Earlier this year, Franchise Times reported the results of a study conducted by Franchise Business Review which examined the rising trend of female franchise ownership. The article highlights some interesting statistics, and it shows just how big of a role female franchisees play in current success and the projected future growth of the franchise industry.
Here are some of the most noteworthy numbers from the survey:
According to Franchise Times, female franchisees earn an average income of $63,000 per year.
Franchise Business Review surveyed 6,400 female franchisees, representing only a portion of the female franchise owners operating today.
85 percent of female franchisees said they would recommend their brands to others considering franchise opportunities.
84 percent of female franchisees said that they respected their franchisors; however, only 80 percent said that they believed their franchisors acted “with a high level of integrity.”
According to Franchise Business Review, 74 percent of female franchisees say they would “do it again” knowing what they now know as a result of their experience in the franchise industry.
Sixty percent of female franchisees surveyed had a bachelor’s degree or higher. Seventeen percent held an associate’s degree, and 20 percent reported having only a high school education.
Just over half of female franchisees reported that their franchised businesses are meeting their financial expectations.
Child services is the only franchise sector in which the majority of franchise owners (51 percent) are women. Travel and hospitality has an even split between male and female owners, and retail (43 percent), fitness (39 percent), and sports and recreation (36 percent) round out the five sectors with the highest percentages of female ownership.
Among survey respondents, female franchisees reported working 44 hours in a typical work week.
Of the female franchisees surveyed, 25 percent had been in business for 10 years or longer. This was matched by the number of female franchisees in their first two years of business, and exceeded by the number who had been in operation for two to five years (31 percent). Seventeen percent of respondents had been operating their franchises for six to nine years.
More than half of female franchisees in nine sectors reported that they enjoyed either a “balanced” or “very balanced” work/life structure. These nine sectors were cleaning (71 percent), travel (66 percent), fitness (63 percent), business services (62 percent), retail (55 percent), child (55 percent), automotive (54 percent), food (53 percent), and sports and recreation (51 percent).
The sector with the lowest percentage of female franchisees is, “automotive.” Just three percent of automotive franchisees are women. Rounding out the five sectors with the lowest female representation are: home services (10 percent), food (15 percent), business services (16 percent), and cleaning and maintenance (21 percent).
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