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A New Survey Suggests That 25% Of Female Small Business Owners Have Been Forced To Reduce Their Own Salaries Over The Last Year Due To The Economic Downturn

Konstantin Yuganov - stock.adobe.com - illustrative purposes only, not the actual person

With mortgage rates still up, home prices rising, and many people struggling to afford things like gas and groceries, it’s no wonder that small business owners in the U.S. are also feeling the strain.

But, a recent poll conducted by Talker Research for Office Depot delved deeper into the current financial state of entrepreneurs – particularly female small business owners. The survey revealed that one in four female small business owners have actually been forced to take a pay cut over the last year due to the economy.

The survey of 1,000 women entrepreneurs from April 3 to April 12 explored changes in their experiences over the last 12 months, showing how many have had to reduce their own salaries just to keep their businesses running amid the economic downturn.

Among businesses operating for at least one year, 37% have raised their prices, and 27% are actively looking for cheaper resources.

Furthermore, the poll found that 53% of female small business owners believe the past year has been the toughest for their business. During 2023, 42% claimed to have faced difficulties securing funding; meanwhile, 30% had trouble expanding their businesses.

These challenges remain their primary concerns in 2024, with 39% still struggling with funding and 30% with growth.

Fatigue was a significant issue last year for 23% of survey respondents. This year, marketing has become a greater challenge for 25%. Despite these hurdles, many female small business owners have still seen their hard work pay off.

For instance, while 59% aimed to increase profit, 26% achieved this goal. Similarly, 53% aimed to gain more customers, and 41% reached this goal.

Looking ahead, the survey respondents anticipate continued success through revenue growth, cited by 63%, attracting more customers (54%), and expanding their business (27%).

Konstantin Yuganov – stock.adobe.com – illustrative purposes only, not the actual person

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