WITH the cost-of-living crisis and rising price of childcare, it is getting more difficult for women to start up their own companies.
And the number of female business owners has dropped from 19 per cent of all small firms in 2021 to just 15 per cent now.
However, the Invest In Women Taskforce has estimated that £250billion could be added to the economy if women started and scaled new businesses at the same rate as men.
Ahead of International Women’s Day tomorrow, Small Business Britain has launched a campaign to increase the number of female small business owners to 30 per cent of entrepreneurs by 2030.
And it has partnered with Starling Bank to offer a range of support for female founders across the country.
Research from the organisation reveals that 80 per cent of female founders are more confident and 87 per cent are happier after starting their own business, despite the significant challenges.
Michelle Ovens, founder of Small Business Britain, said: “Starting and growing a business is empowering and exciting for women.
“Entrepreneurship builds resilience, confidence and an incredible sense of achievement.
“While there are undoubtedly challenges, including a lot of extra responsibilities to juggle that can often fall disproportionately on to women, female entrepreneurs aren’t looking back.”
Want to become a female boss? Michelle offers her top tips to get started . . .
1. Do it your way. It is important to remember there is no single formula for how to run a business or be an entrepreneur. The best guide is doing what you feel is right for you.
Women are reinventing the rules of business. How you work, how you hire, how you grow and how you talk to customers can all be uniquely female — and it’s changing the nature of entrepreneurship for the better.
2. Be sustainable. What’s good for the planet is good for your business. Sustainable practices open doors to new supply chains, new customers and new conversations.
It won’t be long before unsustainable businesses just won’t survive. It’s no longer optional, it’s essential.
3. Think bigger from day one. Spread your wings and discover new markets and opportunities. There’s a big wide world out there, so don’t limit your horizons.
Selling locally? Consider going regional. Selling in the UK? Consider exporting. Selling to Europe? How about the Middle East?
4. Embrace AI. It’s not a trend, it’s a game changer that is clearly going to revolutionise business. AI can help you grow, scale, create and innovate faster and smarter. The sooner you embrace it, the bigger the advantage.
5. Get sleep. It’s transformational. More sleep means better business. Almost no one in the UK gets enough sleep — especially busy women — and it’s almost a mark of pride to burn the candle at both ends with long hours.
Don’t do it. Rest well, think clearly — and be a better entrepreneur.
Making it legal, by Lucy
Solicitor and entrepreneur Lucy Wheeler founded lucylegal.co.uk in 2019 after being asked to draft legal templates by friendsSupplied
SOLICITOR and entrepreneur Lucy Wheeler founded lucylegal.co.uk in 2019 after being asked to draft legal templates by friends.
The 38-year-old, from Hertfordshire, says: “My business started by chance as I was often getting asked by friends – and then friends of friends – for support with contracts.
“Then I created a website and contract templates one bank holiday weekend and made my first sale.
“When the pandemic hit and many people started setting up their own firms, my business took off as people needed legal contracts to cover the basics such as privacy statements and terms and conditions of sale.
“And I had an online shop full of the very templates they needed.
“Without a doubt the best thing about running your own business is the freedom it gives you.
“I used to think that being successful was heading into London every day in a fancy suit and having an important title.
“I no longer believe that.
“The most successful people in 2025 are the people who can go for a walk in the morning and not have to live their life around the rules and timetable of their employer.
“I’ve created a life for my family where I get to be present with them and still do the work that I love.”
START-UP FUNDING SCHEME
GettyCatalyseHer provides training, micro-grants, and networking to help female entrepreneurs close the gender gap in small business funding[/caption]
THE Visa Foundation is searching for 500 women-owned start-ups to benefit from a new support programme.
CatalyseHer will offer comprehensive training, micro-grants and networking to help female entrepreneurs overcome the gender gap in small business funding.
Run in partnership with social enterprise company INCO, the programme will support early-stage, revenue-generating small companies with an interest in social and environmental impact.
Currently, all-female teams receive just two per cent of venture capital investments, according to the British Business Bank.
Visa Foundation head of partnerships Najada Kumbuli said: “Women entrepreneurs play a crucial role in all economies by driving innovation and impact at scale.
“This programme aims to address the main challenges faced by women entrepreneurs and create a ripple effect across many communities in the UK.”
Apply by March 14 at catalyseher.inco-group.co.uk
Jobspot
LOGISTICS firm GXO has 50 vacancies for its degree apprenticeship scheme.
Applicants need 112 UCAS points. Search gxo.com/careers for more details
WORK IS PERKIER FR MEN
THE majority of men believe people are paid equally at their company, despite ONS figures showing women earn an average of seven per cent less.
And 69 per cent of men also think that women are promoted equally based on performance.
However, the latest annual Women In The Workplace report from HR platform HiBob found that more than a quarter of women did not receive a pay rise or any extra perks last year, compared to just one in five men.
Furthermore, two thirds of men claim their employer has full salary transparency, but only 51 per cent of women believe the same.
HiBob CEO Ronni Zehavi said: “Workplace change towards gender equality cannot be made without the more privileged group – in this case men – realising the significance of the challenge.”
Jobspot
SEVERN TRENT WATER is hiring 90 apprentices for roles including cyber security and sustainability. See severntrent.com/careers.
HOW TO CLIMB THE CORPORATE LADDER THE FEMALE WAY
WHETHER you’re running your own business or want to climb to the top in a corporate firm, Ann Franke, CEO of the Chartered Management Institute, can help.
WHETHER you’re running your own business or want to climb to the top in a corporate firm, Ann Franke, CEO of the Chartered Management Institute, can help.
She says: “More female leaders means more diverse role models, mentors and sponsors who can open doors and support talent.”
Here, she offers her top tips . . .
OWN YOUR AMBITION: Don’t wait to be “tapped on the shoulder”. Be vocal about career goals and seek out leadership opportunities. Also, keep an achievement log to show evidence of your value.
BUILD YOUR NETWORK: Cultivate relationships with mentors who can advocate for you. Network- ing is social and strategic.
DEVELOP COMMERCIAL ACUMEN: Understand the financial and strategic drivers of your business. A strong grasp of the numbers and key commercial metrics will set you apart.
CHALLENGE BIAS: Speak up when you encounter bias, whether it’s in hiring, promotions or everyday workplace culture. Systemic change only happens when we address these issues head-on.
BE RESILIENT AND ADAPTABLE: The path to leadership isn’t linear. Learn from setbacks, adapt quickly and keep pushing forward.
LEAD WITH CONFIDENCE AND AUTHENTICITY: Women don’t have to copy traditional leadership styles to be successful. Bring your own strengths to the table and lead in a way that is true to you.
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