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Yorkshire female entrepreneurs name lack of funding as the main barrier to starting
their own business. Research conducted by the FDA, the UK association for the
invoice finance industry, showed that access to finance, followed by marketing,
were the main areas of concern for female business professionals in the Yorkshire
area.
The survey was conducted at the Access to Finance for women entrepreneurs road show in Yorkshire, which was run by Women in Rural Enterprise (WiRE), the DTI's Small Business Service and the Yorkshire Development agency.
Other
key findings from the survey included:
- Only 36 per cent think that men and
women have equal chances when it comes to funding.
- The majority of Yorkshire
women who want to start their own business were aged between 40 and 50.
-
The opportunity to 'be their own boss' was stated as the main reason for starting
their own business, followed by flexible working conditions.
- Lack of funding
and no time are the things stopping Yorkshire females from starting their own
business.
- Funding and marketing are the top two current business challenges
faced by Yorkshire entrepreneurs.
- Yorkshire women are more likely to seek
advice from organisations such as Business Link and Small Business Service than
from accountants and bank managers.
- 'Cost' is ranked as the top criteria
when choosing a financial provider.
- Financial providers can improve their
level of service by providing more information on the different types of funding,
followed by more access to impartial advice and market research
The women's
access to finance road show focussed on raising greater financial awareness, particularly
on the different types and sources of business finance available and provided
direct help and advice to women entrepreneurs with finding the appropriate finance
for their businesses.
Commenting on the results, Kate Sharp, Chief Executive Officer for the FDA, said: "The results show that while Yorkshire woman entrepreneurs are keen to start their own business, they feel lost and unsure when it comes to rising finance. Financial services providers have a great opportunity here to educate and make Yorkshire woman aware of the funding options available for initial start-ups and long term growth. The correct guidance and advice will ensure that new companies are equipped with the best possible resources to create a successful business.
"Yorkshire women entrepreneurs are taking their new business start-ups very seriously and are thinking ahead about how they are going to effectively market their company and products or services. This shows that there is real determination out there, but they need help with getting over the first hurdle of access to finance."
The survey was conducted as part of the FDA's tenth anniversary.
The invoice finance industry is now worth more than £148 billion, a growth
of 460 per cent since 1995. Last year around 43,000 businesses in the UK were
advanced over £11 billion by FDA members, with SMEs accounting for 99 per
cent of clients using invoice finance.