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A recent TAFE NSW study has revealed that over 70 per cent of female Australian small business leaders consider finances a barrier to starting their business; and for young small business leaders, that number is even higher.
It follows reports from the Australian Securities and Investment Commission that women also find dealing with money and understanding fundamental investment concepts more stressful than men.
In an effort to overcome this barrier, Victoria Devine, Founder and host of She’s on the Money – a finance podcast for women – shared practical advice with participants of the TAFE NSW Women in Business Program as part of Small Business Month.
“Women who don’t have good levels of financial literacy when starting a business are more likely to experience stress and low self-esteem, which in the long term could lead to poor business outcomes and cost their business in terms of lost productivity and time,” Ms Devine said.
“I am excited to be working with the TAFE NSW Women in Business program because having a good level of financial literacy can change lives. Women’s economic contributions have never been higher, yet every statistic tells us that women are still behind men in their superannuation, savings, ability to earn, and confidence to make money decisions.”
TAFE Digital General Manager Lyn Rickard said more than 14,000 female business leaders have tuned to the TAFE NSW Women in Business program to build the financial literacy skills they need to get their business off the ground.
“With a third of Australian small businesses now headed up by women, the Women in Business program is designed to provide women in every corner of NSW with access to fee-free online training on how to start or build a business,” Ms Rickard said.
“Depending on what point women are at with their business, they can cherry pick topics from the Women in Business program to suit their needs – whether it be starting with business planning and sourcing grants, or tax obligations as a small business owner and managing cashflow.”
Bec Conlon, who runs boutique stationary brand littlehoothoot, said the TAFE NSW Women in Business webinars addressed the common issues and challenges faced by small business owners.
“I’m a graphic designer by trade so my head is usually in the visual, creative world. I really struggle with the commercial side of things, but this has given me the business and finance skills I need.”
“I’m always looking to find more resources to help grow my business. The Women in Business program gave me the skills to transition from local market sales to a thriving wholesale business.”
The Women in Business program is part of the NSW Government’s Women’s Strategy 2018-2022 and offers flexible online learning from anywhere, at any time. Learn more at www.tafensw.edu/womeninbusiness
Media contact: Sarah Dibdin, TAFE NSW Communications Specialist: firstname.lastname@example.org 0404 291 238.