Woman in Business

There are statistically more women going into business in the UK since 2008, 16% more  compared to 2% for men. Woman are as likely to succeed in any business endeavour as men, however the ladies seem to struggle a little more with financial decisions.

Women seek out and use a narrower range of financial options than men.( ‘I suppose this may be evolutionary wanting to conserve more, compared to a male’s reckless abandon’ ED)

Female business people statistically start business with less funding than their male counterparts would across every sector, this careful approach may not always been the best thing in business as business more often needs creativity and failure to find the right path.

Women however are more likely to impress a Bank manager or business loan board due to the careful and considered approach, than men, however they are also more likely to turn funding down.

Women are ten percent more likely to see finance as an obstacle than men

Women statistically use less finance to start a business often as much as a third less.

Women fear debt and risk more than men and this can often stifle entrepreneurship.

Some of the issues women and men face when starting a business are working from home, especially:

How to include a percentage of household bills as business costs;

Possible Capital Gains tax implications if you are using one particular room/area in the house for business (best avoided by using parts of rooms);

Planning permission – if you expect regular business visitors or to employ someone who’ll be working from your home, ask your local authority planning department for advice.;

If you rent, check your lease to see that home-working is allowed.

Your Local Authority/ Council should be able to provide information about business premises and rates in your area.

Prowess.org.uk a website dedicated to British women in business have produced a free download to help with financials for the fairer sex.

 http://www.prowess.org.uk/women-in-business-finance.htm

Sources:

ONS statistics to April 2012 .

Caleb Kwong, Dylan Jones-Evans, Piers Thompson 2012 “Differences in perceptions of access to finance between potential male and female entrepreneurs:Evidence from the UK”

International Journal of Entrepreneurial Behaviour & Research, Vol. 18 Iss: 1, pp.75 – 97.

Carter, S., & Shaw, E., ‘Women’s Business Ownership’, report to SBS/ DTI 2006.

ibid Carter et al

Global Entrepreneurship Monitor, London Business School, 2006.