Women of diverse backgrounds standing together

The right advice can make all the difference for aspiring female entrepreneurs

Women entrepreneurship is growing in Canada. Females currently account for 37% of self-employed Canadians and are majority owners of approximately 17% of small and medium-sized enterprises according to the Women Entrepreneurship Knowledge Hub – a part of the government of Canada’s Women Entrepreneurship Strategy.

While the number of female entrepreneurs in Canada has grown over the past decade, women still face barriers that their male counterparts do not.

We can provide the right financial advice before you launch your business and help you close the gap.

By the numbers

Studies show that by advancing gender equality and women's participation in the economy, Canada could add up to $150 billion in GDP.


Women entrepreneurs have higher education levels and tend to be younger than men entrepreneurs.1


Women are less likely to seek and receive financing than men (32.6% vs. 38%) and firms owned by men are more likely to receive venture capital or angel funding and other forms of leverage such as trade credit or capital leasing.2

8 financial tips to help start your business off on the right foot

1. Boost your financial literacy.

Equip yourself to make smart decisions about how you fund, launch and grow your business. Subscribe to financial and business publications, sign up for seminars, join a female networking group and consider finding a mentor – an experienced female entrepreneur who can share her own challenges and successes.

2. Create a plan to ensure adequate cash flow.

A comprehensive financial plan will project expected cash flow needs in the short term as well as into the future. In some cases, cash flow needs might mean keeping your day job while you launch your business on the side. In others, you may want to establish an emergency line of credit or take other steps to ensure you don’t run out of money before your business is profitable. Circling back to the plan on a regular basis will ensure you are staying on track.

3. Limit your financial risk.

Female entrepreneurs often rely on personal or family savings as the main initial source of funding and may use personal or business credit cards more frequently. Through your business and financial plan, we’ll consider your financing options and help you work through what starting a business will mean from both a financial and personal standpoint.

4. Explore government funding options.

The federal government offers business grants and financing, and other funding for women to help them capitalize on opportunities and grow their business.

5. Don’t work for free longer than you need to.

Once your business starts becoming profitable (in other words, once your revenue – expenses = profit) take a regular paycheque from the work you do.

6. Safeguard your credit.

A high credit score is a reflection on how trustworthy you are as a business owner. Be sure to pay bills on time, take on smaller loans, avoid maxing out your credit cards and make regular payments.

7. Get insured.  

Women who run their own business often juggle different roles on top of being their own boss – breadwinner, caregiver and mother – and they more commonly will use personal sources of financing to fund their venture. If this applies to you, it’s crucial to ensure bills are covered and you are protected in case of emergency or illness. Consider a disability income policy to provide income in case you’re not able to work and add additional protection with a critical illness policy that pays a tax-free lump sum benefit.

8. Don’t forget about taxes.

Know what taxes you can expect and how they apply to the type of business you own. Find a knowledgeable small business accountant who can help you navigate the system.

We can help

We’ll guide you through the financial aspects of launching and growing a successful business, help you maintain a solid financial cushion and plan for your future. We can also connect you with lawyers, bookkeepers or accountants and we are happy to coordinate with your existing network of professionals.  

Talk to us today to learn how you can maximize and protect your finances as you launch your new business.



1 The State of Women's Entrepreneurship in Canada 2022 (wekh.ca)

2 WEKH | The State of Women’s Entrepreneurship in Canada: 2020