This time last year, the Australian Women Chamber of Commerce and Industry (AWCCI) conducted the first national survey of female business owners, featuring results from some 3000 women. I thought it opportune to revisit their findings as I suspect not too much has changed in 12 months…
- Women own almost 40% of small businesses in Australia
- there are more than 700,000 female-owned businesses
- Women’s superannuation funds and income are lower
- 24% of female business owners work 41-50 hours per week, 20% work up to 70 hours
- 76% work Saturdays, 64% work Sundays
- 17% have a turnover of $100,000-$250,000 per year
- 71% are running their first business
- 70% are providing a service
- 52% do not pay themselves a market wage
- 62% used social media in their business, mainly Facebook
- 57% work with their spouse
- 79% do not sell online
- 47% work from home
- 42% start with less than $5000
and my guess is that a large percentage of them are not building an asset to sell, nor are they considering an exit strategy.
Think I might address each one of these over the coming weeks as it seems we have a lot of work to do…
Here’s the background…
A driven and caring entrepreneurial mother, who wanted to buy something specific in Australia for her child, couldn’t find what she was looking for. So she took it upon herself to rectify that problem.
To her credit, she morphed into a woman business owner (during her long-service leave break) and has turned this need into the most delightful shop, not only addressing what she needed to at the time but also making many, many more children happy, very happy since.
All hail to her…
I know, there’ll be a number of you thinking “I’ve done the same thing, what’s the big deal?” Are you now the leader in your field? Do you have the major retailers sending people to you? Are you now doing close to 7-figure turnover? Have you built your Mother of a Business into an Asset, ready to take to the market?
if not, there’s the difference…
entrepreneurial mothers, please pay attention…
New research has found that women have an average super balance of $92,000 at retirement – 40% less than the average male retiree, with $154,000.
…one fifth of Australian female small Business owners do not have a super fund.
- At 65 the average woman’s super balance is $112,000
- A 5 year career break means $45,200 less in savings than taking no career break
- A woman who retires at 65 needs to save $55,300 more than a man due to her increased longevity
Want to read more about this issue, click here.
We have to be in charge of our own destiny… how’s yours looking?
Indeedy, it does!
The key point I’d like to point out in this fine article is this:
Becoming an Entrepreneur does not require
any shifts in corporate culture.
In fact, becoming a Business Owner does not require changing any societal norms at all. It does require however a distinct shift in your own internal thinking in combination with your family’s particular circumstances.
So… why not be opportunistic and bold in 2012, and become a “3%” member? (refer last post)
You can always tap into the entrepreneurial mothers group if you need support…
As featured on the Ruby Connection…
A little while ago, I came across this… according to recent statistics in the Wall Street Journal from the Center for Women’s Business Research in the U.S., there is only 3% of women-owned businesses with a revenue of $1million or more in The Million-Dollar Club… (and I bet that percentage is a whole lot smaller again if being the only breadwinner for the family is also taken into account).
Only 3%, is that all I hear you say?
Given that 7-figures is the turnover my Mother of a Business was doing at time of its Sale, that put me in the category of the 3%…are you kidding? How can it be that with all the businesses started by women, only 3% manage to reach 7-figures?
Why are Businesses being built if not to serve your Lifestyle, as opposed to the other way around?
Couple that with some of the more disturbing statistics from our very own Ruby Connection “Westpac Women’s Financial Health Report, September 2011”:
- Nearly half (49%) of women agreed they felt disadvantaged in terms of the amount of superannuation they were able to save as a result of having to cut back or stop work. This view was even more likely held by Gen Y (63%) and Gen X (63%).
- After having children, 64% of women reported that it had significantly affected their ability to work continuously and impacted substantially on their working career cycle
We’re not in a very good place are we? Well, the majority of us that is.
Business gives you Lifestyle to be the Mother you long to be. No question.
In fact, it’s not just about the mothering, it’s ultimately about Lifestyle and the ability to earn what you must earn, plus a whole lot more.
Come on, join the club too…
If the notion of a 7-figure business scares you right now, you may be thinking that it must mean a whole lot of work that will take you away from your family even more? WRONG! You couldn’t be further from the truth, provided you structure properly and of course, “Start with the End in Mind”.
Just financing the family holiday is not enough of an “End” to justify all the blood, sweat and tears you will invest in your business, not to mention money…
Ladies, we’ve got some serious Business Building and Professional Development work to do…To discuss any of this further and, most importantly, to do something about it, feel free to contact me.