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A majority of female business owners expect their companies to grow over the next two years, but most don’t want to raise prices—and they’d like to avoid risk, says a new report.Four in five women hope to grow their businesses “substantially” or “at least a moderate amount” by 2013, according to a survey of some 700 female business owners done by PNC Financial Services Group. Eight per cent were content with the current level of business, one per cent plan to scale back, and three per cent expect to close.
Most women are in it for the long haul: Just seven per cent hoped to sell.
About 40 per cent said they’re willing to accept moderate risk to grow their businesses, but the majority prefer the conservative (or balanced) approach. Over half (56 per cent) say they rely on new ways of doing things to make business decisions, compared to 44 per cent who prefer to stick with what has worked in the past. Nearly two thirds (62 per cent) said they’d rather rely on their own ideas as opposed to others’.
Other findings: Asked what drives them, 45 per cent of respondents said it was passion for their business. Just under a quarter (22 per cent) cited “financial success” as their main motivation. And when looking for professional advice, about half (49 per cent) consult their spouses most often, followed by professional advisers (40 per cent) and peers (30 per cent).
In July, PNC released the first phase of findings, showing that women business owners feel squeezed by the economy. Just 15 per cent plan to hire new employees in the next six months, while 72 per cent expect to reduce expenses.