At a glance
When Lisa Vincent was building her online training platform business, she approached banks for funding to get it off the ground — as many entrepreneurs do.
The response she received was a resounding “No” — an experience she says stood in stark contrast to that of her male counterparts.
“I tried to borrow money from banks and faced a lot of challenges,” she recalls. “But, male contemporaries I spoke to at the time were able to raise funds for their businesses from the banks, without having to secure it against their homes.”
Vincent is not alone in this experience. Research from Westpac reveals that 70 per cent of female small business leaders believe it is harder for women to get funding than it is for men.
In Vincent’s case, she successfully launched her business HowToo after turning to fund options like government grants and accelerator programs, then reaching out to investors to secure further funding.
Joyce Ong CPA tells a similar story about the gender bias she is acutely aware of as CEO of Tax Nuggets Academy, an online learning platform for SME accountants. Ong explains how she avoided telling people she was pregnant until she could no longer avoid it, worried the news would negatively impact her business and discourage potential new employees and investors.
“I was nervous about sharing the news,” she says.
“I really wanted to make sure the timing was right, so I could control the narrative. Whereas for men, it’s like, ‘Hey, I’m having a kid,’ and that’s it. No second thoughts, no concerns,” Ong says.
The impact of societal gender expectations
One in three small businesses in Australia are now run by women and that number is growing. However, there are some clear hurdles many women in business face, particularly in securing funding, managing burnout and gaining access to networks.
A recent survey from SHE-com shows 81 per cent of respondents feel societal gender expectations have made their entrepreneurial journey harder.
Lisa Jones, CEO and founder of SHE-com, says there is an unspoken pressure to raise a family, manage households and run successful brands for many women — and to do it without complaint.
“As accountants and financial professionals, it’s essential to recognise that when a female SME client seems cautious or hesitant about financial decisions, it’s not always about numbers,” she says.
“Sometimes it’s about permission. Encouraging them to dream bigger and backing that up with solid financial planning can be game changing.”
Offering proactive forecasting, scenario planning and access to business-model insights can help remove the fear of “What if I fail?” and replace it with “Here’s how I could thrive,” Jones adds.
It also helps with the very real impact of burnout, which is a major challenge, with almost 80 per cent of respondents finding work–life balance difficult to maintain, with many overwhelmed by personal and professional responsibilities.
“Burnout is one of the top issues affecting female founders. It’s not just about workload — it’s about mental load. When you validate ambition with clear financial strategy, it has a ripple effect that goes well beyond the spreadsheet.”
The importance of empowering networks
Networking opportunities are also something that can help female business owners address some of these challenges, says Kate Harper, CEO of Apropela (formerly Heads over Heels), a business networking organisation.
“The women who started Apropela work in venture capital and saw that while many women start businesses, they often don’t scale them as much as men do,” Harper says.
There are a few reasons for it, she adds — one being that women tend not to build business networks as confidently or naturally as men do.
“Men are happy to go and have a round of golf and talk business, whereas if women typically have that time available, [they’re likely to] invest that in family and friends.”
Pitching at networking events is also a skill that many women have not learned, Harper says.
It is something that Apropela member Ong says has been invaluable.
“The biggest lesson I’ve learnt recently is that networks are so important,” she says.
Vincent agrees. After being told she should learn to pitch like a man, she questioned what that actually meant and found help through networking to learn how to pitch.
“How you develop that style, but still be true to yourself, is something I’ve had to learn — particularly in the world of venture capital, where you need to be very confident about what you’re going to achieve and the return you’re going to bring for those investors.”
The significance of safe spaces and knowledge-sharing
Offering financial education sessions is also a great tool for female entrepreneurs, Jones says.
“Financial professionals can collaborate with coaching communities to provide education or host financial literacy sessions specifically for female-led brands.
“Create safe spaces for questions and provide resources tailored to how women learn and lead,” she says. “When education, access and empathy come together, you’re not just closing gaps — you’re building futures.”
