Women Small Business Owners Happy Being Their Own Boss
Groupon spoke with more than 600 women small business owners across the country to better understand why they decided to become their own boss and how they have remained resilient during the global pandemic.
Women Small Business Owners Say They’re Held to A Different Standard Than Men
According to the survey results, women small business owners continue to face systemic challenges as a result of their gender. Fifty-four percent of women small business owners said they’re held to a different standard than their male counterparts when it comes to accessing capital, acquiring mentors and being taken seriously by their peers. Fifty-four percent of survey respondents also said that it’s harder for them to balance work and family life.
Women Put in the Work to be Their Own Boss
Despite these obstacles, nearly all women small business owners - an overwhelming 94% - are happy with their choice to work for themselves and ready to overcome any challenges thrown their way. Seventy-six percent of women small business owners work beyond the standard eight-hour workday, with the average owner working 12 hours a day. And this hard work is paying off, as 64% of women small business owners said they make as much or more money than they did before opening their own business.
“As one of the largest marketplaces of women-owned small businesses anywhere in the world, we’re excited and encouraged by the progress these entrepreneurs are making, and we’re focused on opening up new opportunities for women - both internally and externally - to create a Groupon that’s reflective of the world we want to live in,” said Groupon’s chief financial officer Melissa Thomas. “We’re extremely proud of the fact that nearly 60% of the small businesses on Groupon are owned by women, and we’re committed to ensuring these merchants come out of the pandemic stronger than ever.”
Increasing Awareness and Support for Women- Owned Businesses
According to the survey results, women small business owners have a clear plan and path to drive revenue and accelerate their recovery from the pandemic. The top ways that women-owned businesses are looking to increase profits are the following: growing their social media presence, leveraging sales, expanding inventory, taking advantage of government or small business organization loans and resources, and running paid advertising campaigns.
Even before the start of the pandemic, many states invested heavily in education and financial programs to help foster the development and success of small businesses. After the pandemic hit, many states stepped up to help businesses impacted by movement restrictions in the form of deferring sales tax payments and increasing financial support through state grants.
Groupon asked women small business owners to score their state based on three criteria: how easy it is for women to start their own businesses, support offered to women of color to start their own businesses and resources provided to help women-owned businesses recover from the pandemic. Based on the survey results, California, New Jersey, New York, Massachusetts and Ohio were identified as top states for minority women to start a business.