Like many other industries, women’s presence in business ownership and franchising has grown significantly over the past few years.
Franchise ownership by women in the U.S. has gone up 25% over the past decade, according to The Wall Street Journal, with women owning or co-owning an estimated 265,000 franchise businesses, roughly 35% of franchise outlets in the country.
Experts point to the increasing presence of women in the workforce and corporate worlds, as well as the increase of resources for aspiring entrepreneurs, as reasons behind the growth. Signs of the trend are also apparent in Baton Rouge, where several franchise businesses have been opened by women over the past few years.
Maria Finley, the franchise owner of Rita’s Italian Ice on Lee Drive, was already considering opening her own small business when she discovered Rita’s while on a trip to Washington D.C. While she had been considering a few different options for her business, Rita’s concept swept the Baton Rouge attorney off her feet and she says she knew she had to bring the concept to Baton Rouge.
“Opening a franchise, it’s been a love-hate relationship,” Finley says. “It’s really great because a franchise is a tried-and-true company with a tried-and-true product that people will recognize. The downside if you do give up some of your autonomy when you go the franchise route.”
Another perk of owning a franchise, is the market research and developing technology support from the corporate parent company. Corporate Rita’s recently closed a contract for a third-party delivery platform itself and franchise owners weren’t burdened with the startup fees.
Kathy Fives, franchise owner of The Jambalaya Shoppe Acadian and The Jambalaya Shoppe Downtown Baton Rouge, says the convenience of opening a franchise business versus creating a concept from scratch was why she went the franchise route.
“I have other businesses that I own and take care of along with my restaurants,” Fives says, “so I have a limited amount of time to do a full-fledged opening with marketing, architecture, concept, plans and everything that comes along with it. If you have a franchise, it’s already done. That makes it easy to be a business owner.”
Fives also says that there’s a strength in numbers when it comes to franchises. When she opened her stores in Baton Rouge, people already recognized the Jambalaya Shoppe brand—now nearly 30 years old—and were familiar with the menu.
Here’s some advice from Finley and Fives on opening a franchise business:
• Have as much financing as possible, Finley suggests. “When you think you have enough money, double it.”
• Research the company you’re considering joining to know their history, says Fives, and more importantly, to know their future. “It’s just like becoming a business partner. You’re signing up for a long-term arrangement and you need to know who you’re going in business with.”
• Be willing to change something with your business if something isn’t working,” says Finley, and be willing to commit yourself to the business until it gets stable.
• Get your hands on the company’s franchise disclosure document, says Fives, and have legal representation review everything before you sign or pay anything.
Read the Wall Street Journal story about franchisees here.
