The path to success in business is different for everyone, and embarking on a startup journey as a woman can include a range of challenges that demand resilience and determination to overcome. In this article, we share results from a survey of over 500 business owners across England that asked how supported entrepreneurs felt when starting up, what unique challenges they faced, and how they would rate their confidence in achieving sustained future success.
People start their own businesses for a multitude of reasons, driven by a diverse array of motivations and aspirations. According to our survey, women are mostly driven by the desire for more flexibility and work-life balance, with 51% of women starting up a business for this reason. In contrast, male entrepreneurs are more motivated by the financial opportunity on offer, with 48% of men starting a business for this reason.
However, when building a business from scratch, support is often crucial, whether that be financial, advisory, educational, or even in terms of networking. Our research showed that male entrepreneurs were slightly more aware of and accessed support more freely than female entrepreneurs. More men reported receiving financial support, support from the government and local councils, support from trade organizations, and support from networking circles.
The only area where female entrepreneurs found more support than their male counterparts was where they formed partnerships or collaborations with other businesses or entrepreneurs. However, almost a quarter of women felt that they could have done with more support or been made aware that more support was available in their local area, with a further 10% stating they did not have the support they required at all.
To understand the business landscape of support available, we created an index that looks at the number of businesses started in each region of the country, the success rate of these businesses, the number of female employees, the gender pay gap, and several other factors to reveal the top ranking regions for women-led startups.
The top three regions for women starting a business in England are the North East, the South West, and Greater London. The North East ranked highest for how much female entrepreneurs felt supported when starting up, as well as being top for how well they were able to manage work-life balance.
Our study found that 77% of women said becoming profitable was a big challenge for them, as was managing work-life balance, being environmentally sustainable, minimizing costs, managing the finances of the business, understanding the tax requirements, and knowing what technology is available and should be used.
These challenges were clearly acknowledged by the entrepreneurs we surveyed, and they were aware that they needed to develop and improve their skills in order to overcome them. Building a successful business requires continuous learning and adaptation, and women entrepreneurs are no exception. By accessing the right resources and support networks, women can enhance their chances of overcoming these challenges and achieving sustained success in their ventures.
Below is a map of the regions across England ranked based on the numerous categories, followed by a full table detailing each result.
Overall, while there are challenges specific to women starting a business, there are also opportunities and support available. By leveraging their unique strengths and accessing the resources and networks available, women entrepreneurs can navigate the startup journey and thrive in the business world.
