According to a Government survey on Inclusive Support for Women in Enterprise, (the Burt Report) there is great opportunity for more female entrepreneurs to contribute to the UK economy.
Figures from the Office for National Statistics suggest that there is growth in this area as the number of self-employed females has risen by 5.6% between 2013 and 2014, equating to an extra 77,000 women.
Additionally, figures from Radius Equity demonstrate that the number of women earning £1 million or more has risen by 29% over the last year and although, there are still 11 times more men with earnings at this level, this compares with only a 10% increase in the number of men with earnings at this level.
However, in order to encourage further growth in the numbers of female entrepreneurs, the report is a call for Government and business alike to provide better support for women.
The report recognises that tax-free childcare and shared parental leave are measures that should help, but even though women’s employment is at the highest level since records began, more can be achieved as only one in five businesses is owned by a women. Therefore, the report highlights that more needs to be done to close the gender inequality gap and utilise this opportunity for future UK growth.
These findings are important and timely, with International Women’s Day, taking place on the 8th March, which promotes gender equality. Find out more here.
We would encourage every entrepreneur not to shy away from the prospect of becoming self-employed and to embrace opportunities. Please contact Julie Taylor or our commercial team for advice and help in setting up a business.