TLDR
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Many women and stay-at-home moms are starting side hustles and becoming entrepreneurs to help them achieve financial independence.
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Women-led businesses in Canada have increased, with 19.6% of private sector businesses being majority women-owned in early 2024.
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Resources like the Women Entrepreneurship Strategy (WES) and Women Entrepreneurship Knowledge Hub (WEKH) help women grow their businesses.
With the rising costs of groceries, gas, childcare, and mortgage payments, along with the impacts of inflation and shrinkflation, many families are feeling the financial pinch.
In response, many women, especially stay-at-home moms, harness their skills and expertise from previous careers to start side hustles, join the gig economy, and become entrepreneurs. These “Homepreneurs” and “Mompreneurs” are not only supplementing their household incomes but also achieving greater financial independence and fulfillment.
Women-led start-ups and small businesses are on the rise in Canada
The proportion of majority women-owned businesses in Canada has steadily risen over the past few years. In 2023, it was estimated that 18% of businesses, including small, medium and large businesses, were majority owned by women.
The most recent data from the first quarter of 2024 shows that majority women-owned businesses accounted for 19.6% of all private sector businesses in Canada.
From side hustle to business owner
Women and stay-at-home moms looking for ways to supplement their incomes have many potential side hustles to consider, several of which offer the choice to work as little or as much as they want.
Successful side hustles may even grow into more considerable business opportunities. Some women might initially feel unsure about starting their own business; however, there are many reasons to take the plunge.
Looking for ideas?
Here are a few side hustle ideas that might spark your entrepreneurial spirit:
Providing freelance services
Do you write? Are you a graphic designer? Has motherhood made you the best project manager ever? You may have a keen eye for photography. Using websites like Fiverr, Upwork and Freelancer.com, women can sell services and monetize their skills.
E-Commerce
Stay-at-home moms with handcrafted items or digital products to sell can use websites like Etsy, Shopify and WooCommerce to build a store, control branding and connect directly with customers.
Tutoring and teaching online courses
Put your expertise to use by tutoring or teaching online courses with platforms like Udemy and other e-learning portals. These sites provide the tools to reach a global audience. Once a course is live, it can earn income with minimal effort.
If you’re a certified tutor, can teach an instrument, or provide life coaching, you might consider offering remote sessions via video conferencing apps.
Virtual assistant
Earn income by providing remote administrative, technical or creative support. Tasks could include e-mail management, scheduling or data entry. Create a profile on a site like Fiverr or Upwork, and use a professional network such as LinkedIn to connect with people.
Care services
If you’re looking after your children, what’s a few more? However, you don’t have to stick to people—dog walking, pet sitting, and house sitting are all effective ways of earning extra money. Websites like Canadian Nanny and Care.com can be a first step down this career path.
Paid online surveys
Many companies and market researchers want to know what people think of their products and services. Websites like Branded Surveys, Swagbucks and Survey Junkie have many surveys you can get paid to take
Test apps and websites
Developers get people like you to play with their apps and websites to ensure things work before they go live. Sites like UserTesting, UTest, Userlytics, UserCrowd and Enroll can connect you with testing gigs.
Transcribing and translating services
Transcribing involves receiving audio files and typing out what you hear. The files may be videos, audio notes, phone calls or legal proceedings. Check out freelancer sites like Rev, TranscribeMe and GoTranscript for opportunities.
Resources for women entrepreneurs
The Government of Canada has created the Women Entrepreneurship Strategy (WES) to help support women and their businesses. This initiative represents billions in investments and commitments, aiming to increase women-owned firms’ access to financing, networks, and expertise. Under the WES, women may access loans of up to $50,000; they can also find support and mentorship to help grow their businesses.
Another available resource to support women is the Women Entrepreneurship Knowledge Hub (WEKH), a one-stop source of knowledge, data and best practices for women entrepreneurs.
More women than ever are starting businesses, becoming entrepreneurs and securing their financial independence. And with so many resources, grants, loans and support networks, it’s never been a better time to turn your passion, knowledge and skills into a new income stream for you and your family.
