The Business Mum BoomMums who turn their kitchens into boardrooms and set up businesses from home have become a powerful force within Britain PLC, with a combined turnover of £4.4 billion according to a new study of working mothers, released by Yellow Pages. The research, developed in conjunction with experts at the London School of Economics, identifies a new breed of enterprising female entrepreneurs, dubbed 'Kitchen Table Tycoons' who successfully juggle the roles of mother and magnate. Conducted following a sharp rise in directory listings for businesses typically run by women, the research throws up interesting insights into the motivations behind a move into enterprise as well as the benefits and challenges. The research is released as Yellow Pages launches a dedicated microsite, www.bizmums.co.uk, offering free expert advice for budding business mums.
What the report revealsAccording to the study, more than a third (36 per cent) of female entrepreneurs are between 26 and 30 and three quarters (74 per cent) were in employment prior to starting up their own venture. Motivated by a need for greater work flexibility at the birth of their first child, two thirds (66 per cent) of 'Kitchen Table Tycoons' are more satisfied running their own business than in their previous jobs. The report also reveals:
Top 10 businesses for mumsChildminding heads up the Top Ten most popular businesses for mums starting up at home, followed by businesses providing 'Baby Goods & Services', showing that family is at the heart of business mums' lives, both in and out of working hours. Other consultancy-based services prove popular, including those that exist under the Yellow Pages classifications of Internet Web Design, Marketing & Advertising, Party Planning and Wedding Organisers. Nearly one sixth (15 per cent) of business mums claim to have set up their business because they spotted a gap in the market, with some of the more unusual business start ups including dog grooming and karate tuition. The impact of the business mum boom can be seen in a separate analysis of the number of businesses listed under relevant classifications in Yellow Pages directories which reveals significant increases over the past five years: Ranking Classification % increase in number of directory listings since 2000
Catherine Kehoe, head of UK marketing at Yell, publisher of Yellow Pages directories, said: "This study highlights the crucial role entrepreneurial mums play in British business. Not only is this expanding group of kitchen table CEOs making a significant contribution to the economy, but our data demonstrates the huge impact they are having on Britain's business landscape, spearheading growth in business sectors such as childminding and internet web design." The price of successHowever, for some 'Kitchen Table Tycoons', success comes at a price. More than a quarter (27 per cent) say they struggle to make quality time for their partner and more than a third (35 per cent) are unable to enjoy 'me time'. And in place of the glass ceiling their female counterparts face in the working world, the biggest bugbear for nearly half (47 per cent) of business mums is lacking the time to wash the dishes and stay on top of household chores. From boardroom table to kitchen tableThe study suggests that business mums might be struggling to be self sufficient at the expense of their business as only a quarter (27 per cent) regularly use an accountant and just 16 per cent invest in regular advertising, marketing or PR. When asked what factors are critical to the success of their start ups one in five (20 per cent) chose a supportive family ahead of fundamentals like sound financial advice (two per cent), a strong business plan (three per cent) and project management (three per cent). Economics expert Tim Leunig, Lecturer in Economic History at the London School of Economics, said: "The findings of this study chime with recent government figures that show half of SMEs are run with women at the helm as an increasing number of mums dream of a career that they can enjoy in tandem with motherhood. My advice to potential business mums thinking of starting up on their own would be to investigate the market thoroughly to see where the opportunities are and seek advice before jumping in headfirst." Where to next?
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