Sisters really are doing it for themselves with a marked increase in the number of women launching their own businesses in the UK.
Figures from the Office of National Statistics show the ‘mum economy’ - businesses run by women with children under the age of 19 - contributed £7.2 billion to the nation’s economy last year, supporting 204,000 jobs.
This shows the female march towards commercial success is a strong one. Still, the journey from having that lightbulb ‘what if’ moment to actually getting going can be a long and lonely road – especially for women.
There are three common blockers which can hold women back from setting up on their own - but none of them need to stop you in your tracks.
“I can’t afford to set up my business”
Oh, yes you can. You just need to focus on what you need to achieve. This comes down to having a business plan and some expert advice. Research shows more women use their savings to start up, whereas men will go and seek out financial backing.
Simone Roche, founder and CEO of Northern Power Women and a member of the advisory board for Gender Networks, says avoid Google and get expert financial help and advice.
“Seek out an adviser who can give you unbiased opinion and help as to what you need and why,’ says Simone. “This can be a business adviser at a bank or many local councils will have someone who can help new entrepreneurs get going.
The help is there you just need to look for it in the right place such as a relevant network, mentor or group.”
“But, what if I fail?”
What if you do? Is it a failure or is it an experience you can learn from and start again, or do things differently?
Studies show women are so averse to failure they won’t apply for jobs unless they feel they are 100% qualified to do it. This mind-set holds women back in business, so the solution is to learn how to fail well by learning from each failure and making the right business changes to grow from it.
In her TED-style talk on failure, best-selling author and Ekaterina Walter, says; “If you don’t build your dream, someone else will hire you to build theirs. True failure is to not try at all. So, I encourage you to let go of the fear and dare to fail, because you just might fail your way to amazing things.”
“I’m not good enough”
Self-doubt and lack of confidence can be extremely damaging to women looking to set up their own business. If you don’t believe in yourself, who else will?
Sarah Stone, is co-author of She Who Dares co-founder of Female Success Network and ambassador for the GoGirl Academy. She says the impact of negative comments on female ambition is often under-estimated.
“Negative comments can make us doubt or question our ideas, sometimes even making us feel delusional that our goals are even possible.
’Belief is an emotional state that leaves us pushing towards or away from something. Your belief is your reality, so if you don’t believe you are capable of building a business, you never will, this is the honest but harsh truth.
“With belief in yourself you will always find the grit and determination to keep going, the power is within you to change your belief system from limiting to empowering in one decision.”
“No-one understands what I am trying to achieve”
Have you asked yourself if you are with the right group of people? Finding your tribe can make or break a businesswoman when she sets out on her own.
“You cannot dismiss the power of peer-to-peer support to help you get off on the right foot,” says Simone Roche. “You have to find your tribe, seek out those people who have walked the path you are about to take, someone who has been down a similar sectoral path and then ask for their advice on issues you are facing.
“Social media is brilliant for this, research and find people whose work and business you admire, they will share ideas, articles and learnings which can really help you.
“Then make sure that when you are faced with an issue, ask one of your tribe for help. The one thing I see in my work is that if you ask someone for advice, they 100% will want to support you and help. And if they can’t, or they don’t know, they will know someone who can.
“Good people want to help others achieve great things and this kind of help is invaluable.”