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From the Publisher: Aug/Sept 2005 |
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Written by Sue Fredericks
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Women controlling the purse strings
at home and at work…
• 1-million: The number of self-employed women expected by 2010.
• 4%: The annual growth rate of small businesses run by female entrepreneurs older than 55.
• 70%: The number of Canadian women who run a business and are married.
• 33%: The number of Canadian women who run a business and have children under the age of 12.
• 21%: The number of women who started a business due to a downturn in employment
situation.
• 96%: The number of women entrepreneurs who worked for someone else before starting a business.
• 41: Current average age of a self-employed woman. |
According to research released by the Canadian Imperial Bank of Commerce, the number of women employees in Canada has risen by 30% over the past 15 years, and the number of self-employed women has been rising even faster. Canada currently boasts 800,000 self-employed women and if the current rate of growth remains steady, we will top the one million mark by 2010.
There are two categories of small businesses being examined here: small businesses who employ other people and one-person operations. The latter segment is outpacing its counterpart. Currently, one in two self-employed women are in occupations with above-average wages, in both categories. This can be attributed to the increase in the number of women small business owners who hold a university degree. A record high one in four self-employed women is university educated.
While women have traditionally been credited with making the majority of purchasing decisions in the home, this trend to self-employment means they will also be controlling the spending of corporate or business dollars. This bodes well for florists who make good use of their customer database. If a woman is using your services for one aspect of her life, she will most likely use them for the other, to simplify her existence.
Time is estimated to be the woman entrepreneur’s greatest challenge, with more than 70% of them being married, and almost one-third of the group having children under the age of 12. Add to this the aging population and the growing need to care for aging parents, and growing a business becomes an even bigger task. For this reason, the study authors estimate that more than 60% of self-employed women can be described as “lifestylers” – business owners who choose self-employment as a way to achieve balance between their personal and work lives.
The fastest pace of small business growth among women who are self-employed is in the over 55 age group aptly named the “seniorpreneurs.” This phenomenon may be an effort to supplement retirement income, but may also be a result of early retirement and the increased youth of the baby boomers. Female entrepreneurs usually gain experience in a paid position before starting their own venture, which gives a seniorpreneur a good starting point.
An interesting characteristic of self-employed women is that they are joining trade associations at double the rate of their male counterparts. These associations provide networking opportunities, support and business prospects for the small business owner. These associations are also the place where florists can make connections with the women that will help to drive the Canadian economy.
Source: Women Entrepreneurs: Leading the Charge, Canadian Imperial Bank of Commerce.
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