35% of female SME owners say they’ve faced gender bias

New research by AXA UK reveals more than a third of female business owners have faced gender discrimination while running their SME and over half feel pressure to prove themselves more than their male counterparts
In the survey of 500 female small business owners, some admitted to challenges with sourcing funding and being taken seriously
However, 92 per cent of the female business owners questioned said they would encourage other women to go it alone

New research by AXA UK reveals 35% of female business owners have experienced gender discrimination while running their SME while 53 per cent feel pressure to prove themselves more than their male counterparts.

The poll of 500 female small business owners was conducted to mark the launch of the fifth annual AXA Startup Angel competition. It emerged 47 per cent believe there are more risks when setting up a business as a woman due to not being taken seriously, balancing professional and personal life, and imposter syndrome - the persistent inability to believe that one’s success is deserved.

The research comes against the backdrop of a decline in the number of women business owners in the UK. An annual Government survey of 7,800 businesses employing fewer than 250 people conducted last September found that only 15 per cent were owned or led by women in 2023, down from 18 per cent in 2022 and 19 per cent in 2021*.

AXA UK aims to support all budding entrepreneurs with the AXA Startup Angel competition, which offers new and would-be businesses the opportunity to win two top prize packages of £25,000 plus mentoring from the AXA Startup Angels, four successful SME owners. Alongside this, the winners will receive business insurance for a year thanks to AXA, access to a mental health webinar provided by AXA Health and 50% off an AXA Health policy for their business.

Our research shows that women can feel disadvantaged when branching out on their own, struggling to find the support and investment they need to grow their ideas into a fully-fledged business. We want to make sure everyone with a brilliant business plan has the opportunity to make their dreams a reality.

For those just setting out on their journey, the AXA Startup Angel competition offers an injection of much-needed funding to get them started plus support from some of the country’s best entrepreneurs who’ve walked the walk themselves and can offer expert guidance.

Mike Crane, Director of Small Business Insurance at AXA UK

Despite the various challenges, almost half of those surveyed said starting their own business had many benefits such as giving them the flexibility to have more family time, while 43 per cent claimed it has helped set a positive example to their children. It also emerged that 92 per cent would encourage other women to set up their own business.

In terms of financing, the main ways women raised money for their business was through personal savings (65 per cent), as well as family and friends (36 per cent). And 11 per cent also entered competitions which help to fund small businesses, like the AXA Startup Angel contest.

Setting boundaries for work-life balance and building a strong support network were among the strategies cited for overcoming challenges, while prioritising mental health and self-care played a key role for 35 per cent of those surveyed via OnePoll.com**.

Despite the challenges faced by women setting up in business, it’s clear that launching their own startup has been a game-changing decision.

Our research shows there’s a multitude of positive ways in which running a business has been transformative for those who have taken the plunge.

The AXA Startup Angel competition could be the first stepping stone for a budding entrepreneur to take that next step and be their own boss.

Mike Crane

Details of how to enter the competitioncan be found here.

* Longitudinal Small Business Survey: SME Employers (businesses with 1 to 249 employees) – UK, 2023 - GOV.UK

** Survey of 500 female small business owners, conducted on behalf of AXA UK by OnePoll.com in April 2025.

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

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35% of female SME owners say they’ve faced gender bias, but most would recommend starting a business