Ladies, did you know that despite many high-profile campaigns to increase the numbers of female entrepreneurs and level up pay between women and men, the world has so far failed to catch up. A report to the House of Commons in March 2022 called Women and the UK Economy provided shocking statistics that show we have a long way to go.
It highlighted that:
The median weekly pay for female full-time employees was £558 in April 2021. This compared to £652 for male full-time employees.
Of the UK’s small and medium-sized enterprises with employees, 16% are led by female entrepreneurs.
Do you think you need to 'man up' to achieve success in the business world? Well, think again! Know that there are ways to get ahead - it just takes a bit of knowledge and preparation.
The Dream Life
Wouldn’t it be great if you didn’t have to constantly battle for fair treatment? Where the unpleasantness of having to constantly fight just to be heard is a thing of the past. You know your worth and you won’t take any less. That’s why you are here.
Here are some top tips that will help you make your way to the top! You can do it, ladies!
Female Entrepreneurs – Top Tips
The House of Commons report found that men are more likely than women to be involved in “total early-stage entrepreneurial activity,” The world needs more females starting businesses and have tips to help you get started or grow your business idea.
Connect with other female entrepreneurs
Women understand the problems and challenges that women face starting businesses better than anyone else. Try to connect with other female business owners locally or join groups online, like the Independent Women Community, to network with women around the country and even the world. Ask questions and learn from others’ experiences.
Ignore imposter syndrome
Imposter syndrome affects many of us. That feeling like we don’t belong and that we have no right to succeed. The driver of this is most likely because of the statistics shared in this article. Society still fails to see women as equals in business, but you have to ignore that feeling and strive to change those figures.
Don’t wait to start your business
There is never a good time to begin a business. You will always find reasons not to do it, and that’s why so many great business ideas don’t happen. The best idea is to just go for it. Don’t wait until you are ready, get started and then figure out the finer details. Once you begin, you give yourself momentum to drive forwards.
Next steps for female entrepreneurs
One of the main reasons behind fewer women starting businesses than men is that they are more risk-aware. This means that, when planning their business, women tend to be more cautious and often talk themselves out of taking the leap.
This is coupled with the fact that potential entrepreneurs sometimes struggle to know where to turn for advice about starting a business. If you are already unsure about whether to commit to self-employment and then don’t know where to turn for confirmation you are doing the right thing and solid information to guide you through the process, you are more likely to not take the risk.
This is why at Ms Independent we are committed to giving female entrepreneurs the backing and support they need to make informed decisions.
Female Employees – Top Tips
The gender pay gap between women and men currently stands at 15.4%.
The sad fact is that 57% of women working in the UK have never attempted to negotiate a pay rise and that men are 23% more likely to negotiate a rise at all stages of their careers. That is why we developed these three top tips:
Prepare thoroughly
Go into negotiations having done your homework. Look at the wages in your sector and particularly for someone with your skill set, qualifications and position. Understand how negotiations work in your sector and what opportunities there are away from your organisation. Understanding these details will help you back up your request for a rise.
Justify your rise
You should also show evidence of your impact in the business since you joined. Show the progress that you have made and the effect that has had on the organisation as a whole. If you show the business why a rise is a good investment you have a strong proposition.
Practice the conversation
Role-playing your rise negotiation with neutral colleagues, friends or family will prepare you to hold your own in the discussion. Think of all the questions they are likely to ask and what your answers to them would be. Make sure you come across as confident and friendly.
Next steps for female employees
The next step is to set up a meeting with your manager or whoever is responsible for negotiating pay within your organisation. Once the meeting is in the diary, the process of getting your rise has begun. If you just keep planning the scenario in your head but don’t take this crucial step, it will remain a fantasy.
Research suggests women don’t like to ask for an increased salary as they are concerned about looking pushy. Unfortunately, this happens in some businesses. But not all. And remember, if you don’t ask for a rise, you are unlikely to ever earn the wage you deserve.
How Ms Independent Helps
We provide interactive sessions with a range of different age groups helping women learn the skills they need to succeed in the working world. From taster sessions to term and year-long programmes, women can learn about developing transferable skills, financial literacy and how to build their own business.
Ms Independent works in high schools, with sessions targeted at female students predominantly in Years 9 to 11. We also work on courses with colleges and sixth forms, as well as tailoring our programmes to university students, where we also address the gender pay gap.
You can also partner with us for sessions and workshops for youth clubs and housing associations.
See our Services page to find a course that suits you today and helps you level up the world of work.