One in four women setting up their own business as a result of the pandemic
One in four women are setting up their own business as a result of the coronavirus pandemic, according to a new study.
The 'Making It Work' survey, undertaken by the women-only members club AllBright, found that three quarters of women (74 per cent) feel inspired to start a business after the pandemic, with a quarter (25 per cent) having already stepped away from their current positions to do so. Meanwhile, 61 per cent of women surveyed said that they are planning a complete career pivot as a result of the pandemic.
The research found that the biggest growth sectors for women's businesses were publishing and health and fitness, with industries such as recruitment, beauty and finance also proving popular.
The study, which surveyed members of the AllBright community, also found that two in three women (65 per cent) plan to invest in upskilling themselves as a result of Covid-19, while half of those surveyed (50 per cent) felt the crisis would provide new job opportunities.
The study comes just months after research demonstrated that women will be worse off as a result of the economic fallout from Covid-19 - the subject of the Telegraph’s Equality Check campaign, which launched in June. According to charity campaign group, Pregnant Then Screwed, 57 per cent of employed mothers believe that their increased childcare responsibilities during the pandemic has impacted their career prospects, or will harm them in the future.
Research also shows that female employees have been disproportionately affected by furlough and redundancies. A report by CityBank found that of the 44 million expected redundancies worldwide, 31 million are women.
However, this latest study stresses that there is a renewed sense of optimism among professional women. Anna Jones, co-founder of AllBright, said that while there is no question that Covid-19 has had “an adverse impact on women”, the crisis has also acted as a “catalyst for positive change,” leading many women to pivot careers, or set up their own businesses.
“The findings from our survey highlight the fact that women are using their resilience and renewed sense of perspective to pull through and not let the last few months set them back,” she said. “It’s imperative that the pandemic doesn’t undo years of progress towards gender equality and women emerge stronger from the difficulties of the last few months.”
The research also demonstrates a positive boost for female entrepreneurs who are entering the post-Covid economy. Last year, the Telegraph’s Women Mean Business campaign prompted the Government-commissioned Rose Review, which found that female-led start-ups have the power to add billions to the UK economy if they have a level-playing field when starting out. That review led to the voluntary Investing in Women Code, which compels banks to publish data on how much they have invested in businesses run by women.
In response to the new findings, AllBright is launching the ‘Making it Work’ campaign to inspire and connect women following Covid-19. The programme will include online training, content, and in-club programming to help members build confidence, resilience and return to the workplace with the skills they need to realise their potential as they navigate the next few months.
