GoDaddy Inc. has released a new survey that provides insights into the lives of women entrepreneurs in Canada. The survey revealed that 68 percent of women small business owners feel represented as a woman in their chosen industry. The women surveyed own businesses across a broad range of categories and industries. This includes professional services (19 percent), retail (15 percent), health and wellness (9 percent), education, entertainment, finance and more. All women surveyed said they valued the importance of having an online presence and of supporting other women-owned businesses.
What motivates women entrepreneurs in Canada
Passion for their business idea is the key factor driving millennial women to open their own businesses. Millennial women entrepreneurs (ages 20-34) said passion is the number-one motivator in launching a business (36 percent). Older women (ages 35-54), however, identified flexibility as their top motivator (32 percent). Both groups ranked financial independence as the second most important factor behind deciding to open a business (23 percent).
“I’ve always wanted to be an entrepreneur and love technology. When the opportunity arose to harness that passion and help others do the same, my business started,” said Sara Koonar, President and Founder, Platform Media & Management and GoDaddy customer. “The passion I have for my company is what motivates me each day to keep going, even during this past challenging year. We are proud to launch our first online shop this month for the workshops I previously held in-person. This whole experience has given me new life.”
Regardless of motivations, when it comes to financing their businesses, women entrepreneurs in Canada are doing it for themselves. 71 percent fund their businesses through personal financing. Millennial women are four times more likely than their cohort in older generations to raise capital through angel investors or venture capitalists, the survey revealed.
How women build their business
When women entrepreneurs choose to launch a small business, one of the first decisions they need to make is whether to launch the business full-time or start it as a part-time side hustle. The women surveyed were split almost evenly. Those who chose to go all in full-time represented 51 percent. Those who began their business as a part-time venture represented 49 percent. All women displayed a high level of dedication to their small business. Almost three-quarters of them spent five hours or more working on their business each day.
When asked about building an online presence, 57 percent of women small business owners felt confident they could create their own website using a website-building tool or platform themselves. However, one in five women responded that they felt they lacked confidence in this area. That percentage increased among older women entrepreneurs. The survey also revealed that a higher percentage of younger women valued an online presence as being extremely important (44 percent). The older generation reported 33 percent.
“It’s encouraging to see so many women entrepreneurs feel confident in building their own websites,” said Anne De Aragon, VP and Country Manager, GoDaddy Canada. “At GoDaddy, we want people to feel empowered to create and grow their online presence. With the right tools and help, you can build a website for your business. And for those who aren’t as comfortable, GoDaddy offers products and services to grow, create and manage their business online.”
Thoughts on marketing
Another critical element of building a business is marketing and advertising. It is clear that women value online tools to help get the word out about their business. More than half (55 percent) used social media, and more than a quarter used a website (35 percent). While all ages of respondents believe it is important for their business to have an online presence, younger women (ages 20-34) regard it as extremely important.
For those women who want to start their own business, women entrepreneurs in the survey recommended they invest in a social media presence (59 percent), as well as financial tools (47 percent) and a website (38 percent).
Women supporting women
Women are more likely to actively recruit and employ women. 62 percent of millennial women and 42 percent (ages 35-54) actively seek out other women-owned businesses when they look for products and services. As consumer preferences have changed over generations, there is a greater importance now placed on conscious business support.
To celebrate and honour women entrepreneurs, GoDaddy is highlighting women customers who own businesses on its social channels throughout the month of March. To learn more about how GoDaddy supports everyday entrepreneurs, visit godaddy.ca.
GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services, and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company, visit our website.
About the GoDaddy women entrepreneurs survey
The survey, commissioned by Logit Group, was sourced from a random sample of 350 women Canadian small business owners across the country. Small business owners were defined as those businesses that have one to 99 employees (87 percent of survey respondents were micro businesses with four or less employees). Over 30 percent of the businesses had been in business for more than ten years. The online survey was in market for approximately two weeks in February 2021 with a result accuracy within +/- 5.3 per cent.