Key Reasons Why Female-Owned Businesses are Prevailing in 2023

Female-owned businesses are reaching new heights in 2023, with the past year setting record numbers of new companies led by women in the UK. In 2022, over 140,000 all-female-founded companies were created. That number is expected to grow by over 30 percent this year. 

More than simply entering the entrepreneurial field, though, women are also thriving. Despite the complicated nature of launching during post-pandemic recovery, there are plenty of success stories to be found. Despite seeing less investment interest than male-led firms, female-owned businesses are prevailing. Let’s take a look at some of the key reasons why.  

More Women Are Interested In Business Ownership

Simply put, women are more interested in business ownership today than they were just a decade ago. This can arguably be correlated to more opportunities and a social environment that encourages more women to pursue their professional goals. Women also still face a lot of challenges in the workplace, which is why plenty are seeking out entrepreneurial paths that will allow them to be their own bosses and foster a better working environment. 

Today, we are seeing women maximize their plans for landing their dream jobs by using innovation and female-centric solutions such as InHerSight. With both university and workshop education available, women are able to build a network and gather resources to kickstart their business launch. 

These efforts, throttled by the surge in new female business owners, have also grown in large due to support from existing women leaders in various industries. For instance, the Rose Review, led by Alison Rose, helped provide over 800,000 opportunities to female entrepreneurs within the UK thanks to partnerships and initiatives. 

There Are More Tools and Avenues For Growth

The harsh reality is that while studies show that women in 2023 are more likely to start a business than men, they do not meet the same amount of funding and immediate support. There are still cultural biases that end up causing hurdles, and yet digitalization and social movements have also allowed women to establish their credibility and get more access to essential resources. 

Aside from loans and startup funds, there are plenty of tools that allow women to do much of the launch essentials themselves. One of the popular tools that have grown popular since the pandemic is the business name generator, which automates the process of creating a name that can properly be attached to an online domain without infringing on existing businesses in the same industry. 

Burgeoning social media platforms like TikTok have also allowed female entrepreneurs to reach their target audience with more freedom and potential visibility. There are plenty of female entrepreneurs who found success on the platform, with viral videos that have driven sales to their businesses. A great example of this is Kanita Ramaxhiku’s Browniegod, an artisan bakery that now has over half a million TikTok followers and regularly produces around 10,000 brownies a week for customers. 

Women Prevail as Leaders During a Crisis

The pandemic was a tumultuous time that deeply affected many businesses across the globe. The turmoil this has created, however, has only further shown why female-owned businesses continue to prevail in its wake. Research has shown that women are actually better leaders during a crisis, most often notable in major companies that bring in female leaders to save companies in trouble. 

With a world turned upside down by lockdowns and economic upheaval, women business owners prevailed just as the female political figures that had better pandemic statistics than areas led by men. As 2023 stumbles forward, it’s easy to see how women continue to push through adversity and come out on top.