 55 percent under 50 years old.
Other key results of the survey show:
· While 35.1 percent of WBEs conduct business locally, nearly as many, 32.4 percent, have the capacity to do business on a national or international basis.
· Of the WBEs surveyed less than 20 percent are currently conducting business with the federal government.
· More than 62 percent of WBENC-certified WBEs have a college or advanced degree.
The complete study, a project of WBENC's Women's Enterprise Leadership Forum, is available by contacting WBENC directly at (202) 872-5515 or email at info@wbenc.org.
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