Not-for-profit organisation Global Sisters is encouraging consumers to put their money into gifts that positively impact women-led micro-businesses to change the trajectory of small business survival rates.
There are 2.3 million small businesses in Australia, with just 30 per cent owned by women. However, the survival rate of small businesses enduring more than five years is less than half; 38 per cent fail because they run out of money and 19 per cent because of a flawed business model. Sole proprietors are said to have the lowest rate of survival.
Launched in November 2020, Global Sisters Marketplace helps make business possible for women facing barriers to mainstream employment, enabling them to move towards financial independence through business.
“This year, we’re looking to support our Sister businesses by encouraging all Australians to #GiftHerBrilliance by shopping the marketplace and help make a real impact with their purchasing,” says founder, Mandy Richards.
KPMG suggests that Christmas spending has started earlier than last year, while Roy Morgan forecasts that Australians will spend $63.9 billion in the pre-Christmas sales period. Further, a report shows that 88 per cent of Aussies say that a business or brand’s values and ethics matter to them.
“Consumers are becoming more value-driven when it comes to their shopping,” says Paul Zahra, CEO Australian Retailers Association (ARA).
“They resonate more strongly with the brands that reflect the social and environmental issues that are important to them, so issues like sustainability are becoming key issues for businesses in terms of their customer relationships.”
Fiona Harrison, founder of the first Indigenous chocolate business in Australia—Chocolate On Purpose—started her business as a hobby. The 58-year-old Wiradyuri yinaa (woman) aspires to survive the five-year ticking clock and become financially independent.
“I aspire to become financially independent as a foundation for my retirement,” she says.
“I’ve chosen to do this through a business because it also provides me with a platform to become a change maker on the Australian business landscape.
“Fewer than 20 per cent of business is Indigenous-led and it has been proven that successful Indigenous business is a means of inspiring the community to reverse intergenerational financial marginalisation contributing to closing the gap.”
The Global Sisters marketplace has over 390 women-led, ethical businesses and over 4,000 products on offer.
“Every dollar spent is making an impact on women-led businesses in Australia. Sales from the marketplace is generating income and financial sovereignty for women and creating a positive ripple throughout their communities,” adds Richards.
