Where can women entrepreneurs find help?
Silicon Valley may continue to be male-dominated, but for any potential female entrepreneur, the digital arena has opened up limitless opportunities.
So says Lucy Hall, co-founder and director of events and marketing company Avviso Media and the brains behind Digital Women, which seeks to bridge the tech skills gap for women looking to break into the e-commerce.
“Social media is a perfect forum for any female startup with a great business idea and communication skills and unlike coding, it doesn’t require a lot of technical learning,” she says.
“Transforming a bootstrap business into a sustainable one takes a lot of courage and talent, but no matter what market you find yourself in, mastering the online space is essential.”
As part of its drive to increase the number of women-led businesses, NatWest supports several initiatives designed to equip female entrepreneurs with the digital skills needed to launch and grow a business.
Top tech: Lucy thinks social media is the perfect platform for start-ups with an exciting business idea
Among them are the Go Beyond competition, launched in association with Meta earlier this year, which offers training and creative input to 50 winning companies, and the bank’s partnership with free business mentoring platform Digital Boost.
In the three years since NatWest Group Chief Executive Alison Rose published the groundbreaking Rose Review, the historic underfunding of women-led businesses, who make up less than 3% of all investments , began to change.
Some 134 institutions with around £1 trillion to invest have signed up to the Investing in Women Code, and NatWest itself has introduced a suite of Family First loan and overdraft products for business owners. company.
While easier access to finance is crucial if the latent power of women-led businesses is to be unleashed to boost the UK economy, the practical challenges posed by women’s caring responsibilities continue to be a challenge.
As a mother of two young girls, Lucy, 38, feels that for many women-led micro-businesses, the nine-to-five slips too easily into the 24/7, as women are forced to juggle competing demands.
In her own case, however, caring for a new baby and teaching herself the basics of business coincided.
“I started Aviso Media at the age of 27 after getting married and pregnant in quick succession and, like many women, discovered that a young child’s long naps leave a lot of free time to explore ideas. »
“Mastering the skills needed to start a new business takes time, but like many women, I found trawling the internet while the girls slept was a good first port of call.”
Success story: Zaffrin O’Sullivan turned his idea of a side hustle into a full-time business
Financial freedom was a guiding principle for mother-of-three Zaffrin O’Sullivan, 44, founder of vegan beauty brand Five Dot Botanics, whose entrepreneurial journey began at the age of 12, when she started a car wash business.
“My parents came here from Bangladesh and it was my father who taught me that even if I got married, being able to support myself in times of trouble was vital for all women,” she says.
Although the business started as a side hustle to Zaffrin’s day job as a television lawyer, she and her husband invested every penny they had in starting the business and took out a personal loan. important.
“In November 2019, I was in hospital with my third child when I received a call from an investor saying they were finally ready to back me, despite my initial pitch being rejected,” says- she.
Skincare revolution: Five Dot Botanics uses minimal ingredients and is transparent about what goes into their products
“All the paperwork was organized from my hospital bed within hours of giving birth and when I attended my first board meeting a few weeks later I nursed my son through the session. .”
When lockdown hit, Zaffrin was at home caring for her two daughters, aged seven and five, as well as the new baby.
“It was horrible chaos, but I knew I had to give my investor confidence in my ability to generate sales despite having my hands full with my family.”
“With the help of my husband, I managed to keep everything running smoothly and found time to focus on the needs of my other new baby – Five Dot – when the kids were otherwise busy.”
Although Covid forced the cancellation of a High Street launch, the business, which later launched on Amazon, continued to thrive.
100 female entrepreneurs to watch
Are you a UK based female entrepreneur? The Telegraph and NatWest have launched 100 Female Entrepreneurs to Watch, which will celebrate women who are redefining success and helping others. Share your entrepreneurial journey for a chance to receive a £10,000 grant and expert mentorship to help take your business to the next level. Plus, you’ll also be on our list of 100 women entrepreneurs to watch.
All entrants will also receive a two-year digital subscription to The Telegraph.
Come in now”
NatWest is dedicated to helping women succeed in business. To learn more, visit natwest.com