More women in the U.S. are becoming business owners than ever before, with more than 11.6 million firms in the country now owned by females, according to the National Association for Women Business Owners (NAWBO). For women entrepreneurs interested in being their own bosses without already having a specific business in mind, franchise businesses are a great place to start. Close to a third of all franchise businesses are now owned by women.
Owning your own business has many rewards, but running a business successfully requires many different types of skills that range from accounting and bookkeeping to time management and marketing, and let’s face it, very few of us are good at everything.
One of the biggest advantages of purchasing a franchise business instead of starting a business from scratch is that a good franchisor will provide you with all the resources and training you need to run every aspect of your new business. Of course, the primary benefit of purchasing a franchise is that you have a better chance of succeeding. The franchise has been proven to work in other markets and, in the case of the best franchise companies, all the kinks have already been ironed out of the startup process through past trial and error.
Franchisee vs. Franchisor
Just to clarify some of the jargon around franchising, a franchisee is a person who purchases and runs a franchise location. A franchisor is used to describe the company that is franchising its proven business model by selling franchise units to franchisees. Along with a purchase of a franchise unit comes the right to sell goods and/or services using the franchisor’s brand.
| Related: What are Franchise Fees and How Much Do They Cost? |
What Are the Best Franchises for Women?
While there are many great franchise companies out there to choose from, Franchise Business Review is a market research firm that helps franchisees find a franchise company that’s the right fit for them. It specializes in ranking franchise companies across all industry segments based on franchisee satisfaction and performance. FBR also provides information about the type of investment required for each franchise, with investment levels to fit almost every entrepreneur.
FBR recently released its list of the Top 50 Franchises for Women 2022. The most popular franchise industries for women are Child Services, Travel/Hospitality, Fitness, and Education. Here are the top 10 franchise companies named on this year’s list:
- Kona Ice — You can get started with this premium shaved ice food truck business with a low cash investment of $20,000 and a total investment of $127,750 – $151,550.
- Christian Brothers Automotive — Franchising since 1996, this vehicle repair franchise aimed at improving customer experience requires $85,000 in cash and a total investment of $520,250 – $640,400 to get started.
- FASTSIGNS — Touting itself as the largest sign and visual communications company in the country, FASTSIGNS International has more than 750 independently owned FASTSIGNS centers in nine countries including the U.S. Entrepreneurs need $80,000 in cash to purchase and a total investment of $234,317 – $322,489 to purchase a franchise.
- Two Men and a Truck — Despite its name, this franchise ranked 4th on the list of top franchises for women. It requires a higher cash investment of $80,000 – $190,000 than some of the other franchises on the list and a total investment of $160,000 – $400,000.
- Visiting Angels — This non-medical senior care company has been franchising since 1998. The cost of franchise ownership is $59,950 cash and a total investment of $84,085 – $125,885.
- Premier Pools & Spas — To purchase a franchise with this pool installer, you’ll need $10,00 and a total startup investment of $48,000 – $107,500.
- Fibrenew — This 35-year-old company specializes in leather, plastic, and vinyl restoration and has been franchising almost as long as it’s been in business. A franchise unit requires $25,000 cash and a total investment of $87,812 – $99,452.
- Pinch A Penny Pool Patio Spa — This franchise has been highly ranked by its franchisees in a number of different categories. It has just 250 locations in the Southeast U.S. and Texas, and it requires $150,000 cash and a total investment of $334,425 or higher to purchase a franchise unit.
- Wild Birds Unlimited — This retail franchise for backyard bird lovers has been franchising since 1983 and requires a cash investment of $40,000 – 50,000 and a total startup investment of $197,919 or more.
- Cruise Planners — As a Cruise Planners American Express Representative, you can be part of the country’s largest home-based travel agency. The initial cash investment is between $1,000 and $10,995, and the total startup investment ranges from $2,295 – 23,465.
If you’re on the fence about whether or not a franchise would be a good fit for you, FBR reports that 88% of women franchisees say they enjoy running their own franchise businesses and 72% say that if given the opportunity for a do-over, they’d become a franchise owner again.
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