How female entrepreneurs are proving the doubters wrong

Marina Gainulina
02:00pm November 26 2024

Laura Bullock is among a growing number of female entrepreneurs who are forging a path to business success in the face of obstacles that are often bigger than those faced by their male counterparts. 

The number of women managing their own business has increased by 20 per cent since 2014, according to Westpac economic analysis of Australian Bureau of Statistics data, with the growth rate for women-led businesses outpacing that of men. 

However, research also reveals that women still own just 35 per cent of Australian businesses. Meanwhile, a recent study commissioned by Westpac showed that 70 per cent of female small business owners believe it is harder for women to get funding from lenders than for men.

Bullock, who started her business Mode Pilates in 2019, agrees that women often need to work harder to convince potential backers.  

“There’s definitely more doubt when you’re a female entrepreneur,” Bullock says. “People question you more, even when you’re confident.”

Bullock’s thriving business has now expanded to six studios across Sydney’s Northern Beaches and Lower North Shore, with plans to open two more locations in the next 12 months.

Her decision to leave her corporate job and start Mode Pilates was driven by her passion to promote finding joy in movement and spaces where people can come together to connect, even if that meant forgoing a steady employee salary. 

“I was lucky to have a supportive partner, but I still had to bootstrap my first studio. I saved up hard and took calculated risks, like signing a short one-year lease with an option to renew to keep things manageable,” Bullock says.

The first studio exceeded expectations, and within a year she found herself needing to scale up quickly to meet growing demand.

She turned to Westpac for support and secured a scale-up loan which provided the capital necessary to fund the expansion of the business, enabling Bullock to purchase new equipment and hire additional staff. 

“We needed that capital to seize opportunities of premises that wouldn’t come around again,” Bullock says. “Like the Manly studio – I knew that space was a once-in-a-lifetime opportunity. If we didn’t act fast, someone else would have taken it.”

Many women like Bullock are not just overcoming obstacles but thriving in business. Even so, there is still plenty of progress to be made in closing the gender gap and dispelling biases. 

In recognition of this, Westpac in March 2023 introduced new measures to support female entrepreneurs, offering dedicated start-up and scale-up business loans as part of a $500 million commitment to help more women succeed in business.

By October 2024, the bank had already invested $274 million to empower over 726 women, providing the capital needed to start or expand their businesses.

“We want to back aspiring female business owners to achieve their goals, as this not only supports their ambitions but also contributes to economic growth and innovation,” says Tamara Bryden, Westpac Managing Director, Business Lending. “I can’t wait to see more customers turn their business dreams into a reality with the support of our loans.”

After five years in business, Bullock has valuable advice for other aspiring female entrepreneurs: “You have to trust yourself and the people around you, which also means you have to surrender a little bit. You can’t do everything alone. Delegating is key to scaling up.”

She also advises being intentional with both time and money. “For financial well-being, make purchases that align with your values and goals,” she says. “For mental well-being, carve out mindful moments, even if it’s just a podcast during your commute or mindfully enjoying lunch.”

For more information on the Westpac business loans for start-up and scale-ups, please visit: 

Business loan for start-ups | Westpac

Marina Gainulina

Marina Gainulina (she/her) is a Content Producer for Westpac Wire. Before joining the team, she was a commercial and editorial content producer and marketer for global luxury brands including Hugo Boss and Tiffany & Co and has almost a decade of experience in marketing and communications.

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