New research has revealed that 70% of women who run a business in Scotland believed they had what it takes - and this was the primary factor behind their decision to set up on their own - but 75% also stated a ‘fear of failure’ or a lack of funding as the main drawbacks.
Scotland’s national business support agency Business Gateway surveyed 356 business owners in Scotland between 22 February and 4 March, finding that 38% of women used their savings instead of applying for external funding when they started up.
A further 82% said they were interested in more tailored support for women.
Other challenges included a lack of professional support or mentors (28%), childcare or family reasons (18%) and bias against women in business (11%).
Lisa Rolland, owner of Edinburgh-based bag maker KTSU, launched in 2021 when she spotted a gap in the market.
“I have faced many challenges throughout my life and starting my own business was no different,” she explained. “It was four years before I got my first prototype in 2019 and my initial profile of customers, which was women walking to work, had suddenly gone because of the pandemic.
“At times I wondered if I should even launch, but I knew I had to keep going and through Business Gateway, I was able to meet a community of women-led businesses.”
Gillian Timmons, Business Gateway manager for the Forth Valley, said: “We know that funding is a crucial factor for people who want to start their own business.
“Female-led start-ups account for 48% of the start-ups we support and provide a critical contribution to the Scottish economy, which will be vital as the country continues to recover from the pandemic.”
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