LifestyleWomen detail the challenges of being a small business owner

Women detail the challenges of being a small business owner

One in four female small business owners reduced their pay over the past year.

25% of the 2,000 business owners surveyed said the economy has forced them to reduce their salaries to keep their businesses afloat. The survey conducted by Office Depot and Talker Research found that 53% of women business owners said the past year has been the most difficult for their businesses.

In 2023, respondents expressed challenges with financing (42%) and growing their business (30%), which remain the top struggles this year.

However, hard work has paid off this year for many small business owners, allowing them to achieve their 2023 goals, such as increasing their profits, gaining more customers, and expanding their business.

While next year looks more positive for small business owners, there will still be challenges to overcome, such as inflation (39%) and financing (25%).

To overcome these challenges, female entrepreneurs are working overtime more frequently, but how much is too much?

This year, 58% said their work-life balance has improved since becoming a business owner, compared to 73% who said the same last year.

The women surveyed feel they need to choose between their family and their career several times a month, while one in eight feel this way every week.

Overall, 42% said that being a business owner has made it more difficult to balance their outside work responsibilities.

“The number of women entrepreneurs has increased significantly in recent years and it is our privilege to support these business owners so they can position themselves for future growth,” said Kevin Moffitt, president of Office Depot. “Small businesses are the cornerstone of this country. Our goal is to help all small businesses succeed.”

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