The number of women starting their own business has increased by 9% over the past 12 months, with a desire to work their own hours and be in control of their own destiny the main drivers behind this surge.
According to research by the women’s business group everywoman and NatWest Bank, only 1% of female entrepreneurs questioned cited work/life balance as a motivation for starting their own company, suggesting those going down this route are prepared for the long hours and anti-social commitments needed to succeed.
The survey of 1,000 female business owners found that 94% felt running their own company had either lived up to or exceeded their expectations, with 90% unanimously recommending other women follow their example.
“This research paints a fascinating picture of female entrepreneurial minds in the UK,” claimed Karen Gill, co-founder of everywoman. “Increasingly we are seeing women who have embraced and are relishing the freedom and flexibility of self employment.”
“Women in business are a crucial part of Britain’s economy contributing some £60 billion annually,” she added. “If we saw the same level of female start-ups as we do male start-ups, the country would benefit from some 150,000 more business.”
As with most entrepreneurs, the women questioned found winning clients and securing new business meetings the biggest obstacle when starting out.
“These findings reveal a growing entrepreneurial spirit among women in the UK, as more and more turn to business ownership as a way to fulfilling their personal and career ambitions,” said Ann Crisp, external affairs manager at NatWest.
The research added that northern women were the most entrepreneurial, with Leeds the national hotspot for female business owners.