How to increase the scaling and selling of female-led businesses

According to research, fewer women scale businesses than men. And that’s not just a slightly smaller number; only 4% of visible UK scaleups have a female founder.

So why is that? And what can be done to reverse this trend? Experienced business woman and author Fiona Hudson-Kelly shares her insights and advice.

Fewer women start with scaling in mind

There are, broadly speaking, three different types of entrepreneurs: 

  1. Those who want the benefits of self-employment
  2. Those who started their business to capitalise on a particular skill or idea
  3. Those who set out to grow and exit a business

Many women fall into one of the first two types. They have a skill or idea and want to earn some money doing it while having the flexibility and tax benefits of self-employment. Many women prefer the work-life balance that self-employment offers as well as being able to manage work alongside other commitments, such as childcare.

But it’s the last of these entrepreneurs who tend to scale because they start with the end in mind. Their aim is to grow, so that’s what directs their business decisions. 

If more female entrepreneurs started with a long-term exit in mind, they would identify ways to scale from the outset. They could keep costs low, minimise debt, scale the business, develop a name for themselves, and then sell up for a decent sum of money.

Then they could choose to retire early, or they could use the profit as seed money for their next venture, or perhaps they could invest in other entrepreneurial women and help them grow and exit. 

Why don’t more female entrepreneurs scale their businesses?

There are four key reasons why more female entrepreneurs don’t scale their businesses.

1) Lack of confidence

The main reason more women don’t scale and sell their businesses is simply the lack of belief that it is possible. Maybe they started the business on the back of a good idea or skill, so their focus is bringing in some money from that skill or idea. They may never have considered scaling and selling their business or perhaps they don’t have the confidence to successfully scale and sell their business. 

2) Lack of know-how

Small businesses, sole traders and side hustles tend to require little management. As soon as a business starts to scale, it requires employees, legal frameworks, regulatory compliance, and fiscal management. These are not things easily learnt in the school of life. So, for anyone who didn’t go to business school, scaling a business can be hard and intimidating.

3) Too much focus on details

Many entrepreneurs who do plan on scaling and selling their businesses often get stuck focusing on the minutiae of day-to-day operations. Women in this group are often chronic perfectionists, wanting everything to be just right and struggling to trust other people to get the details right.

It’s those added details that make the business what it is, after all. But it’s still important to keep the horizon in view and hand over certain responsibilities to employees. 

4) Little encouragement or accountability

Life gets busy, and we can find 101 reasons not to take action, especially when no one else is encouraging us or holding us to account. A good coach or mentor can provide inspiration and encouragement as well as hold your long-term plans to account, helping you to maintain that essential long-term view.

How can we support more women scaling and selling their businesses?

So how can we support more women scaling and selling their businesses? Here are three suggestions.

1) Inspiring role models

While men have a lot of role models to choose from, there are fewer high-profile businesswomen to look up to, making it seem like a lottery ticket to success. What’s more, many female-led lifestyle brands rely on curated social media content, obscuring many of the challenges and strategies that they’ve used to gain success.

What we need are more real-life role models for women to look up to and emulate. Women who share their success stories without shying away from sharing the challenges they faced and strategies they employed. With more inspiration, we can cultivate more belief in women that they will be successful business leaders, helping embed that important mindset from the very foundation of their business. 

2) Encourage bootstrapping

Advice for entrepreneurs (of any gender) tends to focus on starting up a business and getting it investment-ready. Of course, this advice can work, but it drowns out other considerations and ways of growing organically.

There needs to be more conversations about how to grow a business, especially without seeking investment. Seeking investment from the outset focuses the mind on chasing potential investors rather than trying to grow a loyal customer base and a good product offering.

It is often far better to keep costs down, bootstrap your initial product range, grow your customer base, develop products in line with feedback, and progress from there. Then, if you decide to seek investment, you will have a far more attractive proposition.

This way, you can continue to grow organically, keeping more of the business for yourself! Yes, it was a lot of hard work, but I am so glad that I focused on scaling my business rather than seeking outside investors.

3) Develop know-how

Scaling and selling a business with multiple employees can be difficult and intimidating. Having some business know-how can be really useful to avoid common pitfalls and ensure that the foundations of the business are in place early on (certainly before they become needed).

Now, there are a lot of benefits to not having this formal education too. Self-motivated entrepreneurs will often be hungrier and more self-reliant – great qualities for any business leader. They will also think a little differently since they haven’t been moulded in the same way as business graduates.

However, while these qualities are an excellent starting place, they need complementing with more formal skills and knowledge if you are to avoid making mistakes and successfully scale your business.

Fortunately, there are a growing number of organisations dedicated to helping female entrepreneurs. See a full list here.

What can women do now to adopt a growth mindset?

The most important thing to help you scale and sell your business is a growth mindset. Whether you have formal education or not, investment or not, a growth mindset will keep you focused on the bigger picture while allowing you to step back where necessary.

One of the most effective ways of changing your mindset is to imagine what your business will look like in three years, five years, ten years. Where will it be without you? Does it work as a scalable business, and if so, what needs to happen to get there?

Try and look at it from all angles. What would you be doing? Who else would you need to hire? Perhaps even work back from your target turnover to figure out how many sales you need. How can that be achieved in a realistic timeline?

Simply by asking and exploring these questions, you will begin to take on a growth mindset. You will also begin to set realistic goals, helping make the process feel more achievable. You can also begin to think of who might make a good mentor or who has succeeded in a similar field that you could emulate to help inspire yourself, grow your confidence, and build on great ideas.

The more women who successfully scale and ultimately exit their business, the more role models we’ll have and a less lonely place it will be. That is a win-win for every woman in business.


Fiona Hudson-Kelly has built two businesses and sold them for life-altering amounts of money. She now helps owners of small businesses scale and exit, enabling them to realise their dreams.

In her new book, ‘Grow and Sell your Start-up; How to create a business you can sell for Millions’ Fiona explains how she did it, and how you can too. 

Photo by Iwaria Inc.