How female entrepreneurs are targeting a successful 2024
Female entrepreneurs are confident of success in 2024, despite wider economic challenges.
Rothschild & Co was delighted to welcome dozens of founders to a Buy Women Built festive shopping event at New Court last week. At the event we asked some of the female founders in attendance for their entrepreneurial stories and outlook for the coming year.
Among those attending the event were Louise Monk, of food brand Popcorn Kitchen, Harriet Inglis of Spacemasks, a company offering self-heating eye masks, and Rene Macdonald of fashion firm Lisou.
Although the wider economic picture is showing early signs of improvement, female founders said high inflation would still be a major issue for businesses in 2024. Rising costs were cited as a particular issue for smaller companies, which are less able to absorb these additional outgoings.
UK CPI inflation has fallen from 10.1% in January to 4.6% in October, the most recent figure available. This fall has offered some respite to households and businesses. However it remains well above the Bank of England’s official 2% target.
Louise Monk, of food brand Popcorn Kitchen
Speaking at the event, Monk said the main challenge facing her business in 2024 was the ongoing state of the commodity market, as corn and chocolate are two of her main areas of expenditure. ‘They're the things that I'm really facing into at the moment,’ she said.
However, Monk was optimistic about her ability to weather any crisis and grow her business in the coming year.
‘The biggest opportunity for me is that I'm an artisan brand,’ she explained. ‘People like to buy things that are a bit more quirky. So the popcorn gifts and treats that I do are fantastic for that.’
Fashion entrepreneur Macdonald said she was looking to expand Lisou’s product range but that ‘the biggest challenge is going to be finding investment so that we can grow the company’.
However, much like Popcorn Kitchen, Macdonald said she was optimistic for the year ahead, even if the wider economic environment is mixed. ‘Being a small independent means that it's much easier for us to navigate choppy waters when they come along,’ she said.
Some 25 businesses and hundreds of customers were in attendance at New Court for the shopping event last week.
We were thrilled to welcome so many female-led companies as entrepreneurship is at the heart of what we do at Rothschild & Co. Since our London office was established at New Court in 1809, we have worked with many founders and business owners.
Yet we have found that while many are highly engaged with their business finances, they can sometimes neglect their own personal finances.
Rene Macdonald of fashion firm Lisou
Rothschild & Co is here to help entrepreneurs grow their businesses and manage their personal wealth before, during and after a sale. This is why we are proud to partner with Buy Women Built, which was founded to support female entrepreneurs by showcasing their brands and harnessing the power of consumer spending.
Monk said she had become part of the group because she wanted to connect with ‘like-minded individuals’ that could support each other and help each other's businesses.
Harriet Inglis of wellbeing brand Spacemasks
Inglis said it was ‘underestimated how much hard work goes into running a small business’, and that the group provided her with invaluable support.
Macdonald added: ‘It has been amazing to meet lots of new people, introduce the brand to new people, and hopefully, I've popped some colour into everyone's wardrobes.’
If you’re an entrepreneur who is growing their company, looking to sell, or has completed a sale, Rothschild & Co can help manage and preserve your wealth. Please get in touch to find out how we can support your entrepreneurial journey.
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