Mar 13, 2023 | 11:02am
Six in 10 female small business owners who started before 2022 said the past year was the most difficult for their business (63%), according to a new survey.
A survey of 1,000 female small business owners also found that 1 in 6 feel stressed every day. This may be because more and more women are starting businesses out of necessity. More than a quarter of her (28%) reported being laid off or laid off before starting a business, compared with just 14% of respondents last year.
About a quarter are concerned about fatigue (23%) and employee retention (13%).
However, a survey conducted by Office Depot’s OnePoll found that concerns about funding are on the decline (47% last year and 42% this year).
Despite the challenges they faced over the past year, most who were previously employed elsewhere said their work-life balance has actually improved since starting their own business (73% ).
But not everything is based on science. Female small business owners say marketing materials (35%), networking her tools or platforms (34%), and access to office supplies (25%) are helpful. their business.
Business mentors are also needed, especially among female small business owners of color (33% vs. 20% for white SBOs).
Also, with most female SBOs (55%) running their businesses from home, there are some challenges of working from home that need to be overcome. This means a large investment to build a dedicated home workspace.
One in five claim to have invested $5,000 or more of their own money in home equipment and tools to help run their business. This includes purchases of laptops (36%), printers (35%) and software programs (24%).
Kevin Moffitt, executive vice president of The ODP Corporation and president of Office Depot, said: “We are committed to helping these entrepreneurs get everything they need to succeed.”
Respondents also said that working from home was more difficult than ‘keeping a schedule while trying to be a full-time mom’, ‘missing the ‘human touch’ or meeting other people in person, and creating new things. I shared a personal problem I face. contact address.
While staying at home, small business owners are also keeping their families busy. A third of her respondents employ family members (35%). Interestingly, nearly one-fifth of her female business owners say hiring a family member is against their philosophy (19%).
Overall, female small business owners feel their hard work has paid off, just as they did last year. 70% enjoy being their boss more than anything else, up from 66% of them last year.
Wesley Brinkhurst, Vice President of Marketing, Office Depot, said: “And that success ripples through the community, inspiring others and spurring new businesses.”
Success can be measured in several ways. Respondents aim to increase profits (59%), acquire more customers/clients (53%) and grow their business (28%) in the next year.
And if you’re looking to venture into entrepreneurship, the survey asked what the most important advice respondents would like to give.
Female business owners want others to know that owning a business will always have “high” and “low” periods (56%) and take a lot of time and effort (52%). I would like to have one.
Other advice is that it’s important to make connections (43%) and that new challenges always arise and you need to be prepared (42%).
HaWhat female small business owners shared about running their business from home
● “Always on time”
● “Balance distractions, focus on work, organize your space, and manage your work life in the same space.”
● “I lie down too much.
● “Customers who want to enter the actual office space”
● “Ensure sufficient storage space”
● “Finding qualified employees is the hardest part of running my business.”
● “If I become too absorbed and my concentration increases, I tend to work long hours.
● “I have young children and need to finish my work in a timely manner as a single parent.”
● “It’s hard enough just to have the motivation to work from home.”
● “Keeps personal information private and not productive”
● “Create new connections”
● “Lack of ‘humanity’ or being (directly) with others”
● “Stable Internet connection”
● “Keeping a schedule while trying to be a full-time mom”
● “People expect me to be available just because I am at home and not in the office.”
● “Building a brand, developing a customer base, etc.”
● “There is not enough space, not enough facilities, not enough commercial outlets to sell products.”
● “The worst thing is that they think you’re going to be a nuisance during work hours just because they know you’re home.”
● “Lack of time management and efficient workspace”