Home-based businesses growing in popularity
TORONTO, Oct. 15, 2012 /CNW/ - A growing number of Canadian women are
leaving the traditional workforce to join the emerging trend of female
home-based entrepreneurs. Statistics Canada reports 951,600
self-employed women in Canada as of July 2012, up from 790,400 10 years
"Women entrepreneurs are a driving force behind small business in
Canada," said Ruth Todd, Partner, KPMG Enterprise™. "From new mothers to young professionals
who faced difficulty breaking into the workforce, Canadian women are
turning to innovative self-employment opportunities to support
themselves and their families."
Statistics Canada says self-employment in Canada has grown as fast among
women as it has among men in the past 20 years. Even more recently in
times of economic uncertainty, the rate of self-employed women has
grown faster than men. In 2009, a year of downturn for the labour
market, the number of self-employed women rose 5.4 percent from the
year before, while the number of female employees overall fell 1.1
With the cost of starting a business at an all-time low, combined with
cost-saving opportunities such as social media marketing just a click
away, these entrepreneurs are embracing self-employment to satisfy
their busy schedules and personal values.
"Building my own company has allowed me to spend time doing what I
believe in - affecting change and inspiring other women to live their
best lives," said Barb Stegemann, CEO of The 7 Virtues, best-selling author, and mother of two. "As an entrepreneur, I have
the ability to do this while pursuing new ventures and most
importantly, spending time with my family."
Top Tips for Women Entrepreneurs
Canadian women face unique self employment challenges every step of the
KPMG Enterprise identifies key challenges and recommendations for women
entrepreneurs as they establish and expand their businesses:
Launching an idea - Before investing time and money, careful thought and intensive research
is essential. Test your idea or the product, and with an audience that is broader than
good friends and family. In starting companies, friends often tell us
what we want to hear, not what we need to hear.
Growing your business - If your product or service is not meeting performance levels, step back
and reassess your business model. You may have to refresh your business
plan; be sure to consider your strengths and weaknesses. You may want
to look for a new partner that compensates for what you might lack.
Getting outside advice - Advisory boards are a support system and sounding board. Small
businesses usually lack this kind of support and feel isolated and
unsure about who to ask for advice and feedback. Be strategic and
selective when you establish your advisory board. If you are not ready
to establish an advisory board, consider joining a local association or
trade group that offer peer discussion and feedback as regular agenda
Learning from mistakes - If your business is struggling, learn from your mistakes. Understand
objectively why you are struggling and as a leader, drive the necessary
change. Communicate honestly with your funders (especially family and
friends). After looking at why you are struggling, identify two or
three things your company does well and build around them. Discontinue,
sell, or outsource anything else.
Managing cash flow - Manage cash very closely and reduce the need for cash when re-financing.
Step up your cash collection and closely monitor credit worthiness of
both customers and suppliers. Get counsel from professionals that
understand the small business landscape. Build a strong relationship
with your banker. There is long term value in keeping your banker
informed and engaged in your business goals and objectives.
Assessing risks - Regularly assess and reposition to manage your key risks. If you are too
close to the business, you can't objectively see the risks. You may
even find ways to refute the possibility of risk. Get an outside
viewpoint. Work with a trusted adviser that brings specific industry
insight aligned to your business.
About KPMG Enterprise
KPMG Enterprise business advisers are devoted exclusively to helping
private company owners and entrepreneurs build strong successful
businesses. Period. That's all we do. Why is that important for your business? Because
KPMG Enterprise business advisers are dedicated to understanding what
private company owners and entrepreneurs face every day. In short, we
see things the way you do. And, because of that understanding, we can
provide responsive and effective advice about your financial, business,
and compliance challenges, which can help save you both money and time.
SOURCE: KPMG LLP
For further information:
Senior Manager, Media Relations
KPMG in Canada