International Women’s Day

As part of International Women’s Day, I thought it would be a great opportunity to share with you an article in a recent newsletter I received, which really struck a cord with me.

As a female running a new business, the research carried out by Recruit Venture Group, made for an interesting read!

Personally, I have found the best part of being self-employed is the freedom it gives you, being your own boss and having no one to answer to, as well as having the ability to have uncapped earnings compared to being employed.

The research revealed self-employment is worth it for most people who make the leap to being their own boss, with some noteworthy numbers on how women feel about running their business.

72% of women who run their own business say they’re in their dream job and I couldn’t agree more!

To get a balanced picture of how people feel about what they do for a living, the firm surveyed 1,500 men and women, made up of 500 business owners, 500 side-business owners, and 500 employees.

Only a quarter of working women who are employed are happy in their work, while nearly three quarters who are self-employed say they’re in their dream job. Adding to that, 60 per cent reported feeling happier now they have their own business.

75 per cent of female employees don’t enjoy their job but stay in them for location, financial, and family reasons. That’s compared to only 9 per cent of female employees who have found their dream job working for someone else, and 24 per cent of female full-time employees who dream of leaving the 9 to 5 behind to start their own business.

The women surveyed said the best thing about being your own boss is the freedom it brings, followed by not reporting into anyone else. This is the list of the top-five plus points; freedom (61 per cent), not reporting into anyone (42 per cent), making the rules (24 per cent), doing something you enjoy (23 per cent), making more money (21 per cent).

So, what’s stopping some women from making the leap? According to the research, there are a few things holding some women back from realising their self-employment dreams. These are, no start-up capital (62 per cent), fear of the lack of income (45 per cent) and fear of failure (42 per cent).

The female survey participants who run their own business highlighted a few obstacles to overcome when getting things off the ground. These include: raising capital (34 per cent), deciding which product or service to offer (29 per cent), lack of personal income (29 per cent), finding customers (28 per cent) and long hours (20 per cent)

The survey didn’t just focus on those running full-time self-employed businesses. The results revealed that 28 per cent of women with businesses on the side think that’s their dream job. So, what’s stopping them from making it a full-time thing? The top reasons were linked to money, family arrangements, and lack of skills – similar to the above reasons why women don’t follow up on their dreams and start a business full-time.

The results also show that 40 per cent of the women surveyed started their own business when they were aged between 25 and 34, with those over 45 fearing it’s too late to start their own business by that point in life.

Since starting my business in 2017, I have been approached by so many women, seeking advice on starting a business or wanting to leave their current careers and venture into interior design. Having done it myself and being over the age of 40 when I made the leap, I can’t express enough how satisfying it is.  I always welcome anyone wishing to discuss making the leap into self-employment, so if you would like to chat more, I’m happy to offer my personal advice and support.

Happy International Women’s Day!!