Despite a few turbulent years in the business world as a result of the pandemic, Brexit and the new threat of recession, it looks as though progress is far from over. Last year’s statistics tell a heartening story, with some 151,603 new UK businesses launched by women – an increase of more than 100% since 2018.
Of course, some of the most challenging points in history – when the stakes are driven higher by economic or social turbulence – mark some of the greatest points of progress. The past few years have set the stage for the type of shrewd, risk-taking businessperson capable of turning misfortune into success – particularly, it seems, for women.
Troubling times call for ingenious solutions, and we should all feel reassured by the success that was made of 2022.
The Scope of the Disparity
These statistics are favourable, but they are just another rung in a much longer ladder. It’s no secret that, in the world of business, the divide between men and women is even now significant. There remains significant disparity between the sexes, with men continuing to dominate the statistics for starting and scaling businesses in the UK.
This is far from ideal. A recent review found that, were female entrepreneurs to be ‘on a par’ with male entrepreneurs, the UK economy would see a boost of £250 billion – a number that is sorely needed during this time of high inflation, political upheaval and market volatility not just in the UK, but globally.
There are plenty of different potential reasons why, compared with male entrepreneurs, there are so few female entrepreneurs. From conscious to unconscious bias, fear of failure (which, according to some stats, seems to be more prevalent in women), to a lack of female role models in their niche, the problem is multifaceted and certainly not easy to solve, despite the promise of major economic benefits.
By the end of last year, female-owned businesses made up 20% of all UK businesses. It’s progress, but much more progress is needed.
Making Headway
The country is brimming with budding female entrepreneurs, and, if this potential is realised, we can expect to see every industry transformed by a much-needed economic boost. But, whoever is at the helm, getting a start-up to set sail is a difficult task.
If you’re thinking of starting a business, then starting the right way is fundamental. A poor start offers few opportunities for transformation, so don’t take the early days lightly. While role models within your industry are important, it’s even more important that you get the right expert advisors on-hand. Corporate solicitors can ensure that your business is structured right – that it is equipped to handle the choppy waters of those early days, months, and weeks – and that your relationships with shareholders and investors start strong.
In the wake of 2022, we can only hope that a bigger, more powerful wave follows the one that came before, and that 2023 represents another pivotal year for women in business.
