Amidst economic difficulties, one in four female small business owners have made personal sacrifices to sustain their ventures, including taking pay cuts, according to a recent survey of 1,000 women entrepreneurs.

This post originally appeared in Talker, by Talker Research.

Furthermore, to navigate the challenging economic landscape, 37% of businesses have increased prices, while 27% are actively seeking cost-effective resources to support operations.

In this study conducted by Talker Research for Office Depot, 53% of respondents described the past year as the most challenging period for their businesses. The top struggles identified include funding (39%) and business growth (30%). Interestingly, challenges have shifted over the year, with marketing now emerging as a primary concern (25%), replacing fatigue from the previous year (23%).

Despite obstacles, many female entrepreneurs have achieved their 2023 goals, including increased profits (26%), expanded customer bases (41%), and business growth (12%). Looking ahead, respondents are focused on revenue growth (63%), expanding clientele (54%), and further business development (27%).

Success metrics for women business owners extend beyond financial gains, with 21% emphasizing community impact and 20% prioritizing increased brand recognition. However, challenges persist, with concerns about inflation (39%) and funding (25%) looming large for the year ahead.

To address these challenges and achieve goals, female small business owners are focusing on financial planning (74%), work-life balance (59%), and mental health (46%). The study underscores the critical need for support networks, highlighting the importance of trusted employees, vendors, and partners to sustain business momentum while maintaining personal well-being.