While confidence remains moderately high, the impact of Brexit, cost-of-living and the COVID-19 pandemic endures, with three-fifths (61%) of respondents saying the recent economic climate has negatively affected their operations.

The survey also found that almost a third (30%) of respondents felt a fear of failure when starting their business. This was mirrored when asked about access to funding, where over a third (35%) confirmed a lack of funding was their biggest challenge when setting up their business.

Conducted by Business Gateway, Scotland’s national business advisory service, the survey gathered responses from 577 women in business around the country, to understand the current landscape for women-led and women-run small businesses.

The findings have been released today, ahead of International Women’s Day.

Councillor Gail Macgregor, chair of the Business Gateway board and COSLA spokesperson for environment and economy, said: “It is positive to see confidence remaining strong for women in business, especially against the backdrop of recent years which have created a challenging environment for small businesses.

“We know and hear regularly from women in business about the challenges they face with imposter syndrome and confidence in seeking funding, especially compared with male counterparts. Our programmes are tailored to address these fears and help overcome them.

“Especially this week, ahead of International Women’s Day, we want to champion the inspiring women driving forward the small business community in Scotland, recognising the impact they have on the country’s economy.”