making more of micropreneurs

Many side hustles and embryonic ideas first appeared during the pandemic, and according to research by insurer Aviva some 60% of those who started a side hustle during lockdown were still active in them two years later, with many becoming established businesses.

But for many women, the demands of a traditional business model are not always feasible.  This is where the ‘micropreneur’ or ‘solopreneur’ comes in.  Running a small-scale business that is geared to work around and support a lifestyle, rather than dictate it, makes sense for those women who do not want the restrictions of employment, particularly those with younger children, or later in life, as an alternative to a full time career.  It can also be the only viable option when childcare costs consume too high a proportion of potential income for many.

The micro or solo entrepreneur is generally defined as being a small, often home-based business, and most often generating a limited income in return for limited hours.  These businesses may involve anything from online stores to home-based services such as daycare.

But despite the fact that micropreneurs are making a significant contribution to the economy and often providing valuable services to their communities, they are often dismissed as ‘hobby businesses’ or ‘lifestyle businesses’ and not taken seriously as players in the business world.

This is a short-sighted mindset that needs to be challenged. As a women-only member community, we need to encourage and support all forms of entrepreneurship, whether a traditional business model or a micropreneur who needs or wants a flexible work option.

As well as flexibility, micropreneurship can be a great way for women to follow their passions and interests. They can turn their hobbies into a business and do something they love while also making money.

And while such businesses may start small, they may bloom and grow when the brakes are off and women are free to focus more of their time on their work life.

One such hobbyist turned globally-successful entrepreneur is the ceramicist Emma Bridgewater.   Renowned for colourful and quirky mugs and plates, Emma made her first design in 1984 as a present for her mum.  In its first year the company had a turnover of around £30,000. Turnover in 2022 was £33 million.  The company currently employs some 440 people and produce 1.7 million pieces annually.

Another recent inspiration is Lucy Greenwood, co founder of Lucy & Yak.  From a pocket money hack making tobacco pouches from old clothes while travelling through India, selling those pouches for a few dollars, Lucy and partner Chris Renwick had the idea of sourcing clothing from local suppliers.  They started the business while they continued to travel, relying on parents to fulfil orders back home.  Now, after just five years, the company has a UK warehouse, five shops, and employs 180 people with reported turnover of £22.7m in 2022.

It is time to acknowledge the value of micropreneurship and the contributions that these women are making to our economy and our communities as the key to economic recovery may be in the continued blooming of these small businesses.

We need to be more inclusive and recognise the value that these businesses bring to our economy and our society, so let’s celebrate and support all women who are pursuing their entrepreneurial dreams, whatever size or shape.

NatWest reference

Statista reference