Posted on Friday 03 December 2021
Women are a crucial part of Canada’s economy. This is perhaps even more true during the global pandemic: more than 80 percent of roles in healthcare and social assistance in Canada are occupied by women.
But let’s not stop there – the pandemic aside, women entrepreneurs are making significant contributions. Data from 2019 shows that female entrepreneurs generated $148 billion for the Canadian economy. As a woman entrepreneur, there are different ways you can take advantage of the digital space, including making money as a blogger.
According to StartUp Canada, a leading support network for Canadian entrepreneurs, the number of women entrepreneurs is growing three times the rate of male entrepreneurs. That’s a big gain for women in the workforce, particularly given that women face so many barriers to equal wages, employment, and career advances. As a woman, you might want to learn how to save money in a pain-free manner to ensure you maximize your finances.
Despite the barriers and roadblocks in their way, if there’s one thing we can confidently celebrate, it’s that women are making strides in entrepreneurial circles. In the sections below, we’ll talk about the increase in single female entrepreneurs in Toronto and the barriers they must continue to overcome in continuing this trend.
More than half of Canada’s population are women – and more women are entering the workplace than ever. That’s causing some significant social shifts in traditional family arrangements, where women are primary caretakers and men are primary breadwinners.
Make no mistake, the glass ceiling still exists – and when it comes to maintaining their position in the workforce, it can stifle women in some significant ways. This is especially true in professions that are traditionally dominated by men, such as law, engineering, software programming, or C-suite roles. Sometimes, the ladies have to get payday loans in Nova Scotia just to get by,
Women who are working in a male-dominated field face a unique set of challenges, which can include:
If they become mothers, those challenges are only multiplied. Mothers in the workforce who shoulder the burden of childcare can struggle to re-enter the workforce after giving birth, and may not re-enter at all. If they do re-enter, they may find that the time taken to heal after birth and nurture their child has resulted in a stunted return to work – or even another employee taking their place.
Even in 2021, women are expected to take on disproportionate shares of key household chores and responsibilities such as childcare, elderly care, and general housework. That makes it much more challenging for women to pursue their passions and build a career, particularly as an entrepreneur.
The Women Entrepreneurship Strategy puts female business owners at the forefront of economic health – and with good reason, too! Boosting the number of female entrepreneurs could add up to $150 billion in GDP – and in terms of economic recovery after the pandemic, that number becomes even more significant.
A heightened focus on gender equality is not only good for women, but it’s good for the country as a whole, which has led to the development of the Women Entrepreneurship Strategy (WES). This program aims to increase opportunities for women entrepreneurs to tap into a network of other entrepreneurs, and benefit from access to talent, expertise, and financing. Understanding different ways to make money also helps. Credit card arbitrage is one of the ways through which more smart financial decisions can be made.
The WES consists of three parts: the Women Entrepreneurship Loan Fund, the WES Ecosystem Fund, and the Women Entrepreneurship Knowledge Hub. The first initiative was launched in July 2021, and the Women Entrepreneurship Loan Fund allocated $55 million in microloans across the country.
The WES Ecosystem Fund set aside $15 million in funding for women entrepreneurs and has approved over 50 applications. Finally, the Women Entrepreneurship Knowledge Hub (WEKH) contains resources, research, and best practices from more than 300 partners across Canada.
Although women face unique barriers to owning and running their own business, the rise of female entrepreneurs in Canada throughout the last few decades is proof that it is possible. Female entrepreneurs have recently been getting a ton of buzz in Toronto, a city that hosts a wide range of cultures, economic backgrounds, and businesses.
A recent article highlighted the backgrounds and success stories of five Toronto entrepreneurs, and each gave their own piece of advice for other women who want to become entrepreneurs. If you’re thinking about branching out on your own, moving to another place, starting your own business, or getting a loan from a direct lender, here are some tips and tricks from women who have done it!
“Don’t ever give up. There was a lot I didn’t know in the beginning. I was fortunate to have a great team that kept pushing through...no matter if investors said no to us or we couldn’t afford equipment.”
“Just relax. I’ve found in life, it always works out the way it’s meant to be. I’ve made rash decisions because I was nervous. Whatever decision you make in life will be the best for you. No one is perfect.”
“Family is important. The teaching and guidance you receive from your parents and grandparents show you the way. You can’t do it alone…. Family is important for your success and feeding your dreams.”
“The advice I would have given my younger self is to have patience. Our younger generation is suffering from a lack of patience...it takes time to nurture and grow a business.”
“Just try it. A lot of millennials like new goals and ideas, but often hold back because of financial reasons and fears. Carry through and do it from your heart ….Focus on the outcome, not the price of mistakes.”
Perhaps the best advice for any single female entrepreneur – whether they’re in Toronto, Vancouver, Calgary, or anywhere in between – is to take advantage of the resources available to you.
There’s no doubt that succeeding as a female entrepreneur is filled with challenges, but the past few decades have brought much better support systems that are designed to nurture and celebrate women entrepreneurs in chasing their dreams.
If you’ve got a business idea, make 2022 your year to bring it to life! With any luck, you could someday find yourself giving advice to other young, promising female entrepreneurs.