Australian mums mean business. Literally.
In fact, according to the online business network, Mums & Co , there are more than 300,000 business owner mothers in this country, with that figure set to rise.
And to see what business-ownership means for these women, Mums & Co has commissioned the Australian Mums in Business Report.
Involving a survey of 852 entrepreneurs, family business owners, self-employed consultants and mums thinking about starting a business, here are the key findings of the report.
Who is the Australian mum in business?
Every person is different, but some common features emerged about the circumstances and philosophy of business mums:
- Demographic: The average Australian business mum has two kids and is likely to be educated. Half are aged between 30 and 39; about a quarter have owned or co-owned a business before; and 21 per cent have more than one business. Plus, nearly one in three business mums are born overseas.
- Mindset: The Aussie business mum believes in 'having a go', with more than 52 per cent starting their business in a totally new field.
- Timing: About a third of the mums started their business while on parental leave, nine per cent did so while pregnant, and six out of 10 mums who launched their business in 2017 have an infant or toddler.
- Staff: Eighty-four per cent don't have staff. And those that do, employ four to five staff on average, with a mix of employee types.
What motivates mums to start a business?
The top three reasons are:
- Flexibility: Fifty-seven per cent of business mums start because they're looking for flexible working hours and location.
- Empowerment: Fifty-four per cent want a chance to ‘do things their way.’
- Passion: Forty-four per cent are passionate about what they’re doing.
What benefits do mums enjoy as business-owners?
The good news is that the majority of mums (77 per cent to be precise) believe that they're a happier person because of starting their business.
Business mums benefit from the flexibility and passion they bring into their workplace, and starting a business is a way for women to take back control of what's important to them.
It's also a chance to be a positive role model. Although most mums experience a sense of 'mummy guilt,' the majority of business mums don't feel guilty about having less time with their children. In fact, 87 per cent believe they're setting a good example for their kids.
What’s stopping mums from starting a business?
Launching a new venture is a big step, and the report found two main things are holding mums back:
- Financial concerns: One in two prospective business mums see things like start-up costs and access to capital funding as a major barrier.
- Commercial know-how: Four in five potential business-owners are worried about the commerciality of their idea. They need guidance about how to best start a business.
What challenges do mums face with a business?
Although many Australian mums feel happier as a business owner, 47 per cent found it 'really challenging' to start a business. And once they're underway, business mums have to negotiate:
- Business challenges: Around half of owners struggle with time resourcing, attracting and retaining customers, and financial difficulties.
In terms of money, 55 per cent pay for their business through personal funds, and 28 per cent don’t have any funding in place. - Emotional challenges: Over half of business mums say they suffer financial stress, 38 per cent feel socially isolated and a third complain that they have no time for a life outside work and family duties.
- Child care challenges: The report found that business mums rely heavily on child care centres and schools. Sixty per cent of them have the support of a partner in looking after the kids, while four in 10 call on family members.
How can business mums get extra support?
Overall, mums in business say they need more help. Sixty-two per cent want marketing advice, more than half want access to networking or community groups and fifty-six per cent are seeking general business advice.
Saying that, more and more mums are using social media and online networking groups to feel connected and informed.
And when it comes to support available on the net, Mums & Co is a valuable business mums’ network, which co-founder Carrie Kwan describes as, "An online village providing a safer and smarter way for mums to grow their business."
We have partnered with Mums & Co to provide members with emergency in-home child care. To find out more about Mums & Co click here.
