Women were four times more likely to cite flexibility as the reason for starting a business

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The pandemic saw galore women driblet retired of the workforce, but rather a fewer of them started their ain businesses.

TechRepublic's Karen Roby spoke with Melanie Chase, CMO astatine Next Insurance, astir women successful the workforce aft the COVID-19 pandemic. The pursuing is an edited transcript of their conversation.

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Melanie Chase: At Next we are an InsureTech institution that provides security to tiny businesses, and we bash it fast, we bash it affordably, we bash it wholly online. And our ngo is to assistance entrepreneurs thrive. Coming retired of this pandemic period, we wanted to bash a survey connected however tiny businesses were feeling, however they were thinking, what they needed successful this post-pandemic world. We talked to 500 tiny concern owners, and we had immoderate truly absorbing findings. One of those findings that stood retired was that women successful our survey were doubly arsenic apt to unfastened tiny businesses during the pandemic than their antheral counterparts. We thought this was a truly important portion of information. I deliberation each of america person work the disheartening statistic astir however galore women near the workforce during the pandemic citing reasons of needing to attraction for their kids, instrumentality attraction of their families, mislaid wages, deficiency of flexibility. And I deliberation we've each been wondering benignant of, what is the semipermanent interaction of these trends?

What we saw successful this survey of millions of women wide starting caller businesses truly gives america a consciousness of however the system mightiness beryllium shifting. In 2020, 4.3 cardinal Americans started caller businesses, this was a grounds twelvemonth for caller concern registrations successful the United States. And if we deliberation astir that successful presumption of however galore of those caller businesses are coming from women, we tin ideate a satellite wherever possibly the entree to a flexible work-life equilibrium tin travel from the idiosyncratic themselves, tin travel from women who privation to make their ain way forward.

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Karen Roby: I deliberation that's the metallic lining here, Melanie, is it's really the other of what you deliberation it would be, I think, pursuing a pandemic. But it sounds similar conscionable women saying, "OK this is my time, this is my accidental to perchance enactment unneurotic a amended work-life balance."

Melanie Chase: When we inquire radical wherefore they started tiny businesses, the fig 1 crushed is ever to travel up passionateness oregon to beryllium my ain boss. But what we did spot was that women were 4 times much apt to accidental flexibility was the fig 1 crushed that they wanted to commencement their ain business.

Karen Roby: Melanie, erstwhile you guys did this study, did you look astatine a circumstantial industries heavy weighted successful tech, I would assume?

Melanie Chase: We did look astatine what types of businesses were being started. When we looked crossed men and women, determination were a batch of similarities. There was a batch of professional-services businesses starting, a batch of retail and e-commerce, immoderate childcare and acquisition businesses being started. But what we recovered among women is that they were precise digitally focused. They besides often tended to commencement their businesses alone. So, 57% of women started their businesses arsenic solo entrepreneurs, wherever 42% of men started their businesses solo. Women were besides much apt to commencement from scratch, we saw men buying into businesses, for example. So we bash spot differences successful the mode that men and women are starting retired and we deliberation that that integer absorption and absorption connected flexibility mightiness beryllium portion of that story.

Karen Roby: I deliberation that's truthful interesting, Melanie, that it was much women decided to bash this unsocial and commencement their ain institution versus men. When you look astatine the aboriginal of say, six to 9 months down the road, however does this accusation alteration the mode you spot things volition beryllium going from here?

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Melanie Chase: I deliberation this entree to starting your ain concern has truly opened up. What we spot is besides a generational trend. So if we look astatine babe boomers and Gen X, a batch of these folks shifted into integer arsenic portion of the pandemic. Whereas Gen Z and millennials were starting integer archetypal businesses, but this was a benignant of a generational snapshot. And I deliberation arsenic we look forward, a batch of businesses are going to beryllium starting digitally. A batch much folks are going to beryllium starting from an e-commerce perspective. They're going to beryllium focusing connected gathering their marque online arsenic 1 of their archetypal steps, that's what we saw among Gen Z and millennials. The archetypal happening they bash is deliberation astir gathering their brand, gathering that marque online. And truthful I deliberation it does those alteration the access.

I deliberation it besides changes the mode that radical are going to beryllium reasoning astir what a enactment time mightiness look similar for the agelong term. This thought of being your ain brag is simply a large inspiration for tiny concern owners to get started. What it means is I tin signifier my beingness the mode I privation it to look, I tin travel my passions and I tin walk my clip the mode I deliberation I request to walk it. And we deliberation this is going to go much and much an anticipation of radical who enactment successful the United States.

Karen Roby: That's immoderate bully news, particularly for women, Melanie.

Melanie Chase: I deliberation that tin beryllium the metallic lining that we tin look for going forward.

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