Visa Study on Women’s Small Business

The Financial Post and BizWomen recently covered Logica Research and Visa’s study on Women’s Small Business. In Visa’s new “State of Female Entrepreneurship” report, 79 percent of American women entrepreneurs feel more empowered now than they did five years ago, yet many still face a number of obstacles to growing their businesses.

“Women-owned small businesses are essential to our economy and Visa wants to provide these incredible women with tools and resources that can help them grow and advance their businesses,” said Suzan Kereere, global head of merchant sales and acquiring, Visa.

Visa surveyed female small business owners across the U.S. and specifically in Atlanta. The full study is available here and key findings include:

• Entrepreneurial motivations. 

  The top three motivators for women, nationally, to start a business are pursuing their passion (48 percent), having financial independence (43 percent) and flexibility (41 percent).

• Funding does not come easily.

   Three quarters of women entrepreneurs (73 percent) report difficulty in obtaining the funding they needed to start their own business, with 61 percent self-funding their businesses. Results were similar for Atlanta-based female small business owners, with 83 percent citing funding difficulty and 63 percent self-funding their businesses.

• Open to new technology.

  Thirty-two percent of women would direct additional funding towards newer technology, such as digital or social media tools. In Atlanta, female small business owners would like to improve digital marketing (59 percent), social media (50 percent) and be able to conveniently make and accept payments (32 percent).

• Biggest financial and business challenges.

  Nationally, women said their top concerns include assembling a good team (37 percent) and finding the right business management tools (36 percent), also citing keeping up with industry challenges (24 percent) and building a support network (23 percent). In Atlanta, women shared different challenges: 37 percent of female founders reported not being able to grow as fast as they need to, developing an online presence (34 percent) and raising funding and capital (32 percent).

• Battle of the sexes.

  Most women feel that business challenges are equally difficult for both women and men. However, some believe that negotiating contracts and raising funding come more easily for men than women, particularly when it comes to raising funding (34 percent), negotiating contracts (35 percent) and making tech decisions (20 percent).

Continue reading on the Financial Post.

Visa’s “State of Female Entrepreneurship”  full research report can be found here.

To partner on your next financial services study, and understand consumer behavior for what’s happening in your industry, reach out to Logica.