It can be argued the challenges faced by both men and women when starting a new business are relatively similar.
However, women often feel they are lacking the support and guidance they need during the pre and post start-up stages. For example, one of the biggest challenges in setting up a business is the time investment needed in the start-up stage. It can be exceptionally challenging trying to balance setting up a brand new business with personal and family commitments.
This has led to a rise in “Mumpreneurs”, allowing mothers to manage a business part-time whilst working from home. According to HSBC’s study, 78 per cent of those surveyed said the main reason for starting their own business was to do their best for their family.
Many eminent female entrepreneurs credit their success to ensuring they have a healthy work life balance. This is usually achieved by building a good support team, both personally and professionally.
Lucy Flanagan, Director and Creator of Mumazing Groups and Mumpreneur says:
“You can reach your dreams and desired lifestyle much easier and faster in a place where you can feel encouraged and empowered within a community of ambitious likeminded mums”.
Lucy organised the “Mumazing Awards” in order to celebrate and recognize the wonderful achievements of amazing mums in Devon. Nine awards were given with an overall winner receiving the Mumazing Diamond Award. Solicitors Title sponsored the “Business Mum” category; an award for a Mum running a successful business, with a great reputation and a good turnover. Kelly Forrester, Director of Clear Property and Head of Sales won the award.
Our very own Office Manager Lauren Heath nominated her husband for the “Man in shining armour award” and he won!
As women are increasingly involved in starting up and running their own businesses, there has been an increase in female focused networking. Janet Milton is a Member of “Professionelle” – a networking group for Devon’s women in business. Professionelle was set up by like-minded successful business women to empower, nurture and promote its members and their businesses.
Claire Southway is a member of Women in Business Networking (WIBN) Yeovil – a membership organization for women who wish to gain new business through word of mouth. Members support and encourage each other through the sharing of business contacts and opportunities.
Although HSBC's report is incredibly encouraging because it demonstrates that an increasing number of young women are looking to start their own business, it does highlight a need for greater support from other women to show the new female led start ups that it can be done, and to continue to provide advice and guidance along the way.
If you require assistance with your start up please do not hesitate to contact Richard James in our Commercial team on 01935 385963 or at Richard.James@SolicitorsTitle.co.uk
Alternatively, if you would like to attend one of the events organised by Professionelle or WIBN Yeovil please contact Claire.Southway@SolicitorsTitle.co.uk