You might not be aware, but more than a third of Australian businesses are owned by women, and the number is rising.
In some ways, this statistic is no surprise, as women are graduating from university at higher rates than their male counterparts. But it could be higher still.
Female Entrepreneurs Under Represented
Researchers believe that women remain ‘substantially under-represented’ as entrepreneurs, which could be wasting millions of dollars in unrealised productivity potential.
The good news is that there is growing support for women in business, with an increasing number of networks and associations springing up.
A look at last year’s top 30 female entrepreneurs reveals that many of our major companies have women at the helm, including Harvey Norman, Hancock Prospecting, TPG, Bakers Delight, and Lorna Jane.
Top Women At The Helm
There’s a very good reason for this. Women drive 70-80% of all consumer purchasing, making them the world’s most powerful influence on marketing.
It’s a known fact that men and women shop differently and are, therefore, affected differently by marketing techniques. If you want to attract the biggest buying group, wouldn’t you put somebody who ‘gets it’ at the helm?
Men and women also buy businesses for different reasons. Most research shows that a woman’s major motivation for buying a business is the opportunity to be her own boss. The opportunity to earn more and enjoy a better lifestyle are also motivators.
Influenced By Life Events
Both genders are influenced by life events when deciding to buy. Many men buy businesses after they retire from their former career. Women, on the other hand, often buy their own businesses following a divorce.
What is interesting is that the gap between the types of businesses men and women are selling is reducing. Traditionally, women were mostly seen selling hairdressing and beauty salons, and small retail stores. Nowadays, they are just as likely to be buying or selling a manufacturing business or auto repair shop!
Many women prefer to start their own business, rather than buy ‘somebody else’s’ business. Men, on the other hand, tend to ‘acquire’ businesses.
Consider Buying An Established Business
Perhaps it’s time for our growing number of female entrepreneurs to also start acquiring businesses, as this would help them reach profitability quicker. An established business also brings with it goodwill, reputation, referrals, and so on.
A recent survey into Australian business women shows that the number of female-run small businesses has grown by nearly 50% over the last 20 years. That is almost double the rate at which men have started their own businesses.
What’s more, of the 668,670 female small business owners in Australia, 47% have dependent children at home (ABS). And that’s what we call multi-tasking!
Why not celebrate International Women’s Day by checking out the great selection of small businesses currently for sale, and taking that bold leap for change! Sell your commercial property or business privately without business brokers. We advertise your business for sale or real estate listing in our go-to website, national glossy Coast to Coast Magazine and major real estate websites reaching many motivated buyers. Contact us today on 1300 793 792 or email [email protected].