With 1 in 4 women wanting to start a business, what do we need to know before we take the plunge?

Imagery: Amanda Summons Words: Sonya Barlow

Soul searching for the big idea Starting a business, securing a side hustle or soul searching for what makes you wake up in the morning seems to be the hot topic. I started my business 1 month before the UK went into total lockdown and budgets were dropped. If someone had told me then what could have happened, would it have changed the leap — probably not?! Yes, running my own business (or three) has given me anxiety, morning worries and visible stress lines, it has also provided me with a sense of independence, freedom and a newfound “I CAN and I WILL” attitude.

With 1 in 4 women wanting to start their own businesses, according to AllBright (2020), has there ever been a better time to say F*CK it, let’s give this a go? 

Why are so many women wanting to jump ship from the stable cushy salary lifestyle?  As a consequence of COVID19, the truth is that the sense of security and safety doesn’t exist anymore. Women are doing more work than before and being let go at a faster rate, with CitiBank suggesting that, of the 44 million expected redundancies, 31 million are women. 

We also know that women in the workplace are more likely to be discriminated against and held back from promotions. Wrap that fact up in the increased cost of labour and time required in remote working culture. 

Therefore, women are realising that if they are going to work so hard, they may as well for themselves!

What happened to Plan A; B and C?

In February 2020 I had confirmed a healthy number of opportunities and even started shooting invoices, only to find those same emails bouncing back and 75% of my revenue being cancelled in March 2020. 

It sucked. 

The hype around starting your own business often discounted the hard work, uncertainties or unfortunate circumstances you may come across. No one could have predicted a pandemic, but the point is that I hadn’t even fully considered a Plan B when Plan A had only launched. 

I wasn’t alone. This incident was humbling and timely. It taught me what can be done, what shouldn’t and invited me to venture out to new communities for support online and offline. The feelings around female founders were definitely growing. And I could see the start of a healthy movement. 

One year on, I decided it was time to go back into the world and pose the question  —  what are the realities of building a business? 

To bring this reality into life, I hosted an in-person event (yes, the first in-person event of 2021) together with AllBright and invited three amazing females to share their stories. These women were ready to share, learn and listen to the realities and exchange notes — an ode to the community focused on giving and growing.

Meet Margot Vitale, co-founder of Curate Beauty; Lavinya Stennett, founder of The Black Curriculum and Sophie Awdry, co-founder of Eco Glitter Fun. These three wonderful ladies were invited to share their experiences during an in-person event; attended by 20 people and photographed by Amanda Summons.

Here's what we learnt.

Launching your business

If you have an idea, you should just give it a go. Lavinya openly shared that she didn’t set out to be here; she focused on her intention and took pride in being real with herself, her skills and where she wanted to support. With such self-awareness, Lavinya was able to grow The Black Curriculum to one of the largest learning organisations invested in putting black history on the map and within the everyday curriculum. 

Margot reflected back on the moment she met her co-founder Sam through mutual family friends and hit it off. She laughs as she says “who knew that one meeting would end up in running a business together”. Margot told the room that the fun part was exploring ideas, understanding the market and giving it a go. Margot is the co-founder of Curate Beauty, a wholesale marketplace where buyers can meet the best indie beauty brands in one place. 

Sophie was the longest-running entrepreneur amongst us all, having launched Eco Glitter Fun with her business partner, who had a shared interest in partying. Both realising that many party glitters were not environmentally friendly or socially responsible, Sophie’s mission is simple - to have fun, responsibility. The message of “reducing plastic” was founded through buying eco glitter, packing it in their own homes and shipping it to customers. When they first started, Sophie tells us that it was “a thing they were doing to help the planet plus have some fun”. It was the fun that set up strong foundations for the business. Today, the business has a number of employees working remotely and brand partnerships across boards.

Business pivots and new directions Do what’s right for your customer and go with the flow. Margot shared that she and her co-founder only really started working on the business model and for that reason, shifting to the online market wasn’t as hard as they thought because many of their customers order in warehouse-style, meaning large bulky numbers. She emphasised the importance of having a clear social strategy and interacting with your customers no matter the platform. In contrast, Lavinya and Sophie both saw a dramatic change as their business models serve to be in person and intimate; with event-goers to schools respectively. Despite being able to communicate their products to a larger consumer base, both shared that it took them a moment to code switch their business into an online offering, which meant less face time with customers and more emphasis on social media content.  

Social media and mental health

Your business needs to be online, you don’t. Though all founders strongly agreed that being online was fundamental to running a successful business in 2020 (and onwards), the consensus was that being online can be taxing to mental health and emotional wellbeing. As a founder invested in the building of your business, you can’t help but feel a certain way if your posts don’t get the following; likes or engagements you think they may have. Furthermore, the increased expectation that your daily lives must be public because your business is. With half the world's populationonline, having an IG channel or Linkedin profile is a sure way to gain attraction, but only if you are able to maintain and stay consistent. 

Sophie shared that she saw the benefits of social media being that the business was able to open up to new markets and reach new customers, but reminded us of the disadvantages this can have on mental health. Similarly, Lavinya and Margot both agreed that they do not feel the need to have a strong personal brand through their own channels (often keeping them private or mute) but focus on building the channel for the actual business itself. Margot found comfort in her co-founder and team, such that they could split the burden of being online and control the fear of missing out on things.

The consensus from the audience was equally such that — social media is a nice to have tool, in reference to business it’s a necessity, however as a business founder you must be cautious of your own time online scrolling through aimlessly. 

The panellists shared some hard-hitting tips — schedule social media time; limit your own presence if you feel that’s best; leverage your business brand and boost your engagement by speaking to your customers but remember to set boundaries for your own sanity.

The future of work

Who needs an office when you have wifi?

As we sat in the middle of a co-working establishment with the sun beaming down, there was an agreement that the world of business as we know it has changed. Today, (thanks to technology), businesses can be started from the comfort of your own home and grown from not an office space, but any space where work is possible.

All three business owners had a team whom they managed remotely. Despite technology and wifi being so high powered, there was a shared sigh when discussing the culture created remotely was/is different to that under the same office roof; however, they had no plans of leasing an office in London only to be able to work mobile. The juxtaposition was real, as you can see.

Lavinya shared that as a new-ish business founder, she had to trust her own ability to trust others; which can be a different task when your business is your baby. In a similar vein, Margot spoke of building a team culture remotely, with regular check-ins and facetime, to ensure that everyone felt a part of the bigger picture. Sophie announced that as the future of work was shifting, she had decided to pack up her things in London and move outside; wanting more space, a healthier lifestyle and freedom — as there was no need to be sitting under one roof, all of the time.

Advice to business founders

Sophie  - Don’t do something until you feel it in your bones.

Margot  - Take the time to look at the bigger picture and enjoy the rollercoaster of emotions.

Lavinya  - There’s no perfect time; prepare for not achieving your goal but count each person you impact as success.

Sonya  - Fail fast, so that you can keep getting better.

Amanda  - Go for it.

All  -  Ask for help, share your idea and lean into your community.

So what is the reality of building a business?

You will get it wrong and that’s a part of the process.

Business isn’t something we are taught or trained on. Becoming an entrepreneur is hard; a founder is scary and a manager, a lot of responsibility. And yet, so many more of us want to give it a go-to bring forward our passions, solve a problem or share a new perspective. Whatever may be the reason, the worst thing you can do is not try — in all cases, our business founders didn’t have a plan but were led by passion. Think about your WHY; consider WHAT you’re selling and navigate HOW you will get it in front of your customer. Once you have answered these three questions, grab your phone- make a social channel and give it a go! 

When I started my businesses, initially no one attended, paid or gave it alike. Today, that same failure of a model has grown into a social enterprise, allowing me to launch my own consultancy and even write a book. 

The reality of building a business is that you need to be ready to learn, listen and launch your business and then figure it out.