Women’s presence in the franchise industry is soaring.
As of May, women own or co-own 35% of the franchise outlets in the U.S.—around 265,000—according to the Franchise Business Review research firm.
That represents outlet growth of 24% from a decade earlier, The Wall Street Journal reports, and in the two years ended in May, 41% of new franchise outlets opened have been owned or co-owned by women. And in some sectors, such as interior decorating, they far outnumber their male counterparts.
The growth reflects women’s growing prominence in the corporate world, say experts and entrepreneurs. As women gain access to more resources and connections, experts say, they are increasingly venturing out and starting businesses of their own.
“I think it’s driven by the fact we have more women in C-level upper-management positions than ever before, and when those women leave corporate America, they have more confidence to run their own business,” says Jania Bailey, chief executive officer of franchise marketplace FranNet.
Between 2007 and 2019, the number of privately held businesses majority-owned by women, franchises or not, surged by 68%, according to the 2019 State of Women-Owned Businesses Report, commissioned by American Express.
Today, women own 42% of all businesses. Over the same time period, the number of privately held businesses majority-owned by men grew 15%. Read the full story.
