Identify the perfect franchise for you! Take our short quiz Take our free franchise quiz!
Identify the perfect franchise for you! Take our short quiz Take our free franchise quiz!

Advice for Women Business Owners: How to Achieve Success and Sanity

Just imagine yourself as a successful female entrepreneur, running the type of business that keeps you fulfilled in life, while you have the freedom to live your dreams. What does this look like to you? Do you spend your days traveling the world with the love of your life? Do you work remotely from home so you can spend more time with your children while they are still young? Are you setting an example for young women who aspire to reach your level of success someday?

Whatever you envision for your life, owning a business or even teaming up with a franchise can allow you the freedom to accomplish your dreams. Of course, running your own business isn’t easy. Sometimes you must make difficult decisions. Sometimes it can be stressful. Sometimes you find yourself scrambling to pay the bills month-to-month.

If you’re tired of coasting along in your life and you want to finally experience the freedom and success of other businesswomen you look up to and admire, here’s how to get there:

Don’t Be Afraid of Failure.

Arianna Huffington was initially rejected by 36 publishers before launching Huffington Post. Once upon a time, J. K. Rowling was a single mother on welfare who sold the first book in her now popular series for only $4,000 after facing 12 rejections. Iconic fashion designer Vera Wang was overlooked for a top position at Vogue. All of these brilliant women faced rejection, failure, and even humiliation – and bounced back to build successful business empires. You can too.

Stop Saying You’re Fine

“Get out of your own way,” says author Mel Robbins. Robbins is known for coining the “5 Second Rule” which states that it only takes 5 seconds to change your life. She insists that each of us already know deep within ourselves what we need to do to live our dreams. Stop coming up with excuses to stay put, and start taking real action toward your goals.

Prep for Tax Time

Of the list of pitfalls new entrepreneurs encounter, failing to prepare for tax time definitely makes the list. When first starting out, taxes are often the farthest thing from your mind, and if you can’t afford to hire an accountant, taxes can quickly become a nightmare. To streamline the process, keep records accurate and organized throughout the year. If the mere mention of taxes sends you into a confused frenzy, look into using helpful tax software to make the process easier and more foolproof. In the world of entrepreneurship, anything that can make your life easier should be welcomed!

Learn to Overcome Criticism

We all have critics in our lives. That’s not necessarily a bad thing. As a business owner, it is crucial that you learn how to respond to and overcome criticism. Many famous female entrepreneurs and business moguls like Oprah Winfrey and Lucille Ball all experienced critics early in their careers. Of course, they later went on to run some of the most successful businesses and production companies the world has ever seen. Thank goodness they didn’t let their critics get to them!

Choose Your Inner Circle Wisely

Business Insider recommends having a solid inner circle of people who understand and support your vision. Being an entrepreneur is a lot of work, and unfortunately, in the world we currently live in women often face difficult situations and decisions. Having supportive people at your side will only help you in your journey.

Take That Vacation

Unfortunately for businesswomen everywhere, there is a tendency to dedicate long hours to a new business and forgo taking that much needed vacation. However, your brain and body need downtime to recharge and avoid burnout. Leave the stress of work and daily life behind and fly to a fun destination for a couple of days, leaving the work where it belongs – at work. You’ll return with fresh eyes, and set an example for those around you of the importance of a healthy work-life balance.

Revisit your business goals for the year. Pull out your business plan, dust it off, and see if your current efforts are aligned with your vision. If not, make any necessary strategy tweaks and then start immediately taking action to get back on track. With a bit of brainstorming, intention-setting, and action-taking, you can achieve business success and live the life you truly want from your new position as Woman of the Year.

Guest post contributed by Gloria Martinez

How to Read the Franchise Disclosure Document and Red Flags to Look For

This webinar is designed to help you learn how to choose a franchise wisely. Your selection process should consist of thorough research, analysis, and focused investigation. Understanding how to properly read and analyze the franchisor's required documentation, the Franchise Disclosure Document (FDD), is one of the most important activities you will perform in your franchise selection process.

The All-Franchising Team: Top Pro Athletes Who Own Franchises

If we missed your favorite star, have a good cry about it, then let us have it in the comments below.

Why I Have an Issue with the Forbes Franchise Rankings

The 5-Year Growth Rate and 5-Year Franchise Continuity are both great independent metrics of how a franchise is doing on average. As a potential franchisee both of these statistics are vital for selecting a franchise - you want to select a franchise that will provide you with a high return on investment and which will survive in the long run. I think these are, as FRANdata and Forbes suggested, two of the biggest (if not the two biggest) and most obvious metrics for whether or not a franchise is a “good” opportunity for a franchisee. But how do you use these to determine which franchise is BEST? This is the fundamental difficulty in coming up with a ranking system - it isn’t the difficulty in separating the good from the meh from the bad - it’s separating the great from the good and the best from the great. In the case of these rankings I found it to be pretty difficult to comprehend how they differentiated between the top ranked franchises. For instance, if you look at the difference between Discover Map (Forbes #4), Just Between Friends (Forbes #5), & Seniors Helping Seniors (Forbes #6) they all have extremely close continuity ratings and substantially different growth rates. In fact, in the case of these three, the overall rankings are opposite the growth rate rankings. Seniors Helping Seniors is ranked at the bottom of these three franchises despite having a growth rate that is 31 percentage points higher than Discovery Map and a continuity that is only 2 percentage points lower. This suggested to me that continuity was viewed as the dominant factor. But that logic didn’t hold for the rest on the “Economy Class” Top 10, as BrightStar Care (Forbes #7) had the same growth rate as Pop-a-Lock (Forbes #8) but a continuity rate that was 12 percentage points lower. These comparisons show that these were not the only two factors that went into the rankings, which is understandable, but no other factors that are explicitly listed in their results seem to be major factors.