Below two successful female franchise operators share five tips with fellow women looking to step into franchising.
Former VP of Dunkin’ Brands, Lynette McKenna:
Lynette worked as a second grade school teacher and a real estate broker becoming VP for Dunkin Brands—a role she has since moved on from. While with Dunkin’ Brands she shared a bit about her experience with Franchise Direct: “In many cases [women] are more successful [than men in franchising]. Women are born business leaders. They must learn to multi-task from an early age. Also, they have a great understanding of the human mind and what motivates people.”
Here are Lynette’s 5 key pointers for potential female franchisees:
- Potential women franchisees must be willing to start in what has traditionally been a “man’s world”. There are many examples of inspiring female franchisees and franchisors out there that are succeeding within the franchise industry.
- Potential women franchisees must be able to network: with industry leaders, other franchisees and of course, the franchisor.
- Women entering into a particular franchise industry for the first time must learn as much as possible about the industry before going into it. This will give women the best possible advantage of succeeding as a franchisee.
- Potential women franchisees must not be afraid of failure because you learn more that way.
- Women franchisees must never take no for an answer. There is always another source women can approach to solve a problem or situation within the franchise operation.
Former Manager of Franchise Development for Gymboree Play and Music, Eva Crosland:
Eva was with the children’s franchise Gymboree for over 17 years “working with people who want to be a franchise or business owner. My main concern [was] to make sure individuals understand the commitments they [were] making when signing a franchise agreement.” Eva also echoed the sentiments of Lynette when it comes to the natural management abilities of women saying, “The majority of women [in franchising] have a special touch when in communication mode; with a twist of involvement, compassion and empathy that is not found very often otherwise.”
Here are Eva’s 5 key pointers for potential female franchisees:
- Consider your current obligations and lifestyle. Know what to expect and acknowledge if it will, or won’t, work for your goals and personal needs and wants. Ensure you have full support from spouse, family, and children.
- Review your skill set. In what areas do you excel? Is this an area you wish to learn and would like to manage in? Will support in its true meaning be enough?
- Are you a relationship builder? Do you network and keep the connections going? Is your network comprised of both local as well as outside community members?
- How is your financial standing, and how much can you invest? How much are you willing to risk? Know your limits and investigate the options you may have in obtaining funds and the amount you can estimate having for the investment.
- Do you have a passion for the type of franchise business you are looking at? Have you always wished to be in the travel industry or are you drawn to working with numbers? Do you like teaching or leading people? Find your passion and follow its lead. You can enjoy the day to day as well as the end result of your hard work.