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Help available for women entrepreneurs

May 13, 2021   ·   0 Comments

While many businesses have been adversely impacted by the COVID-19 pandemic, businesses run by women have been hit harder than most. Research conducted long before the current economic crisis has shown that women entrepreneurs are more likely to own businesses in service sectors, including businesses in hospitality, food, personal care, and travel. These industries are among the hardest hit by pandemic restrictions with lockdowns forcing the temporary closure of many small enterprises. At the same time, women are also less likely to incorporate their companies, opting instead for smaller, sole proprietorships which can have more difficulty accessing funding and attracting investors. Some government incentives that are available to corporate entities are out of reach for these smaller companies.

Another factor influencing the impact of the pandemic on female entrepreneurs is the fact that women are more likely to take on the responsibility of child care. Frequent school closures have necessitated home-based learning under the supervision of adults, usually women. This has resulted in women having to shutter operations in order to focus on family priorities. These factors have exacerbated the negative impacts of the pandemic on women-led businesses and they’ve made it difficult for female entrepreneurs to rebound. Studies show that women-led businesses take an average of 10 weeks to get back up and running, twice the amount of time that it takes companies operated by men.

To address some of the challenges faced by women entrepreneurs, programs and resources have been developed to strengthen capacity and increase chances for success.  Among the agencies delivering targeted support is Innovation Guelph, a Regional Innovation Centre that services Guelph, Wellington and Dufferin County. Innovation Guelph runs two business support programs created specifically for women including Rhyze™ Ventures and Rhyze™ Up.

Rhyze™ Ventures uses in-class learning, practical hands-on project work, mentorship, and peer-to-peer networking to address business challenges and encourage entrepreneurs to reach their business goals. Owners who have been negatively affected by COVID-19 may find the resources and support needed to re-examine their businesses and get back on track. Registration for this program is open until May 31 and can be completed at www.innovationguelph.ca.

The Rhyze™ Up program is open to women business owners looking to advance their businesses. It is an accelerator program that addresses the unique aspects of women-founded companies. Owners facing technical challenges, marketing and sales issues, management concerns, and more can receive mentorship, leadership coaching, and access to subsidies for project implementation including $5,000 to $10,000 in support for business scale-up services.  To be eligible for Rhyze™ Up, the woman-led company must be scalable and have a minimum revenue of $200,000. 

The pandemic has been challenging for most business owners but for women entrepreneurs dealing with multiple issues, the pandemic has been particularly trying.

For more information on programs for women entrepreneurs, visit www.innovationguelph.ca.

Ellen Sinclair is the Co-ordinator of the Orangeville & Area Small Business Enterprise Centre (SBEC). She can be reached at esinclair@orangeville.ca or 519-941-0440 ext. 2270. To sign up for notifications of SBEC programs and events visit www.orangevillebusiness.ca/subscribe.

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