The Rise of the Woman Owned Business
These days, more and more UK women are establishing their own businesses and this could be a result of many factors including a growing economy and the appeal of more flexibility and control that being your own boss offers. But it seems that women entrepreneurs want more than a chunk of the small business market. In fact, a recent study shows that there are 762 companies in the UK with female leadership that generate revenues of between £1m and £250m and are growing by at least 20pc a year. Considering that only 1 percent of companies in the UK get to £1m in revenue, this is an impressive fact.
Leading Industries for Woman Owned Businesses
Which industries are woman owned or woman-led businesses more prevalent? Many of the fastest-growing woman owned businesses are management consultancies, which are expanding revenues by over 88 percent a year on average. Events services firms are growing sales by 42 percent, internet business by 33 percent and PR and communications agencies by 28 percent. The technology sector accounts for two thirds of the companies and more than a third of these are growing by at least 50 percent each year.
In an interview with the co-founder of Lastminute.com, Martha Lane Fox, she stated “On a global scale, it’s cited that women entrepreneurs are poised to lead the next wave of growth in tech, and the high-tech companies women build are more capital-efficient than the norm. If the UK is to leapfrog every other nation on this planet to become the most digital, most connected, most skilled and most informed on the planet, we urgently need to address the gender imbalance within the tech sector and ensure that our leaders, investors and entrepreneurs come from the widest pool of home-grown talent.”
New Business Growth in Every Industry
Woman owned businesses are becoming an ever-increasing part of the UK business landscape and we are seeing incredible growth not just in new business startups, but new and emerging markets as well. Woman entrepreneurs have a wide range of resources created for their success and they are taking advantage of these to generate growth and create more gender equality throughout the UK.
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