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As women continue to work hard to break the glass ceiling, a shift is expected to include more women in power.
By Liliana Lovell
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Women are forces to be reckoned with, and every March their outstanding achievements are recognized during Women’s History Month. Women’s History Month was created as a way to revise a written and social American history that has largely ignored the contributions of women.
Each year, the Women’s History Project picks a theme to represent a group of women who have gone above and beyond to change the status quo. This year, women around the world will honor trailblazing women in labor and business.
Women have always worked, but more often than not their work is undervalued, underappreciated and underpaid. As we continue to progress, and as women continue to work hard to break their respective glass ceilings, we can expect to see a shift to a place that includes more women in power. According to National Association of Women Business Owners, more than 9.1 million women own their own businesses in the United States, and that number is expected to rise over the next few years, resulting in even more empowered and successful women.
As the founder and CEO of Coyote Ugly, I’ve built my business on empowering women. For me, it was never about differentiating myself from men as a “woman business owner,” but rather, proving that I was better than the rest — which, I definitely have done over the past 24 years. The bar industry has always been ruled by men, but when I created Coyote Ugly, I disrupted the status quo just by being myself and offering a service that encourages women — or Coyotes — to feel confident and empowered.
Some people could say I’m lucky to be in the position I am today, but luck has nothing to do with it. I have never felt limitations simply because I am a woman business owner. In fact, I think it’s the opposite. Everything I’ve done up to this point is because I am a smart business owner, not because I am a woman business owner. Anyone — male or female — can be a successful business owner if they know what they’re doing.
Be Confident
Confidence is something every business owner should have and it’s the first step in creating a successful franchise. If you don’t believe in yourself and your business, then there’s no hope for success. Trust me, if you don’t have confidence, people are going to be able to read that from a mile away. There is an old saying “fake it until you make it,” which is truthful for any business owner. Most of the time, when starting a new business, it’s one of the scariest times in that person’s life. There are so many ‘what ifs’ running through your brain, you can’t tell which way is up. To create a successful franchise, you have to be confident in what you know and that you have created a sellable product that is in demand.
Growing Your Franchise Will Have Many Costs
As much as every franchisor wishes it happened this way, your brand is not going to magically grow over night. Growing a franchise will have many costs involved — from the obvious monetary cost, to time and resources — and expanding a franchise is not for the faint of heart. A harsh reality is that many franchisors wildly underestimate how much it will take to grow a brand, and when you factor in expanding globally, you are essentially tripling your costs.
In the beginning, it will seem very much like you are wasting time and money, and while you probably are, every dollar spent and every late night will be worth it. As hard as it will be, you need fully appreciate the hard work and energy it takes to get a brand off the ground. It’s important to “go big or go home” when it comes to growing your brand. You either want to actually expand, or you don’t. It’s as simple as that, and there is no in-between.
Teamwork Makes the Dream Work
Although there is an “I” in business, there is no “I” in team, which is important to remember. Your franchise will never grow if you do not put a proper team into place. You created a product that is in-demand, so now you need to hire the right people in order to expand. For Coyote Ugly, that meant hiring people who were better than me at certain things. Realize as the CEO what your skills are and then actively seek out a corporate team that can fill in the gaps. My skills include finding the right girls to hire as Coyotes, and then it’s my job to teach them everything they need to know in order to truly represent the brand. It’s also very important to remember that once you hire someone, trust them to do their job!
Maintain the Integrity of Your Brand
Once you have the right team in place, it’s important to have a business plan with a comprehensive methodology. As your company continues to expand, it is crucial to ensure that all locations follow the same formula that has created a successful brand. It would be a hassle and a mess to clean up when realizing months after signing a franchise deal, the franchisee has changed everything about the brand. Every franchise’s ultimate goal is to be recognized everywhere, and by not being strict on franchisees following the business model, you actually hurt your company’s chances of growing.
The obvious way to prevent a rogue franchisee from changing your brand is to be very selective about who you sell your franchises to, but another option is to employ a series of trainers that will guide your new franchisees and employees every step of the way. You can do this by creating a very in-depth Discovery Day, or you can create a franchise sales team that is responsible for employee training. For instance, assigning someone on your corporate team to teach new franchisees how to run their social media page or hiring a training manager that will mentor every manager in your franchise system are ideal ways to ensure the brand’s integrity stays in place.
Befriend Your Accountant
Your brand is only as good as your accountant. This might be more of a personal belief, rather than a best business practice, but Coyote Ugly would not be where it is today without our accountant. Expanding takes money, and you need someone you trust to keep track of the spending. An accountant’s job is to keep you in check, and they will always tell you the truth, even if you don’t want to hear it.
The Keys to Success
Being a smart and successful business owner has nothing to do with your sex or gender, in fact, other than looks and personality, there is nothing different between me and a male CEO. Rather, success is dependent on what practices you put in place while running your business. Trust in yourself, your company, and your employees and you’ve got the key attributes of a successful franchise.
Liliana “Lil” Lovell founded the original Coyote Ugly in New York’s East Village in 1993 after realizing she could make more money bartending than on Wall Street. Lil spends her days running her empire, keeping tabs on her son, and trying to squeeze in a workout.