The number of women opting to buy a franchise is on the increase. One of the reasons for this is the variety of franchise opportunities available. Whether you’re a mum, looking to supplement the family’s income with a business that can be fitted in around child care commitments, or looking to become CEO of your own multi-million dollar company, there will be a franchise opportunity to suit. Below, we look at three areas that are hot in franchising right now.
1. Children’s Activities
Would Suit: Soccer Mum looking to earn a little extra cash and fit the business around running the home
Investment Level: $
There are numerous franchise networks targeting women looking for a life-style business. Think baby yoga, music classes, soccer clubs, swim schools and arts, drama and craft clubs. Typically, the franchisee will run a handful of classes in her local area and will be free to choose times and locations that suit her. Of course, running the class is not the only time that will need to be spent in the business. She will also need to allow enough time to deal with marketing and administration with tasks such as booking venues, ordering stock and dealing with invoicing and payment.
The initial investment cost for this type of franchise is typically low. This is because only a small amount of equipment will be required to get going, classes can be arranged quickly and you will start to get paid as soon as you hold your first class.
2. Care Sector
Would Suit: Career-changer, especially if you have an existing background in health services, or have management experience
Investment Level: $$
With an aging population, the need for care providers is on the increase. As the franchisee of a care business, you wont be going out to look after people yourself, but rather your role will be in management. This includes promoting the business to potential clients, recruiting and training staff, dealing with regulatory requirements, care rotas, invoicing and debt collection. This type of franchise usually employs a large number of staff to deliver the care to clients, so you will need excellent people skills, be able to empathise with clients and their families, but also be able hold your ground during difficult conversations.
Also in this franchise category are domestic and commercial cleaning companies and logistics/delivery providers.
Start up costs for this type of franchise will usually be higher as you will need to recruit and train your staff, register with relevant agencies and take on premises. It may also take a little longer to set up the business before you are ready to begin delivering care and more importantly, start getting paid.
3. Big Brand Retail
Would Suit: Empire Builders with plenty of capital to invest
Investment Level: $$$
Here we’re talking about the major brands that operate nationally and often globally – think McDonalds, Denny’s and Pizza Hut. Often, these franchise networks are structured so that to make really serious dough (pun intended), franchisees take on several outlets. The franchisee will usually start with one store and use the profits from that store to re-invest and buy the second store, and so on. Continuing to re-invest the profits and often ending up with 5 or more outlets. The franchisee’s business will ultimately be turning over several million dollars in its own right; and when the franchisee is ready to exit, the business can be sold often generating several million for its owner.
If you are considering this type of franchise, be prepared to spend several hundred-thousand dollars. Not only do you need the cash to buy the franchise and fit out the store, you will also need to be able to support yourself until your business is big enough to support you.
Whatever sector you ultimately decide on, there will be numerous franchise networks to choose from. Just make sure you choose a good one! Franchising can be a fantastic business model, but only if you research the network properly and fully understand the commitment you are taking on.