Women’s business a hard game
OLDER women are the fastest growing sector establishing new businesses in Australia but only a third will survive and women are increasingly retiring into poverty. Women’s networking expert LISA SWEENEY looks at the problem. WITH the gender pay gap between 18-20 per cent, divorce rates around 50 per cent, women typically getting the family home (and its outstanding debt) in court settlements and no ability to access the superannuation the couple contributed to, it’s no wonder 45 per cent of women are retiring in poverty.
As ageist employers continually reject people over 50 applying for jobs, many are forced to take the leap and establish their own businesses. For women, this is often done without business experience or qualifications since they’ve been raising children.
So with no knowledge of bookkeeping, taxation compliance, marketing, customer relations, balance sheets, P & L statements and more they begin providing a product or service to the marketplace and quickly learn how hard it is to make a dollar.
Currently in Australia, women in their 50s is the fastest growing sector establishing new businesses. The statistics indicate only one third of these businesses will survive three years or more.
Perhaps part of the solution is making a commitment to yourself to see this future a long way in advance and do what’s necessary to avoid it.
Seeking counsel from those who have dodged it, becoming financially literate, educating yourself about business before going into business and getting a mentor will help reduce the risks.
Then choose to surround yourself with positive people and have red hot go at building something you’ll be proud of. — Lisa Sweeney is the executive director of Business In Heels..