IWD2024 is upon us and what a great moment to celebrate the millions of female micro business owners across the UK. It's also a great way to focus in on some of the stats we need to know in order to support a sector that could transform Britain's business landscape.
We (I'm a female founder) account for less than a third of business owners in the UK and just 14% of the micro sector (0-9 employees). However, women owned start ups are growing at an ever quicker rate. 2022 saw a huge jump in female founded start ups, possibly driven by the cost of childcare & living leading to women seeking new options like side hustles.
Despite 3 in 4 women expecting revenue to grow in 2024, they still experience a huge lack of funding compared to male owners businesses. On average (based on 2023 figures), male owned businesses will receive 6.2 times more funding than female owned. It's estimated (according to the recent Rose Review) that if funding levels were equalised, it could add a whopping £2.5 billion to the UK economy. What's weird, however, is that failure rates in business are much higher in male led businesses.
Unsurprisingly, 1 in 3 women business owners site low confidence as one of their key barriers to growth.
So, in 2024, what can we do to support our micro business sector as a whole, while recognising the particular challenges and opportunities that women owned businesses experience?
Seek out micro businesses in your locality and prioritise your spend on them.
Get to know your favourite micros and share their magic with your friends and networks online.
Be mindful of the power you hold as a consumer. Vote with your words and deeds to encourage funders to support micros and female led start ups.
Give women in business additional confidence by reviewing what they do and letting them know how much you appreciate their work.
Seek out micro businesses to work with and procure. Contracting to a small business is a vote for more business success across the UK.
Remind the young women and girls in your life that self employment is a great option that might transform their lives.
If you are a micro business owner and seeking the right kind of support, encouragement and business help, then hop over to Simply Club to discover what we offer for just £18 a month. We will stand right with you where ever your journey takes you.
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