Equally important is creating space to reflect on the bigger picture. It’s easy to get caught in the whirlwind of juggling multiple roles, but stepping back can be transformative. Reflection helps women solopreneurs clarify their goals, identify priorities, and chart the next steps with intention and confidence.
It can also help in gaining perspective on the multifaceted roles many women find themselves balancing. Beyond managing their businesses, a significant number juggle caregiving and domestic responsibilities. A report by Business in the Community and Ipsos revealed that nearly 58% of women felt their caring duties prevented them from seeking promotions or new job opportunities, and 19% had left a job due to difficulties in balancing work and care.
Despite these challenges, there’s been a notable rise in entrepreneurship among women in recent years, particularly for those over 50. The Global Entrepreneurship Monitor’s 2023/24 Women’s Entrepreneurship Report highlights an upward trend in women’s startup and established business ownership over the past quarter-century.
In the UK there are 1.6 million self-employed women, comprising 37% of all self-employed workers, up from 27% in 2007. Alongside, just under 20% of active UK companies are female-led, some one million businesses.
But the pace of registrations is slowing and closures are rising , with closures exceeding registrations in the final quarter of 2024.
For solopreneurs unable to afford specialised professionals, this is where building a personal advisory board becomes invaluable. A network can offer diverse perspectives, practical advice, as well as emotional support, helping to navigate the complexities of running a business.
Women solopreneurs often navigate a complex interplay of professional and personal responsibilities, but leveraging mentorship and building supportive networks can be instrumental in achieving sustainable success.
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For women solopreneurs, the journey can be exhilarating but also incredibly demanding. Building something of your own offers unparalleled freedom and fulfilment, yet it often comes with a weight of responsibility that’s difficult to share.
The realities of running a small business go far beyond delivering excellent work or securing clients. Many women find themselves stepping into unfamiliar roles: handling finances, mastering marketing, troubleshooting IT, or navigating legal complexities. These tasks, essential to survival, can leave even the most experienced professionals feeling stretched.
What adds to the challenge is the isolation. Unlike corporate environments, where collaboration and support networks are readily available, solopreneurs often operate without a team to brainstorm ideas, troubleshoot issues, or simply offer a listening ear.
This loneliness can be particularly acute for women, who often face additional barriers when running their own ventures. Research shows that women solopreneurs are more likely to encounter gendered assumptions about their capabilities and ambitions.
Yet, within these challenges lies an opportunity. Many solopreneurs discover the value of assembling their own “personal advisory board” — a circle of trusted voices who bring diverse perspectives and no vested interest, other than to offer honest, pragmatic feedback. These advisors might be peers, mentors, or even informal connections, but their input can help shift the load, validate decisions, and open new possibilities.
Certainly, mentorship can play a crucial role in supporting these entrepreneurs with studies showing mentored entrepreneurs are more resilient and better prepared for challenges.