Many women are driven by social impact and work flexibility when they start up their own small businesses.
A new Westpac study has also found that 91 percent of female small business leaders stated that social responsibility was important to their business, with 88 percent emphasising sustainability as important.
Westpac Managing Director Business Lending Tamara Bryden said analysis of Australian Bureau of Statistics (ABS) data showed that the number of women managing their own business had increased by 20 percent since 2014.
Ms Bryden said the average annual growth rate for women in business was more than double that of men over that period.
“Despite the increase, the ABS data reveals that only 35 percent of Australian small businesses are owned by women.”
Ms Bryden said their study found 70 percent of female small business leaders believed it was harder for women to get funding than it was for men, while 20 percent reported that uncertainty about financial success was a major concern when starting their own business.
She said this highlighted the need for continued support in accessing capital and mentorship.
“We know that for many women starting a business, access to funding is a determining factor in getting their business off the ground.”
Ms Bryden said one of the attractions of owning a business was the ability to work part time or with more flexibly, with the ABS data showing 55 percent of females who owned their own business worked part time hours, compared with 24 percent of males.
“The Westpac research reflects this growing trend revealing that female small business leaders are seeking autonomy with 48 percent citing the flexibility of work hours as a motivating factor for starting their own business, and 40 percent are driven by the desire to be their own boss”.
