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In the first of a three-part series on franchising this week, we look at how buying a franchise can help mums get paid their true worth, and get the best of both worlds by becoming their own boss so they can get the flexibility they need to work and look after the children.
Research shows that the average woman working full-time as an employee will lose ?330,000 over the course of her working life because of the gender-related pay gap. Last year another study found that women literally stopped getting paid around September every year because of the same pay gap.
?Why? is a question that will be asked for a long time before this gender pay gap is closed – but in the meantime, if you want to get paid what you are truly worth, then become your own boss and invest in a franchise.
The Equal Pay Act was passed in 1970 in a bid to close the gender-related pay gap, but 38 years later, research shows that the situation is far from resolved with women still fighting for equality in the workplace. The Trades Union Congress (TUC) 2008 has found that while the pay gap between men and women has narrowed in recent years, it is still there with men earning 17.% more than their female counterparts who hold the same or similar positions.
One way mothers can take control of their futures and finances is to become self-employed. Erika Watson, Executive Director of Prowess ?the UK Voice for Women?s Enterprise,? whose members advise more than 100,000 women thinking of starting or growing a business every year, describes the benefits of women becoming their own boss: ?Self employment may enable more women to pursue a career they are passionate about at a level which matches their skills and experience.
?One particular advantage is that it can provide the ability to work flexible hours that suit you, which can obviously be a big help when it comes to childcare. While being responsible for the overall direction of your company and your working life it can also provide an immense sense of personal satisfaction and self-confidence,? says Erika.
So much skill, but little confidence
Yet only 27.3 per cent of all self-employed people are women. Erika continues: ?Women are more likely to have problems with confidence, self-esteem and access to finance than men. This can deter them from any notion of becoming self-employed. Those who do decide to start a business often have a more careful and gradual approach to starting and growing a business and are more likely to use and value business training, mentoring and networking. This means that supportive relationships are essential, whether that is through business counselling, mentoring or peer support circles.?
Why buying a franchise is a win-win solution
Franchising is an ideal route for women looking to become self-employed, because it provides the opportunity to be your own boss, take control of your earning capabilities while at the same time benefiting from the support and training package on offer from the franchisor.
The franchisor guides the franchise owner through the different elements of running the business and offers support from a range of avenues such as head office visits, telephone calls, web forums, emails, annual conferences and the franchisee network which acts as a peer support circle ensuring the franchise owner never feels alone.
Tomorrow, we interview one mum who gives us a sneak preview into the training she got from Kumon when she bought into the franchise.
Jess Sturman is the deputy editor of The Franchise Magazine.
