Women In Business – Why it’s never been cooler to start your female owned business
Have you got an idea or have you just started your female owned business?
According to the facts, only 17% of women in the UK own their own businesses, but in 2019 there was a 31% rise in female owned businesses. We are on the up, hooray!
I have to tell you that I’m surrounded by some absolute power houses and I’m so excited to see these numbers grow. I hope after you read the points below you will be too. I’m loving being a female owned business, the support around me (once I found it!) is incredible and although it’s absolutely terrifying at times if you like to have excitement & choice in your life it’s certainly a career choice to be considered.
1. Take control of your work/life balance for the better
If you’re anything like me this last year has given you some real perspective about what is and isn’t important when it comes to work and personal life. For example I’m ready to never commute again… I’m loving my bike and walking but no thanks to sitting in a car for 2 hours of my life everyday!
Running a female owned business gives you the flexibility to work in a way that you want to. I read a book last summer called ‘Why We Sleep’ by Matthew Walker and I was so interested to learn about how the 9-5 has been so detrimental to our night owls who only feel like they are getting good work done at about 3pm. Well, if you’re a night owl think how much of a difference running your own business would make to your life!
This is just one example but with your own business you could flex around your children, social events, workouts and sporting activities… it’s endless.
I want to caveat this by saying that there are certainly times (especially at the start) where you may feel stressed and overwhelmed as you navigate this new life so make sure you are sensible about when you work and how much you take on.
2. Earn what you want to and know what you’re worth
Taking a look at most UK based businesses there are still typically more men in higher paid positions. Not in every business, but let’s be honest most! Looking around at reasons why and you find that a lot of women don’t put themselves forward for a promotion or ask for a pay rise. In fact in 2019 it was found that around ¼ of women in the UK have never requested a pay rise due to the process being too awkward.
I appreciate that there could be multiple factors contributing to why women feel they can’t ask but that is a whole new blog post! Let’s concentrate on how running a female owned business will put the power in your hands with no one to ask, no process to go through & no waiting around for the pay rise you deserve.
It’s important to research from the offset what the average rate is for the service or product you are providing. Don’t forget you’re an expert at what you do and if the customer service you offer is excellent then I promise you clients will pay you what you are worth.
3. Contribute to the economy
Here at Inka I’m all about supporting small independent businesses based throughout the UK and where possible that extends to my personal purchases. I spend my money with indie businesses in my local area and I am pretty spoiled in the Portsmouth area as we have some fantastic ones.
By starting a female led business you can give back to our local economies through working with UK based suppliers, I take things a step further and only sell to the UK as I want to reduce the carbon footprint of my business. Once you’re up and running you may want to consider employing staff creating another boost to the economy, in fact female owned and female led businesses now provide a total of 23.85% of private sector employment.
4. Connect with women who have a female owned business
There are a huge number of industries that women can start their new businesses in, and there has never been a better time for women to get to wherever they want in life. Having been self employed for a few months I’ve found it hugely rewarding to grow my network within various industries and networking groups.
Research from the US has shown that these are the top 5 industries for a new female owned business.
- Health, Beauty, and Fitness
- Business Services
- Food and Restaurant
- Residential and Commercial Services
So even if your business isn’t in one of these industries, if you can offer your services and products to women who are, then you’re bound to see a thriving business. There are huge networks of women building each other up and sharing their knowledge. You could take advantage of networking groups of which there are many & don’t forget by sharing your experiences and expertise you could be helping someone too. So don’t be afraid to speak up and be heard within the groups.
If you are finding that your confidence isn’t where you want it to be I would definitely recommend looking for a coach. I’ve listed two that I have had sessions with at the bottom of the blog and I recommend Faye and Michelle highly.
So, when are you starting your female owned business?
I’ve loved writing this blog for you, I hope you feel excited and encouraged by the stats and if you’ve been thinking about starting your own business I’d love to know if you’ve found it helpful.
While I’ve been writing the blog I’ve come across some great articles that I haven’t necessarily referenced but I’ve shared below.