Lisa Williams

Women empowered by Entrepreneurship

An entrepreneur’s journey in franchising often begins without capital, a team or market. But almost all start their ventures with an abundant supply of optimism. It’s what helps franchisees see well beyond their risks, providing them with the confidence and capacity to remain resilient. Entrepreneurship is ultimately the great economic equalizer, creating a pathway for mainstream economic participation.

From geography and gender to race and ethnicity, diversity in its many forms drives innovation. Because of a woman’s different perspective, skills, and experiences, they solve problems in different and innovative ways. This should bode well for the U.S. economy, but women face more obstacles than other entrepreneurs in general when starting and growing a business. Eradicating barriers that thwart the success of women-owned businesses is an economic imperative that can spur innovation and improve productivity, which will ultimately create jobs, build wealth, and jumpstart the economy. In 2021, it was estimated that the US had 12.3 million women-owned businesses generating $1.8 trillion a year. In fact, 40% of US businesses are now women owned. This number becomes even more astounding when you consider that there were only 402,000 women-owned businesses in 1972. The number of female entrepreneurs operating American businesses today marks a 114% increase over the same statistic a couple of decades ago, with many of them finding financial success and rewarding careers through opportunities in the franchise industry.

Yet there is a significant size disparity between women owned businesses and others. Closing the gap benefits everyone, not just women. More goods and services bought and sold grows the economy. Thriving companies improve owners’ financial positions and boost employees’ incomes. Launching more companies to solve business and consumer pain points makes our country and our economy more competitive. Realizing the economic potential of women-owned businesses requires changes in policies, business practices and attitudes. Making meaningful change also requires understanding that womenowned businesses are not monolithic. Influences such as gender, race, ethnicity, entrepreneurial motivation, generation, and geography are complex dynamics that also need to be factored in.

In general, COVID was unkind to women far more than men when it comes to leaving the workplace and we’re still uncertain of how many women-owned businesses were created during the pandemic. With necessity being the mother of all invention, it’s safe to say that women-

run businesses will continue to increase as new creative and inspirational companies continue to be formed.

While many trends are positive, women still face more obstacles and barriers than other entrepreneurs when starting and growing their businesses. For decades now, one of the most widely acknowledged and turnkey paths to entrepreneurship has been franchising. After opening PROSE Nails to franchising just five years ago, the company has grown into a brand that consists of more than 50% female franchise owners. As an industry leader and disruptive force in the nail salon sector, PROSE recognizes that women are at the forefront of the health and beauty industry and that is one of the things that has made it so attractive as a vehicle for female entrepreneurship. To ensure that women remain key figures in our business, PROSE Nails is committed to supporting women at every level of our business structure. In fact, even our retail space PROSE AT HOME, curates brands developed and owned by woman that features products that help you love your hands and feet with brands developed by women like SKIN POETRY, Pedi-Sox, and Spongelle, among others. There is no doubt that women-owned companies are performing better than they have at any other time in U.S. business history. But why do women start their own businesses? The reasons are the same as anyone else. According to a recent 2022 Guidant Financial report, women in business most often began their own business because they were ready to be their own boss (57.89%). They also found themselves dissatisfied with corporate America (37.72%) and were ready to pursue their passion (29.82%). Roughly 21% of found themselves either bored or financially insecure, stating that they started their business because they weren’t ready to retire. While it seems clear that the worst of the COVID-19 pandemic and the Great Resignation are behind us, small business is still not easy. An essential part of creating a forward-thinking and women-focused franchise is fostering a collaborative and equal workplace. Being a majority woman-owned franchise brand does not mean that we inherently understand the entire female experience. One female owner does not encompass all women and that kind of assumption can often drive away prospective franchisees, employees, and customers through accidental displays of ignorance. So how do you ensure authenticity? First and foremost, make sure the changes within your organization are real and tangible, and not just marketing copy points. Furthermore, retention requires effort. Developing and retaining a diverse franchise system takes hard work and collaboration.

Gender, cultural, ethnic, racial, and other types of identities shape how we experience the world and our interactions with the businesses within it. Diversity, in all its forms, is where you can find great insight, talent and skill. If captured and used properly, female entrepreneurship can bring a multi-dimensional perspective to a franchise organization’s overall approach and success.

At PROSE Nails, female entrepreneurship and a majority women-owned franchisee network has created new pathways to small business success. Franchising remains one of the greatest drivers of the U.S. economy and possibly the most replicated and successful formats for business growth. No industry sector has made more millionaires than franchising. It’s our responsibility to help that story evolve.