There are more microbusinesses in Australia than small businesses and women owners now make 35% of the business sector nationally, found a new report by the McKell Institute commissioned by NRMA Insurance, featuring microbusiness-owning women from the Mums & Co community. Co Founder of Mums & Co Carrie Kwan shares insights and recommendations and some exciting news for the digital platform that Carrie Co-Founded in 2016.
We’ve always felt that the impact of supporting business-owning women is important, now it’s demonstrably profound. The “Micro but Mighty-Magnifying Microbusiness in Australia” report by The McKell Institute commissioned by NRMA Insurance shares how microbusinesses make a significant contribution to Australia, yet are often overlooked.
Microbusinesses make up 89% of all businesses in the country and are the fastest growing sector of the small business community. The microbusiness sector grew by 14% in the past four years to 2.28 million businesses employing 2.9 million Australians, adding $265 billion to the economy.
Women owners now make 35% of the microbusiness sector – the low barriers of entry and the flexibility afforded by microbusinesses providing the opportunity to earn a viable income whilst caring for their family.
The Micro but Mighty report highlights the positive impact on the community – in economic contributing and employment terms such as employing nearly 40% more people than small businesses, and also facilitating connection, and role-modelling entrepreneurship while caring for multiple generations.
I’m this is true of your business experience and we know it to be true throughout Mums & Co. The diversity of this experience running a microbusiness and connecting to community, is shared in the report with four case studies – such as Elle Sitek, Single Mama Way, which provides virtual counselling service for single mothers, running a business as a sole trader and single parent.
Yet structural barriers persist for Elle and Australia’s 2.28 million microbusiness owners, especially women. They include getting access to strategic support in specialist areas of accounting, finance and marketing and macro emerging threats – be it climate change and cyber security. Of note, 41% of microbusinesses conduct the majority of their business take place online, and for early-stage owners and founders, the personal and business information may be closely linked, making microbusiness-owning women vulnerable to cybersecurity risks.
Helping to derisk the business journey for business-owning women is why Mums & Co was created in 2016 – a digital platform to help women start and stay in business. We’ve always felt that the impact of supporting business-owning women is important, now it’s demonstrably profound.
Microbusinesses make up 89% of all businesses in the country and are the fastest-growing sector of the small business community, increasing by 14% in the past four years to 2.28 million businesses employing 2.9 million Australians and adding $265 billion to the economy.
The “Micro but Mighty- Magnifying Microbusiness in Australia” report by The McKell Institute and commissioned by NRMA Insurance recognises the significant contribution of microbusinesses in Australia. It also identifies critical factors essential for the success of microbusiness-owning women. They include recognising the distinct characteristics of microbusiness owners, structural disadvantages faced by women and the key commercial barriers inhibiting success.
It shows that microbusinesses especially love tech! 41% of microbusiness have the majority of their sales online compared to just 28% for small, 35% for medium and 28% for large enterprises.
Providing resources, experts, strategic guidance and community, we are purpose-built to deliver on recommendations of the report to empower business-owning women to develop their business acumen, build a network and have the confidence to grow their business, while caring for their “Co”.
Which is why we’re so proud to announce that our long-time supporter IAG, the parent company of NRMA Insurance, has recently increased its investment to wholly acquire the Mum & Co business. Together, Mums & Co and NRMA Insurance make a powerful team, giving business-owning women the support they need to start and stay in business. While Mums & Co celebrates the optimism and bravery of building something new, NRMA Insurance prepares and supports them if things don’t go to plan.
Thanks to NRMA Insurance, Mums & Co is offering FREE 12-month Mums & Co Community level subscriptions to help business-owning women and their supporters start and stay in business, while stocks last (terms and conditions available via offer webpage Mums & Co (mumsandco.com.au).