When it comes to entrepreneurship, most women are very pleased with running a franchise.
That, at least, is among the findings of the Franchise Business Review 2017 Top 50 Franchises for Women Survey.
The national franchise market research firm performs independent research of franchisee satisfaction. It surveyed 6,400 female franchisees–including 267 black female franchises–covering 300 franchise brands between July 2015 and December 2016.
Those surveyed were asked 33 questions about their franchisor focusing on areas like leadership and training. Sixteen more questions asked them about topics ranging from demographics to business lifestyle to overall enjoyment of running a franchise.Â Here are some key findings of the survey:
Overall Satisfaction of Female Franchisees*
-Â Â Â I enjoy operating this businessÂ — 90%
-Â Â Â I enjoy being part of this organization — 88%
-Â Â Â Would recommend my franchise brand to others — 85%
-Â Â Â I respect my franchisor — 84%
-Â Â Â I believe my franchisor acts with a high level of integrity — 80%
-Â Â Â Would “do it againâ€ knowing what I know today — 74%
Â·Â Â Â Â Â Â % indicates positive responses.
Overall Work/Life Balance of Female Franchisees
-Â Â Â 54% of female franchisees overall say their work/life is balanced or very balanced
Five sectors With the Highest Percentage of Female Franchisees
Â·Â Â Â Â Â child services (51%), travel & hospitality (50%), retail (43%), fitness (39%), sports & recreation (36%).
Five sectors With the Lowest Percentage of Female Franchisees
Â·Â Â Â Â Â automotive (3%), home servicesÂ (10%), food (15%), business services (16%), cleaning & maintenance (21%).
Demographics of Female Franchisees
-Â Â Â Education: 41% bachelors degree; 20% high school graduates; 19% masters degree; 17% associate’s degree
-Â Â Â Age: 67% are 45 or older; 34% 45—54 years old; 24% 55—64 years old; 23% 35—44 years old; 10% 25—34 years old
-Â Â Â Years in business 31% 2—5 years; 26% less than 2 years; 25% 10+ years; 17% 6—9 years
Work/Life Balance of Female Franchisees by Sector*
- Cleaning — 71%
- Travel — 66%
- Fitness — 63%
- Business Services — 62%
- Retail — 55%
- Child — 55%
- Automotive — 54%
- Food — 53%
- Sports & Recreation — 51%
- Home Services- 49%
* % indicates responses of balanced or very balanced.
Hours Worked/Week: Female vs. Male Franchisees
- 40-50 hours/week: median number of hours female and male franchisees work
- 44 hours/week: actual number of hours female franchisees typically work
- 48 hours/week: actual number of hours male franchisees typically work
Average Income For Female Franchisees
Â·Â Â Â Â Â $63,000
Jeffrey McKinney is a long-time freelance business writer and reporter, contributing toÂ Black Enterprise magazine on a broad range of business and financial topics.