Research shows that while not as many as men, women-owned businesses are on the rise. So what can we do to continue the trend and support one another?
Why is it important?
Female-founded companies deliver double the ROI. Need I say more? I mean, it's not surprising is it? We are the superior sex and everyone knows it deep down inside. I’m only sort of kidding. There are plenty more metrics to support the superior financial results that can be achieved by women and more diverse leadership teams.
What are the Challenges?
There are many unique challenges to being a female entrepreneur. One being that we struggle to self-promote. Only 39% of women believe they possess entrepreneurial skills compared to 55% of men, who appear to have no such qualms. Unpaid work such as childcare often falls on women (Caroline Criado-Perez, Invisible Woman) giving them less time for entrepreneurial pursuits. Not to mention how hard it is to get funded - less than 2% of all venture capital goes to female-led businesses.
Ways You Can Make a Difference
So what can you do to thwart these distressing statistics? You can make a conscious effort to support women-owned businesses. Here are four ways:
1 Shop from Women-Owned Businesses
Take a page from slow living and put a bit more intention into what you purchase rather than mere convenience. This works when it comes to making eco-conscious decisions so why not for gender equality-conscious decisions? Buy Women Built is a great place to start.
2 Promote Women-owned Businesses on Social Media
You may not feel that you have enough clout on social media but every bit of engagement counts. As business owners are keenly aware, the smallest changes in algorithms can make or break a business. Be generous with your shares and likes, it costs you nothing.
3 Find Mentorship Opportunities
Share your knowledge with others. If you see another woman struggling with something, offer your time and your wisdom of experience. Maybe you have navigated the corporate environment and have some tips and tricks to share. Maybe you can help a budding female entrepreneur.
4 Network and Join Professional Organisations
Of course, we have to mention this one! Networking can be the first step to discovering female-owned businesses in the first place. Here at the Rising Tide we have over 50 members representing 50 small businesses owned by women in the Bishops Stortford/Harlow area alone. Imagine how many more there are across the UK. From tradespeople to financial services to self-care you can start fuelling your daily life with female-power!
Let’s Do This
Female entrepreneurs are fighting an uphill battle, but it doesn't have to be a Sisyphean one. Take a moment to consider how you might change your weekly habits to benefit one more female business owner, from something as simple as a retweet to something more substantial like investing in a female-led venture. Whatever it is, your choices can level the playing field.
Elizabethe Dickens @linandlav
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