Women who start their own businesses aren't doing it for just more flexibility. This might sound obvious, considering that launching a company means longs hours, tons of pressure, and financial risk—but now there's proof. A new survey by the National Association of Women Business Owners (NAWBO) and Web.com found that the top motivator for female entrepreneurs is doing something they're passionate about—and markedly not work-life balance.
In fact, when more than 300 female business owners were asked to rank different factors in their decision to start their own companies, "having flexibility to care for your family" came in next to last. Passion, being your own boss, and the potential for higher pay were all bigger motivators. Darla Beggs, national board chair of NAWBO, said many respondents felt that "the time has never been better" for women to go out on their own.
While the number of women who said they started a business because they had always seen themselves as an entrepreneur dropped 12 percent from last year, slightly more women said that it was a smart business idea that prompted them to branch out. And the shift seems to be paying off: 30 percent of female entrepreneurs with kids said that they would "definitely" recommend starting a business to other mothers, while almost one fifth said they would "probably" recommend it. Only 4 percent said they would probably not advise other mothers to become their own boss.
It's easy to assume that getting access to capital would be a primary concern of anyone looking to start her own business, but surprisingly, financing a business did not even make it into the top five concerns for female entrepreneurs. Rather, the economy, business tax issues, and health insurance were the top three considerations, followed by the cost of labor and education policies.
And when it comes to investing that capital, women are pouring money into marketing, with 35 percent saying that attracting and building relationships with customers is an "immediate challenge." No shock here: Business owners are relying on company websites and social media to reach customers, showing a significantly higher interest in mobile optimization than in the previous two years. Of those surveyed, 62 percent said that their mobile presence was a key priority this year, up almost 20 percent from 2013. The catch? Overall, women say they feel less confident than they did in recent years when it comes to reaching customers online—the only exception being social media marketing, which saw a small bump.
"It is very telling to see that women business owners continue to recognize a website, social media, and mobile presence as vital components to their business's success in 2015, but they don't have the confidence in their ability to develop and maintain these areas," said David L. Brown, chairman, CEO and president of Web.com. "Whether they lack the time or resources, finding the right tool or partner to fill this void will be the key ingredient to [women business owners'] success."
And here's some good news for the job market: Almost a quarter of female entrepreneurs also said that they were investing in hiring new talent in 2015.
What do you think of the survey's findings? Are you surprised that work-life balance is so low down on the list of motivating factors? Not surprised? Share in the comments!
