Cost-of-Living Crisis Unleashes New Generation of Female Entrepreneurs

Rhea-AI Summary

GoDaddy reveals a significant shift in the gender dynamics of British microbusiness founders, with 46% female and 53% male in the last year, compared to 38% female and 60% male previously. The rise is attributed to flexible working and the normalization of remote work.

However, challenges persist for female entrepreneurs: 82% take on domestic chores while 44% cite childcare costs as barriers. Despite these hurdles, 72% of female founders launched their businesses for under £1,000, indicating resilience in the face of obstacles.

Positive

• Increase in female microbusiness founders to 46%, nearing gender equality in ownership.
• Rise attributed to flexible work patterns and increased remote work opportunities.
• Majority of female entrepreneurs (78%) see business ownership as a favorable option.

Negative

• 82% of female entrepreneurs are predominantly responsible for domestic duties, indicating a lack of support.
• 44% report childcare costs as a significant barrier, potentially hindering business growth.

• The gender split of British microbusiness founders in the last 12 months is 46% female vs 53% male, a much narrower gap than microbusiness owners in general (38% female vs 60% male)
• The shift could be due to flexible working patterns and the normalisation of working from home, GoDaddy experts believe
• But obstacles remain to female entrepreneurship as 82% are still responsible for domestic chores and 44% see childcare as a barrier
• GoDaddy salutes ‘Unstoppable Women in Business' ahead of International Women's Day 2023

LONDON, UK / ACCESSWIRE / March 17, 2023 / The proportion of British microbusinesses owned by women has surged during the cost-of-living crisis and since the start of the pandemic, new data from GoDaddy shows.

Research conducted among microbusiness owners* shows that, in general, the gender split is 38% female, 60% male and 2% non-binary. But in businesses that have launched since 2020, the split is 47% female vs 52% male, and in businesses created in the past 12 months it's 46% female vs 53% male.

However, GoDaddy's ‘Unstoppable Women' study also shows that female founders face different challenges from their male counterparts.

While 78% of female entrepreneurs believe there are more opportunities for women owning a business rather than working for someone else, many still contend with pressures outside of work. Over four fifths of female business owners (82%) say they are responsible for most domestic household duties, while 44% say the costs and expectations associated with childcare are a barrier to female entrepreneurship. Almost half (46%) of the respondents to the GoDaddy survey said they have children under 18.

In general, set-up costs (52%) and time commitments (48%) were highlighted as the biggest obstacles to women starting a business, despite 72% of female founders creating their business for under £1,000.

One female entrepreneur who has overcome challenging circumstances to set-up a thriving microbusiness is GoDaddy customer, Catherine Sweet, founder of Bobcat Gallery.

She says: "Caring responsibilities towards members of my family held me back from starting my own business for a long time. I was always passionate about making art buying more inclusive and affordable while showcasing emerging artists, but while being a carer I could never find the time, resources or mental space. When my situation changed and my former employer went through a restructure, I decided to take a leap of faith and follow my dream. Working with GoDaddy, I was able to easily launch the Bobcat Gallery website, which has enabled me to grow my business and establish credibility in the art world."

Tamara Oppen, GoDaddy Vice President, adds: "Women want to start businesses and become entrepreneurs, but too often they face barriers which prevent them from doing so. However, the rise in flexible working patterns and working from home has made it easier to fit in running a microbusiness alongside other commitments. At GoDaddy, we pride ourselves on helping all entrepreneurs thrive, and ahead of International Women's Day, we are saluting women like Catherine who are achieving great success against the odds. They really are unstoppable."

For more information, please contact MHP Group: godaddy@mhpgroup.com

Notes to editors:

*Antenna, an independent consumer research agency on behalf of GoDaddy, conducted an online survey of 1010 female business owners in United Kingdom. The survey was conducted between 23/12/22 - 09/01/23. The survey data collection was national and respondents were sourced using an accredited online research access panel. Data was weighted for representation against country census data.

About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

About the GoDaddy Survey
Research methodology: Antenna, an independent consumer research agency on behalf of GoDaddy, conducted an online survey of n=1009 women business leaders in Canada. The survey was conducted between 23/12/22 - 09/01/23. The survey data collection was national and respondents were sourced using an accredited online research access panel. Data was weighted for representation against country census data.

View additional multimedia and more ESG storytelling from GoDaddy on 3blmedia.com.

Contact Info:
Spokesperson: GoDaddy
Website: https://www.3blmedia.com/profiles/godaddy
Email: info@3blmedia.com

SOURCE: GoDaddy

View source version on accesswire.com:
https://www.accesswire.com/744371/Cost-of-Living-Crisis-Unleashes-New-Generation-of-Female-Entrepreneurs

FAQ

What is the current gender split of British microbusiness founders according to GoDaddy?

The gender split is 46% female and 53% male for founders in the last year.

What factors are contributing to the rise of female entrepreneurs in the UK?

Flexible working patterns and the normalization of working from home have contributed to the rise.

What percentage of female entrepreneurs face childcare as a barrier?

44% of female entrepreneurs see childcare costs as a barrier to starting a business.

How much do most female founders spend to start their businesses?

72% of female founders launched their businesses for under £1,000.

What challenges do female microbusiness owners face?

Challenges include domestic responsibilities (82%) and childcare costs (44%).