Women in Business: Advantages, Challenges, and Opportunities

By Eamonn Ryan

On paper, things seem to have never been better for female entrepreneurs. Yet that may be setting the benchmark rather low. Considering women constitute half the population, women-owned businesses are still in the minority, and they face hurdles such as having to prove themselves far more than men do.

Here are some challenges that women entrepreneurs still face:

Networking woes: Most female business owners attending networking events will be in a minority, often a tiny minority. Talking business to groups of primarily men in their own comfort zones can be unnerving.?Some women adopt a stereotypically ‘male’ attitude: being competitive, aggressive and overly harsh. Female mentors will tell you not to conform to this man's idea of what a business leader should be, but rather remain true to yourself and retain confidence in who you are. As most of business today still rings true with the philosophy that 'it's not what you know; it's who you know,' developing one’s own network can be a huge factor in ultimate success.

Accessing funding woes: Raising capital is always tough, but even more so for women-owned businesses. A small percentage of funders have female CEOs or owners. Venture capitalists tend to invest in startups run by people of their own ‘tribe’. Women looking for business investors should build confidence through having a great team and business plan.?One thing to bear in mind is that women are inherently more conservative and don't overstate projections, while men so often overstate and exaggerate that investors often discount the numbers immediately. They may therefore assume that women entrepreneurs are operating just like the men and inflating their numbers. Women need to understand this dynamic and approach their pitches accordingly.

Being taken seriously woes: ?A uniform complaint of female entrepreneurs in a male-dominated industry, is that earning respect is a struggle. They have to do far more than men to earn the same level of respect. It is therefore essential for a woman to learn to build her confidence and overcome her own negative self-talk. To do so, joining like-minded women entrepreneur groups is of great value, and may provide a mentor.?

Downplaying one’s own worth woes: The communal, consensus-building qualities of females can leave women unintentionally downplaying their own worth from an early age. Many women entrepreneurs admit to finding it difficult to convey their own value as a leader, instead seeing it as bragging. This can be addressed by having a solid business case and never being unprepared for the questions that are bound to come.?

Balancing business and family life woes: This applies particularly to women, and yet franchising is tailored to this precise challenge with its family-friendly business model.?The most common reasons women chose franchising are the same as those for men:

·????????The opportunity to join a business with a proven track record of success and name recognition

·????????Turnkey operating procedures, HR policies, and vendor relations

·????????Marketing support at the national and local level to drive business

·????????Built-in networks of fellow entrepreneurs

Many women franchisees say it is the move into franchising that has allowed them to find and maintain the sought-after work/life balance. Here is a closer look at how franchising helps women achieve a better work/life balance.

Fear of failure woes: Failure is a real possibility in any business venture, but women should never let insecurities keep them from dreaming big. One can work through the moments of self-doubt that every business owner faces by acquiring a franchise. Failure should not be viewed as a negative or an excuse for relinquishing one’s goals. In general entrepreneurship, the road to success is paved with losses, mishaps and mistakes, but this is much less the case in franchising as long as one doesn't lose sight of one’s ultimate destination.

In conclusion, franchising can be a tremendous opportunity for women to achieving their personal and financial goals. Unlike entrepreneurs who start their business from scratch, franchising gives one the chance to start and grow their business immediately, with extensive support and a proven system.

For many women (and men for that matter), the fear of failure is a strong impulse holding them back from pursuing their dreams. There are mentors among the many other female business owners who overcame their fear and took the leap into franchise ownership.