Women choose to be their own boss for more flexibility

New research has revealed about 70 per cent of female small business owners believed it was easier for men than women to get funding.

The research conducted by Westpac found women were choosing to be their own boss to have more flexibility, with about 55 per cent of female small business owners working part time hours.

The study marked a milestone for the bank as it supported more than 720 women with loans to grow their own business.

While Australian Bureau of Statistics data showed the number of women who managed their own business had increased by 20 per cent since 2014, only 35 per cent of Australian small businesses were owned by women.

Westpac managing director of business lending Tamara Bryden said access to funding was a major factor for many women getting their business off the ground.

“We want to back aspiring female business owners to achieve their goals, as this not only supports their ambitions but also contributes to economic growth and innovation.”

Small business owner Laura Bullock started her first pilates studio five years ago when she identified a gap in the market.

Ms Bullock said while it felt like there was now a pilates studio on every corner, when she first started there was nothing like that in the area she lived.

“So I created a place that I wanted to go to,” she said

Ms Bullock said the first year of owning a small business was total hustle and grind and she wore every hat imaginable.

“I was teaching full time, I was behind the marketing, the activations the finances, the hiring, everything,” she said.

“It was difficult to say the least and then Covid hit.”

Ms Bullock said her business really grew when they reopened so she leveraged growth capital through her bank.

“We came back with more than 90 per cent of our members after being closed for Covid, I was blown away,” she said.

Ms Bullock said she would tell other women thinking of starting their own business to go for it but be prepared to sacrifice.

“It is a good sacrifice, you are building something for you,” she said.

“For me it was a decision about whether we wanted a house or to invest in ourselves with our business, I love that I chose that route.

“I hope women can continue to be a little bit courageous and back themselves.”