The majority of female entrepreneurs in the UK expect their business to experience more success in 2016 than in the previous year.
According to the Women-owned Micro Businesses Trend Report, conducted by ecommerce brand Vistaprint, 54 per cent of the UK’s women micro business owners expected to jump financial hurdles and witness annual growth in 2016.
Financial difficulties remained a primary concern for female entrepreneurs – half of respondents listed limited access to funding as the main barrier to further growth. Despite 51 per cent of those surveyed claiming not to earn to enough through their business to support themselves, 83 per cent would recommend starting a business to other women.
Laura Tenison, founder and CEO of JoJo Maman Bébé, reflected on the findings of the report and advised women to seek out as many support channels as possible to remain in business.
“My advice would be: ask for additional support if you need it, whether it is financially or in any other area. It will give the shot of confidence to move to the next level,” she said in a statement.
The study showed generational disparity in optimism among female-run firms. Some 77 per cent of millennials expected annual growth, compared to 52 per cent of baby boomers running a business.
In a statement, Vistaprint president Trynka Shineman celebrated the resilience of female entrepreneurs and the positive outlook on business prospects.
“That female micro-business owners remain mostly optimistic about the future of their ventures in the face of so many really tough challenges proves what incredibly talented, resourceful and resilient individuals they are,” Shineman said.
The optimism among the UK’s women entrepreneurs comes alongside recent research from accounting company Crunch that revealed the positive impact of female world leaders on women in the workplace.
The research revealed that figures such as UK prime minister Theresa May and German prime minister Angela Merkel are providing inspiration to women with entrepreneurial ambition. Some 40 per cent of women surveyed said that they feel more confident in pursuing their dream of starting a business as a result of such prominent figures.
Commenting on the study, Justine Cobb, operations manager at Crunch, pointed to the rise in the number of businesses founded by women.
“I was particularly pleased to see that two fifths of women feel more confident about starting their own business. This is backed up by our stats at Crunch, which found the number of women starting their own business has grown 42 per cent since 2010, and almost a third of all the new businesses are now founded by women,” she said.
Read our interviews with these inspiring female entrepreneurs:
- Tea & Tequila – fusing colourful Mexican culture with British design.
- HK Communications – the fledgling PR agency that grew into a fast-growing consultancy in less than a year.
- Welltodo – setting up a successful business in a new city.
Sign up to our newsletter to get the latest from Business Advice.