In 2022, over 150,000 businesses were established in the UK by women according to NatWest Group, more than double the number established in 2018. Furthermore, whereas 16.65% of all UK businesses were female-led in 2018, this had risen to 20.46% in 2022. And this trend goes beyond new businesses: in 2022, the majority of investments into female-led enterprises were seed investments, indicating a developing pipeline of next-generation businesses led by women.
Factors Contributing to the Changing Entrepreneurial Landscape
There are a number of factors behind the rise of female entrepreneurs. These include advancements in gender empowerment and equality, supportive government policies and initiatives, shifting mindsets regarding women in business, and advancements in technology and digital platforms. The latter means that women have access to powerful new tools when it comes to launching and growing their businesses, while e-commerce and social media platforms have made it easier to expand reach and advertise products and services.
Innovating Industries
Female entrepreneurs in the UK are shaking up and innovating in a range of industries. For example, in the food and beverage industry women are establishing themselves as nutritionists, cookbook writers, caterers and food producers and opening restaurants, bakeries and cafes. Meanwhile, in the health and wellness sector, female entrepreneurs are developing innovative new services and products to promote healthy living, fundamentally altering how society views the concept of wellness itself.
Challenges Faced by Female Entrepreneurs
Although the business and cultural landscape has changed significantly, women entrepreneurs still face a variety of challenges. Gender stereotypes and biases still exist, while maintaining a work-life balance is often a particular challenge for those women having to juggle the demands of having a family and running a business. Furthermore, women continue to face challenges regarding access to investment opportunities and funding, which can limit their ability to expand their enterprises and fulfil their potential. As well as working hard, female entrepreneurs also need to advocate for themselves and their fellow women in business.
A Positive Effect on the UK’s Economy
Successful entrepreneurs like Niki Mahon understand that the rise of female entrepreneurs in the UK is having a significant positive impact on the nation’s economy, promoting innovation, diversity and creativity and challenging conventional business models. There is a ripple effect too, caused by the influx of successful female-led businesses, that contributes to economic resilience and industry growth – generating opportunities for employment and stimulating and attracting investment into local economies.
Take a look at the embedded PDF for more information about female entrepreneurs in the UK.