Female entrepreneurs are still underrepresented in business, but the numbers are growing.
The Rose Review Progress Report 2022 showed that more women than ever are creating new businesses. The number of new female-founded businesses is increasing by over a third each year.
However, this still only equates to 20% of new businesses. Progress is being made, but there’s still a way to go.
Role models and success stories are key to inspiring young, ambitious women into entrepreneurship. One such success story is that of Margaret Dabbs OBE, who founded her brand Margaret Dabbs London in 2004, starting with clinics before creating a range of products for feet, hands and legs.
Dabbs was recognised for her services to business and podiatry with an OBE in the 2023 New Year’s Honours List.
“If you’re thinking of starting a business, don’t let your gender hold you back,” says Dabbs. “Believe in yourself and go for it. Be passionate about your ideas, listen to everyone and take advice from people around you, but make your own decisions.
“I stayed focused on my ideas. There have always been a lot of opportunities, as there are with any good businesses, but the key is not to get distracted.”
She continues: “I don’t think I was taken seriously in the early days – I was viewed merely as a ‘housewife’ with a hobby or idea. I’m self-taught and had to learn quickly as it was my money on the line.
“I soon realised that I was quite good at what I was doing, and the constant approaches from retailers and press made me realise that my idea was a good one – and it has been amazing that they have shared my vision.”
Dabbs says the landscape for ambitious women in business has changed since she started out.
“However, it still shocks me when I attend an important meeting and I am the only woman in the room,” she caveats.
“It never ceases to amaze me how many corporate global beauty brands have men in the top posts – even though these men are often not the target customer and are not ‘involved’ in the business.”
Cash flow is king for any startup, as Dabbs attests. “It’s really important to be careful with cash and remember you must bring in more money than you are spending – cash flow is the key to getting a business off the ground,” she says.
“Make sure your business model works – keep it simple and don’t overthink. And most importantly, keep your focus and don’t be distracted by lots of other opportunities around you.
“A good business idea will always throw up lots of opportunities, but don’t be tempted to keep changing direction; focusing on what you set out to do is key.”
Dabbs says another important piece of advice she received is making sure she didn’t become tied up with bank loans – therefore risking losing control of the business.
So how did she feel when she found out she was being awarded an OBE?
“Shocked, thrilled, and humbled,” she answers.