More than a third of women have experienced gender discrimination while running their business.
A poll of 500 female small business owners found 35 per cent have faced biased behaviour at work, with 53 per cent feeling pressure to prove themselves more than their male counterparts.
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It also emerged 47 per cent believe there are more risks when setting up a business as a woman due to not being taken seriously, balancing professional and personal life, and imposter syndrome – the persistent inability to believe that one’s success is deserved.
The research comes against the backdrop of a decline in the number of women business owners as Government research of 7,800 small businesses, found only 15 per cent were owned or led by women in 2023, down from 18 per cent in 2022 and 19 per cent in 2021.
It was commissioned by AXA UK, which aims to support entrepreneurs with its Startup Angel competition offering new and would-be businesses the opportunity to win two top prize packages of £25,000 plus mentoring from small business experts.
Mike Crane, director of small business insurance at insurance company, said: “Our research shows that women can feel disadvantaged when branching out on their own, struggling to find the support and investment they need to grow their ideas into a fully-fledged business.
“We want to make sure everyone with a brilliant business plan has the opportunity to make their dreams a reality.
“For those just setting out on their journey, the Startup Angel competition offers an injection of much-needed funding to get them started plus support from some of the country’s best entrepreneurs who’ve walked the walk themselves and can offer expert guidance.”
Despite the various challenges, a huge 92 per cent of the 500 female small business owners surveyed would encourage other women to launch their own business.
Almost half said starting their own business had many benefits such as giving them the flexibility to have more family time, while 43 per cent claimed it has helped set a positive example to their children.
In terms of financing their business, the main ways women raised money was through personal savings (65 per cent), as well as family and friends (36 per cent).
And 11 per cent also entered competitions which help to fund small businesses.
Setting boundaries for work-life balance and building a strong support network were among the strategies cited for overcoming challenges.
While prioritising mental health and self-care played a key role for 35 per cent of those surveyed via OnePoll.com.
Mike Crane from AXA UK added: “Despite the challenges faced by women setting up in business, it’s clear that launching their own startup has been a game-changing decision.
“Our research shows there’s a multitude of positive ways in which running a business has been transformative for those who have taken the plunge.
“The Startup Angel competition could be the first stepping stone for a budding entrepreneur to take that next step and be their own boss.”
How to bag a bargain
SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…
Sign up to loyalty schemes of the brands that you regularly shop with.
Big names regularly offer discounts or special lower prices for members, among other perks.
Sales are when you can pick up a real steal.
Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.
Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.
When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.
Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.
Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.
And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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