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What women need to know about starting their own business
09 Mar

With international women’s day on the 8th and Mother’s Day on the 14th, March seems like the perfect month to talk about positivity and women starting sole trader businesses.

Never has there been a better time to open your new sole trader business. Some banks are currently giving financial help specifically to aid women set up in business and help close the gap between male and female sole traders. 

But still disproportionately it is the male in a family who is often the highest earner, therefore this year especially, women and mothers have borne the brunt of juggling work, childcare and home-schooling. Many women, however, have found positives in the past year’s chaos and have found niches in the market and female sole traders are on the increase.

The advantages of having a mixed workforce, particularly women in management and leadership roles, has been studied and reported on in recent years. Many companies who track gender diversity in their management reported profit increases of up 10-15%. Companies found staff retention increased with a female led management team and there were improvements in creativity, innovation and openness within the businesses. This is true in both larger, more corporate companies as well as sole trader businesses. 

We internalise so much from our surroundings and much of the mainstream media is a constant barrage of how we should look, live, feel and work. Being able to quiet these external influences and turn negatives into positive internal business chatter is an important skill to adopt. Finding the confidence to start your own sole trader business or branch out on your own is half the battle. But having the resilience to know that although things will not always go as you have planned within your business, you have the capabilities to find a solution and adapt. 

Consider the importance of talking positively to yourself. Positivity has to be one of the corner stones of most people taking the plunge and starting their own sole trader business. Never did anyone start a business with an idea they believed would be badly received. However, also being realistic to the challenges you will undoubtedly face, especially in the first year, makes sure you keep your sole trader business’ viability alive.

Draw on your experiences, your own life’s journey and your passions could be the way to bring an added unique element to your sole trader business. Recently, we featured a story from Rebecca Dawes about her motivations for starting her sole trader business, Hair Necessity. Rebecca overcame adversity and used her situation to inspire her business idea. Everyone has a different story, many innovative business ideas coming from necessity, but the belief in oneself is the key to moving from a great business idea to a viable sole trading business.

Constantly evolving to your business needs is vital but being able to see the changes as positive can be harder to achieve.  Whether it’s having a confidence-boosting morning routine or wearing a certain colour of clothing to help one’s confidence in a business meeting, we all have ways of talking ourselves into doing things we feel uncertain of; starting your sole trader business is no different. If you have an idea you would like to turn into a business reality, our female-led office team at Duport can help you take that first step. 

 

Statistics cited from the report ‘’Women in business and management: the business case for change.’’ International labour organisation

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