Survey: 70% of Women Like Being Their Own Boss, Despite Operating In Challenging Business Climate

Female small business owners, including Black women, are remaining steadfast as entrepreneurs despite dealing with adversarial forces.

A new survey by Office Depot revealed amid such burdens some 70% of women reported they like being their own boss and nearly 75% declare their work-life balance has been improved since beginning their own businesses.

Simultaneously, the survey of 1,000 women entrepreneurs showed that 63% that opened before 2022 reported last year was their most challenging year for their business for several reasons They included fatigue, finding employees, funding, and marketing. The survey included about 360 Black women business owners.

Moreover, women entrepreneurs, including Black women business owners, continue to face other obstacles such as raising capital, coping with inflation like other businesses, and generating much lower sales than businesses owned by men. Check out this report and another here. At the same time, for instance, Black women business owners continue to flourish regardless of the potential recession.

And reports have shown women often decide to become their own bosses for many reasons. They can range from having less opportunities versus their male peers and insufficient equal pay. Entrepreneurship can allow them to do something they have a passion for as well as potentially make more money on their own.

Another finding from the Office Depot survey is 55% of the women reported they run their businesses mainly from home. Some 20% stated they have invested over $5,000 of their own money in at-home equipment and tools to help run their business, including buying laptops (36%), printers (35%) and software programs (24%).

The bottom line is while women are confident about their future success possibilities, they are now being forced to find new and innovative ways to navigate ongoing challenges. Over the next year, 59% of women surveyed aim to grow profitability, 53% hope to gain more customers, and 28% expand their business.

“We’re dedicated to finding new, innovative solutions to help our customers achieve their unique visions of success,” stated Wesley Brinkhurst, vice president of marketing at Office Depot. “This survey is an important way for us to better understand their needs and learn what motivates them, so we can continue to find new ways to support them.” Office Depot is a specialty retailer that operates in the nation’s office supply sector.

Office Depot just launched Imagine Success, which the company declares helps fuel customers’ passions, power their potential, and help achieve their goals. And the company reports through April 6, business owners can enter its Success In the Making contest. Winners will get a $500 Office Depot OfficeMax merchandise card. Office Depot and Office Max are owned by ODP Corp.