South West among best for Women Business Startups

A new study from Sage has revealed how the South West ranks among the best places for female startup entrepreneurs.

The study explores where women entrepreneurs felt most prepared and supported when launching their businesses, looking into their struggles and where they were able to find support. It takes its insights from a survey of 500 small business leaders, asking them about their experiences and aspirations, as well as additional research into the female employment rate, gender pay gap, and cost of office space, among other factors across the different regions.

The South West emerged as the second highest-ranked region where women entrepreneurs felt significantly supported during their startup journey. According to the survey, 71% of female entrepreneurs in this region reported feeling supported as they embarked on their business ventures, while the South West also has the highest percentage of self-employed females and female employment rate.

In terms of confidence for future success, women entrepreneurs demonstrated self-assurance in several key areas compared to men. The survey indicated that women were more optimistic about achieving the following within the next 12 months:

Increasing profitability (68% vs. 67%)
Expanding brand awareness (67% vs. 64%)
Enhancing customer satisfaction (74% vs. 72%)
Boosting sales (66% vs. 61%)
Pursuing environmental sustainability (61% vs. 53%)

Another significant finding was that a higher percentage of women (12%) reported not accessing any funding resources or options during their startup phase, in contrast to 6% of men. Moreover, the study revealed that women often felt a lack of support from various quarters, including financial assistance, governmental and local council support, trade organisations, and industry networks.

When it comes to the motivations behind starting a business for regions across England, the study found that women were more inclined to begin their entrepreneurial journey for more flexibility and improved work-life balance (51%). On the other hand, male startup leaders said that the financial opportunity was their main reason for entering the business world.

While a majority of both male and female business owners expressed a sense of readiness when launching their startups in terms of skills and knowledge, a notable portion still said they felt unprepared. Around 27% of women and 23% of men admitted to not feeling completely ready for the challenges they encountered, and 97% of all entrepreneurs acknowledged the need to continually develop and enhance various skills to effectively run their businesses.

The research highlighted key areas where women entrepreneurs encountered more challenges compared to their male counterparts. Struggles encompassed profitability (77%), work-life balance (72%), environmental sustainability (65%), cost minimisation (71%), financial management (74%), tax understanding (75%), and technology adoption (69%).