How Women Entrepreneurs Are Growing Their Businesses In Canada

Women entrepreneurs were hard to find a few years ago, but the gender dynamics are shifting. Many women break the glass ceiling to make their mark in the industry. Females are no longer considered fainthearted and excessively empathetic individuals who prioritise families and relations over building a high-growth business. They are challenging gender stereotypes and setting new standards of entrepreneurial success. Jenny Bird, Shahrzad Rafati, Susan Niczowski, Michele Romanow, and Carol Leaman are some business leaders who have showcased their prowess as female entrepreneurs.

The list is growing, and the government is offering all the required support to push them ahead. The number of women entrepreneurs has risen in the country, and they have been effectively contributing to economic growth and sustainability. Although gender pay gaps still haunt the sector, the progress of females in entrepreneurial roles is commendable. Here is how women entrepreneurs are growing their businesses in Canada despite challenges and limited representation.

1. Women Entrepreneurship Strategy

According to the State of Women’s Entrepreneurship (SOWE) annual report, only 18.4% of all businesses in Canada were owned by women in 2023. Although the percentage has increased from 15.6% in 2017, it is still small. This is why the government is leaving no stone unturned in enhancing female participation in business ownership. They have launched the Women Entrepreneurship Strategy, which has $7 billion in investments and commitments to support women entrepreneurs.

The strategy has made it easier for females to secure funding for starting a venture or buying an existing business for sale in Canada. The government is making efforts to create an inclusive entrepreneurial ecosystem that welcomes women and is accommodating. They have also set up a knowledge hub to help women access information, data and best practices to lead an organisation.

2. Networking and Associations

Women support each other and act as guiding lights for others who want to build a brand for their unique ideas. Besides the government offering training and mentoring programs to women entrepreneurs to increase their representation, there are many groups where female business owners collaborate. They come together to learn, unlearn, and bond at events and industry workshops. They stay in touch through social media and keep track of industry trends that must be adopted.

The inclusive business networks comprise men who are willing to support women in their endeavours and allow them to grow. These groups of like-minded people meet often to discuss strategies, find new opportunities, understand upcoming trends, find talented employees and enhance entrepreneurial skills.

3. Focus on Supplier Diversity

Supplier diversity is helping women entrepreneurs to grow their businesses. It allows them to sell their goods to big companies and government buyers to expand their reach and profit levels. Many reputed brands are making it a point to diversify their suppliers and include female representatives in the vendor’s list. It helps to give them opportunities to grow.

Many aspiring entrepreneurs who purchase businesses for sale in Canada are using procurement diversity to enhance their brand’s image. It is also helping grow local economies since many women-led businesses are small-scale entities often run from homes. Local procurement increases sustainability and boosts supply chain management for big businesses.

4. Self-Confidence and Patience

Women entrepreneurs are often perceived as apprehensive and hesitant. However, this is far from the truth. Females are as empowered and confident as their male counterparts. They are full of self-belief and have the patience to grow a business from scratch. Women are more adaptable because of their inherent ability to withstand emotional and physical challenges. They have better intuition and can judge people quickly.

They often use a problem-solving approach to avoid conflicts, which increases efficiency and showcases exemplary integrity and honesty. They are more reliable than men, making them the best people to work with and partner with. Also, they are excellent at multi-tasking because they manage household chores. All these qualities make them equipped for leadership roles.

5. E-Commerce and Tech Support

E-commerce has become the most potent tool for reaching new markets and expanding with minimal spending. It has also helped several women entrepreneurs to take their businesses to new customers and heights of success. Online sales are rising in the country because of the convenience of doorstep deliveries. It has allowed many small businesses to thrive because they do not need a big workforce, equipment or operations to generate ROI.

Many new entrepreneurs purchase Canadian businesses for sale that have adopted automation and e-commerce to leverage advancing technology. This allows them to reduce expenses and increase productivity. They can also enhance customer service with the help of customer relationship management tools AI-powered predictive analysis and chatbots.

6. Creativity and Innovation

Women entrepreneurs are more innovative and creative because they have the inbuilt quality to be more resourceful and original. They are poised to bring diverse perspectives to the table and consider the values and ethos of each customer segment while creating products and marketing campaigns. They have ground-breaking ideas that can change the industry and focus on quality management and enhanced customer service.

Women entrepreneurs are more concerned about buyers and their needs, making them more customer-centric. They constantly work to improve offerings and tailor marketing messages to effectively cater to the needs of the target audience. They are more open and flexible to changes and showcase resilience through challenges like the recent pandemic that affected retail businesses.

7. Do More With Low Investment

Women entrepreneurs are doing more with less. They are breaking barriers in the competitive marketplace by using cost-effective strategies to succeed. From leveraging government support to using technology, they are using everything to reduce operational costs and increase returns. They hire more women in their organisations to increase representation and increase output with flexible work arrangements and wellness initiatives.

They find low-investment business opportunities in Canada to grow their entities and become solid players. They have better financial acumen and management expertise since they can manage household responsibilities and professional duties. They take calculated risks and have contingency plans in place to fight problems.

Wrapping Up

Women entrepreneurs have been growing in Canada and their efforts are being propelled by the government to increase inclusivity. They are taking giant strides towards representation in the entrepreneurial domain and will soon make their presence felt in bigger numbers.