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By Geraldine Keogh
As a mother-daughter duo running a business, my daughter and I went through some of the hardest times of our lives during the pandemic. More than two years later, we are still dealing with serious challenges such as workforce and supply chain issues that threaten our business every day.
Female entrepreneurs traditionally face more challenges when starting a business, and existing gaps for women only widen when times are tough. According to an earlier study by Goldman Sachs, 48% of women-owned small businesses report experiencing financial difficulties, compared to 39% of our male counterparts.
In addition to continuing gender gaps, inflation, labor shortages and supply chain issues make it difficult for us to succeed. A new survey of graduates of Goldman Sachs’ business education program, 10,000 Small Businesses, recently found that 78% of small business owners say the economy has gotten worse in the past three months. It also found that 93% are worried that the US economy will fall into recession in the next 12 months.
But amid historic economic challenges, 65% of small business owners say they are optimistic about the financial trajectory of their business this year.
Women entrepreneurs in particular represent hope for the economy and our country.
Nothing is more emblematic of the American dream than starting a small business. It defines your financial future and has a lasting impact on your community. That’s why millions of Americans are trying to build their own business, eager to turn their passion into reality. As an immigrant from Ireland, I have been fortunate enough to live this dream with my family since we opened Dessert Ladies in 2010.
While entrepreneurs can creatively maneuver through economic turmoil, we need outside support and investment to ensure that women-owned small businesses can withstand future challenges.
Government initiatives like the Wage Protection Program and the Economic Injury Loan have been a lifesaver for many. For me, the Goldman Sachs 10,000 Small Businesses was my lifeline, bracing my company for what might happen. Using the skills I learned in the program, I was able to open a second business using my news skills.
Although I have been fortunate enough to overcome the dual challenges facing small businesses and women, there is still much work to be done if we are to lift the spirits of other women. We need to make our voices heard because our businesses are key to economic recovery locally and nationally.
To achieve this goal, the government and the private sector must come together to find a solution. That’s why I’m joining more than 2,500 entrepreneurs at the Goldman Sachs 10,000 Small Businesses Summit on July 18 in Washington, DC. The event will be the largest gathering of small businesses, a community I am proud to be a part of.
Most important to me is making sure the government follows through on its promises to open up its federal contracts to more women- and minority-owned small businesses. The government should also improve and strengthen policies and programs designed to help small business employers and employees with the high costs of childcare. We also need to see a modernization of the US Small Business Administration (SBA), which has not been reauthorized since 2000.
Despite obstacles known and unknown, I am encouraged by my fellow female entrepreneurs who continue to forge ahead. Spanx founder and CEO Sarah Blakely said, “Don’t be afraid of what you don’t know. This can be your greatest strength and ensure that you do things differently from everyone else.” We must remember that our ability to move puts us at the forefront of innovation.
Geraldine Keough is the owner of The dessert ladies in Stirling.
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