Female small business owners are facing tough economic challenges, with about a quarter of them taking a pay cut in the past year, according to a recent survey by Office Depot and Talker Research. The survey, which included responses from 1,000 female small business owners, revealed that 53 percent of them considered the past year to be the hardest in their business journey.
Despite the challenges, the survey also showed that women entrepreneurs are resilient and proactive in finding solutions to financial difficulties. In addition to cutting their own pay, 37 percent of the respondents raised the prices of their products or services, while 27 percent sought out less expensive resources.
While this year may have been tough for many business owners, it seems that women have been able to weather the storm better than in previous years. In the 2023 survey, 63 percent of respondents said that the past year was the hardest for their business, compared to 53 percent in this year’s survey.
Although women business owners still face unique challenges, such as lower access to loans and capital, the survey results show that they are not alone in their struggles. By sharing their experiences, female entrepreneurs can find solidarity and support in navigating the ups and downs of small business ownership.
Overall, the survey highlights the resilience and determination of female small business owners in the face of economic challenges. Despite the hardships, these women are finding ways to adapt and thrive in an ever-changing business landscape.