One in 4 feminine small enterprise house owners has taken a pay reduce prior to now yr, in response to new analysis.
The survey of 1,000 feminine small enterprise house owners examined how their expertise has shifted prior to now yr and located that the down economic system has pressured 1 / 4 of those enterprise house owners to chop their very own pay to maintain their companies afloat.
For these small companies which were open for at the very least a yr, many have additionally raised the worth of their services or products (37%), and greater than 1 / 4 are actively in search of cheaper assets (27%).
Carried out by Talker Analysis for Office Depot, the survey discovered that 53% of feminine enterprise house owners mentioned the previous yr has been the toughest for his or her enterprise.
In 2023, respondents expressed challenges with funding (42%) and rising their enterprise (30%), which proceed to be the highest struggles this yr (39% and 30% respectively).
Experiencing fatigue was extra of a ache level final yr (23%), whereas advertising and marketing is proving to be a larger problem this yr (25%).
Nonetheless, laborious work has paid off for a lot of feminine small enterprise house owners this yr, permitting them to achieve their 2023 targets: rising revenue (objective of 59%, achieved by 26%), gaining extra clients (objective of 53%, achieved by 41%) and increasing their enterprise (objective of 28%, achieved by 12%).
And to maintain the momentum going, respondents predict they’ll proceed to uplevel and succeed by continued income development (63%), gaining extra clients (54%) and enterprise enlargement (27%).
However success can also be about much more than {dollars} and cents. Twenty-one p.c of respondents mentioned success is all about making a optimistic impression of their neighborhood and a fifth (21%) included innovation as successful marker.
And whereas the following yr appears to be like to be extra optimistic for feminine small enterprise house owners, there’ll nonetheless be challenges to beat, with inflation (39%) and funding (25%) serving as the highest issues.
To beat these challenges, feminine SBOs are throwing themselves into their work extra typically — however how a lot is an excessive amount of?
Work-life balance improvements have slowed by 15% since final yr, as solely this yr, 58% mentioned their work-life steadiness has improved since changing into a enterprise proprietor, in comparison with 73% who mentioned the identical final yr.
Girls surveyed really feel they want to decide on between their household and their occupation a number of occasions each month, whereas one in eight really feel this manner each week.
And general, 42% mentioned being a enterprise proprietor has made it tougher to steadiness their outdoors work tasks.
To raised steadiness their work and household life, these surveyed are dedicated to “chopping again on working hours,” “taking time for quiet reflection” and “being keen to take a day without work as crucial.”
For respondents who arrange their enterprise within the final yr, high causes embrace eager to be one’s personal boss (59%), deciding to pursue a ardour or interest (46%) and drive to place an thought into motion (41%).
“The variety of ladies entrepreneurs has grown considerably lately, and it’s our privilege to help these enterprise house owners to allow them to place themselves for future development,” mentioned Kevin Moffitt, government vp of The ODP Company and president of Workplace Depot. “Small enterprise is the cornerstone of this nation. Our objective is to assist each small enterprise succeed.”
One in six additionally shared that in comparison with this time final yr, they’re much less assured within the long-term well being of their enterprise and lack confidence of their talents.
For a lot of, coping with difficulties round being a feminine enterprise proprietor is the supply of this uncertainty, as lower than a fifth (18%) of respondents consider they’ve extra alternatives out there to them than males.
To assist fight this uncertainty, respondents will buckle down and take into account their funds (74%), time/work-life steadiness (59%) and psychological well being (46%) when setting targets.
“Probably the most profitable small enterprise house owners are those that have recognized the help — staff, distributors, companions, and so on. — whom they’ll belief to maintain issues transferring ahead to allow them to deal with different components of their lives,” mentioned Moffitt.
CHALLENGES FEMALE SMALL BUSINESS OWNERS FACED
2023 STUDY 2024 STUDY
1. Lack of funds — 42% 1. Lack of funds — 39%
2. Problem rising — 30% 2. Problem rising — 30%
3. Fatigue — 23% 3. Advertising — 25%
4. Work-life steadiness — 23% 4. Fatigue — 23%
5. Cash administration — 22% 5. Networking — 20%
HOW FEMALE SMALL BUSINESS OWNERS MEASURE SUCCESS
2023 STUDY 2024 STUDY
1. Rising income/revenue — 59% 1. Rising income/revenue — 63%
2. Gaining extra clientele/clients — 53% 2. Gaining extra clientele/customized — 53%
3. Scale and increase the enterprise — 28% 3. Scale and increase the enterprise — 27%
4. Making a optimistic impression in my neighborhood — 21% 4. Making a optimistic impression in my neighborhood — 25%
5. Elevated model recognition — 21% 5. Elevated model recognition — 20%
Survey methodology:
This random double-opt-in survey of 1,000 feminine small enterprise house owners (half of whom are minorities) was commissioned by Workplace Depot between April 3 and April 12, 2024. It was performed by market analysis firm Talker Research, whose staff members are members of the Market Analysis Society (MRS) and the European Society for Opinion and Advertising Analysis (ESOMAR).
