Celebrating Women in Business 

October is National Women’s Small Business Month, a time to celebrate and encourage women-owned businesses. Female entrepreneurship is on the rise, with more and more women following their dreams and creating amazing products and services for us to enjoy. In fact, in the UK alone, women established over 150,000 new companies in 2022, according to Rose Review Progress Report 2023.

However, as impressive as these numbers might be, there’s still work that needs to be done. With over 5.5 million SMEs in the UK, less than 1/3 are owned by women. The reality is that, despite all the progress that has been made throughout the years, female entrepreneurs still continue to face several hurdles.

That’s why Handepay is excited to celebrate National Women’s Small Business Month! This is the time of year to celebrate, support, and discover all the amazing women-led businesses around us.

We are thrilled to dedicate the entire month of October to this incredible event, during which we will be sharing insightful facts and helpful tips that shed light on the achievements and challenges faced by women entrepreneurs.

Here are some facts to set the scene. 

  • Over 150,000 new all-women-led companies were founded in 2022 – more than ever before.
  • A fifth of new incorporations (20.5%) last year were all female-led.
  • Since 2019 there have been more than twice as many female-led business incorporations
  • In 2022 the total number of all-female firm incorporations increased by 4.36%
  • In 2019, the Rose Review noted that £250 billion could be added to the UK economy if women in the UK matched men in starting and scaling businesses.
  • Rose Review Progress Report

How to support women-owned businesses 

National Women’s Small Business Month is the perfect time to support female-owned small businesses. Here are some suggestions.

Shop local women's businesses.

Supporting local women-owned businesses in your community is a powerful way to uplift and empower female entrepreneurs whilst also boosting your local economy. By choosing to shop at these businesses, you will be contributing to job creation, and unique offerings, and strengthen social bonds within your community.

Engage on social media.

Follow, like, and engage with women-owned businesses on social media platforms to boost their online presence. When you interact with these businesses you stay updated on their latest offering, promotions, and events, which can be particularly crucial for small and local businesses. Liking and leaving positive comments not only boosts morale but also signals to algorithms that their content is valuable, which in turn, increases its reach to a broader audience.

Be a repeat customer.

Regularly supporting women-owned businesses you love is a simple yet powerful way to ensure their sustainability and growth. Your loyalty not only fosters stability and better relationships but also serves to allow the business room for improvement. By making this commitment, you play a vital role in empowering women entrepreneurs in your community.

Educate yourself.

Learn about the challenges women face in business, including gender bias and access to funding, to better understand their needs.

Educate yourself about the unique challenges women encounter in business, such as gender bias and limited access to funding. By understanding these issues, you can actively contribute to empowering women entrepreneurs and driving economic growth while promoting gender equality in the business world.

Final Words 

As we look back on the progress made and the potential for a more equitable future, remember that celebrating and supporting women in business is not limited to a single month but should be a year-round commitment. By helping and celebrating women entrepreneurs, we can create a brighter, more inclusive, and successful business landscape for all.

New Simply Business data leaves Karren Brady ‘astonished’