63% of Female Business Owners Found 2022 Exceptionally Challenging

Business ownership can be a lifeline for women who are struggling to find any kind of work-life balance. In spite of the fact that this is the case, 2022 has been an especially challenging year for female entrepreneurs, with 63% saying that it was their hardest year yet with all things having been considered and taken into account.

This data comes from a survey of around a thousand female business owners (courtesy of officedepot), and it revealed that over 15% find themselves stressed out on a daily basis. 28% of them stated that they opened up a business after getting laid off, which is double the proportion of survey respondents that said the same last year. Starting a business in such a scenario will obviously make the endeavor more stressful than might have been the case otherwise.

With all of that having been said and now out of the way, it is important to note that the vast majority of women who started businesses say that it worked out favorably for them. 73% acknowledged that they enjoyed a much better balance between their work lives as well as their home lives, so it is more likely that a female business owner would consider this decision to be a positive step.

However, this doesn’t mean that they have it easy. 35% indicated that they could use a few more materials for marketing because of the fact that this is the sort of thing that could potentially end up allowing them to expand the reach for all of their products and services. 25% said that they could also do with some office supplies, so there are clearly some basic things that they require dire assistance with.

There also appears to be a severe shortage of mentors for women lead businesses. Women of color are particularly prone to facing this problem, with 33% reporting it. By comparison, only 20% of white women who were small business owners said the same. That suggests that there is a racial disparity that is creating a lot of inequality which might make it much more difficult for women of color to get ahead.

Read next: New Study Says Most Employees Don’t Feel Comfortable Connecting With Co-Workers On Social Media
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