Why the Cost of Living Crisis Can Present New Opportunities for Female Entrepreneurs

THE cost of living crisis presents a unique opportunity for female entrepreneurs, a leading entrepreneur says.

Daniella Genas, founder of Be The Boss, says that as tough as the current landscape is there are reasons to be optimistic.

Business growth expert Daniella, who gave the keynote speech at the Birmingham Black Business Show earlier this month, said: “The last few years have been particularly trying for most and especially small business owners. Between Covid, Brexit and the war in Ukraine, it has been a challenging time. And now, the cost of living crisis is presenting its own set of challenges.

“For female entrepreneurs specifically, could this current crisis present opportunities for success? Yes. It is often said that in the midst of challenges golden opportunities are often just waiting to be discovered.

Daniella continued: “Historically, women have been the ones to manage the household budget, balancing the needs of the family and ensuring financial stability. It is therefore likely mainly women that are bearing the brunt of trying to manage the soaring prices during this crisis. They will be a lot more conscientious with how they are spending and looking for budget friendly alternatives. This increases demand for innovative and cost effective alternatives which female entrepreneurs may be able to fulfil through the development of new products/services.”

Daniella said the cost of living crisis has driven up competition in many areas.

She said: “With businesses and individuals tightening their purse strings, the overall business landscape has become more competitive. This means that relying on just one revenue stream and being comfortable, may no longer be viable for many business owners. Being innovative and harnessing new technologies and new ways of working is going to be essential across the board. This presents an exciting opportunity for female entrepreneurs to explore new business models, revenue streams, and develop new services and products across various industries. It also means that those in employment may also find now to be a necessary time to start a side hustle.”

According to Daniella e-commerce presents a particularly good opportunity.  She said: “The many advancements in digital technologies mean new enterprises can be launched with relatively low start-up costs. The digital economy, particularly e-commerce is an area that female entrepreneurs can harness as they provide flexible platforms enabling them to juggle other entrepreneurial pursuits as well as any caregiving responsibilities which we know disproportionality fall to women.”

Daniella says joining networks and support-groups is also a great way to cope with the present challenges.

“The cost of living crisis also presents an opportunity for an increase in female led groups, networks and mentoring programmes. Female-led communities provide a space where women facing similar challenges can come together and share their experiences. During a cost of living crisis, women may encounter unique struggles related to financial hardships, work-life balance, caregiving responsibilities, and more. A cost of living crisis can be emotionally overwhelming, causing stress, anxiety, and uncertainty. By providing a safe and empathetic environment, these communities can help alleviate stress and promote mental well-being. Whilst this may not immediately seem like an opportunity to gain financial benefit, female led entrepreneurs that spearhead these communities and initiatives, may find that they are able to charge low amounts but build revenues through the volume of membership.”