Many female owners are optimistic about the future of their small businesses. According to a survey by Cox Business, 95 percent of female entrepreneurs said they were at least somewhat optimistic, including 35 percent who said they were very optimistic.
Coming during a tumultuous month for small businesses, the results are surprising. The partial federal shutdown impacted sales and hiring for some, while the threat of default induced anxiety for many more. According to the survey, which was released the day the shutdown ended, 16 percent of women said they were starting to see a negative impact on the businesses from the closure of federal agencies. On top of that, 4 percent said the impact was crippling. Fifty-six percent anticipated a recession if debt agreements were not reached. Only 6 percent doubted a recession would occur.
Undeterred by the challenges and stress placed on business owners in October, the vast majority of female entrepreneurs remained resilient. They’ve also remained optimistic in the face of challenges, a number of which were revealed in the survey.
Dealing with setbacks head on
Eighty-five percent of respondents believed there were difficulties exclusive to female entrepreneurs. Among them, gender bias was the most widely held concern, with 73 percent believing the challenge persists. Seventy-one percent responded that women are burdened with a bigger workload and 55 percent noted a lack of opportunities in certain industries.
When asked to rate non gender specific business challenges, 30 percent said balancing work and life was an issue “to a large extent.” Twenty-two percent rated access to funding a large issue as well.
The difficulty of getting a working capital loan could be preventing some businesses from achieving their full potential, especially since federal lending is delayed and banks have tightened their approval standards. However, Jill Campbell, vice president and chief operating officer of Cox Communications, emphasized that women are stepping up to the challenge fiercely, TMCnet reported.
“This survey reveals that women are enthusiastically taking control of their professional destinies and taking the entrepreneurial road to self-sufficiency, personal satisfaction and financial success,” she said.
Those troubled by a lack of financing can consider a small business lender. National Funding offers a variety of loan services with fast approvals and easy paperwork. Unlike banks that can take months to process applications, National Funding can provide funding in as few as 24 hours.