With Theresa May coming to the fore as the new Prime Minister and talk that she’ll include more female politicians than ever before in the cabinet could it be the tide is turning in business too?
According to the Federation of Small Businesses (FSB) more government support and access to finance is needed to encourage female entrepreneurs in the UK. They’ve launched a campaign aimed at increasing the number of women in business. Chair of the FSB’s UK-wide diversity panel, Helen Walbey spoke a conference in Cardiff. She said:
“If women were to set up businesses and grow them at the same rate as men, we would see a huge boost to growth and prosperity in this country. In fact, the UK Government estimates it could add £600bn to the economy.”
It’s not all doom and gloom
Women now account for almost a third of all self-employed workers according to Office for National Statistics figures and the number of self-employed women has risen by 40 per cent between 2008 and 2016.
The FSB are keen for this rise to be given a boost especially as research figures revealed that women have a greater start up success than men with 11 per cent failing compared to 17 per cent of start-ups by men.
The organisation spoke to over 1900 women business owners in the UK. It found key challenges included balancing work and family life (40%), achieving credibility for the business (37%) and a lack of confidence (22%). All of these are limiting women’s ability to start, run and grow their businesses.