Less than 20% of all businesses operating in the UK are run by women and the rate of business start-ups is slowing.
This is according to analysis of Companies House data by Prowess, which also reveals that women-led businesses receive just 5.8% of all investment.
In our Women in Business series, we speak with women leading their respective fields and tell us how they overcame challenges and how others could do the same.
Today Jess Sharp, Live Money Reporter speaks with Lemon Fuller, former dancer, choreographer, singer and founder of Lemonade Dolls.
Lemon’s business grew from an Instagram page she created while returning to London after living in Los Angeles for three years.
After spending a decade in the entertainment industry being criticized, her goal was to build a community that uplifts women.
“I was told if I was good enough, pretty enough, thin enough, fat enough – you name it. I think that was really the heartbeat of building such an inclusive brand,” she says.
Read the latest consumer news here
She has spent much of her life working on shows such as Strictly Come Dancing and Comic Relief, as well as working with global music stars.
She toured the UK as the opening act for Little Mix before being signed by a record label in Los Angeles.
“I have no regrets, it was absolutely incredible and I worked very, very hard to get where I got to. I worked hard every hour of every day, but after 10 years I needed a change.”
“The Nike of lingerie”
After her Instagram page gained thousands of followers, she decided to move her account into the lingerie business which we now know as Lemonade Dolls.
Starting with no money and no team, she went on to raise more than £3 million in investment and build a business she says is worth £17 million.
Its goal is now to become the “Nike of lingerie”.
“I want it to be a better mass market, where everything is recycled and sustainable. I want it to be accessible to as many women as possible, and that’s why our price and where we store is so important,” she says.
“We want to at least be a major player in the lingerie industry, where every woman feels like we have met their needs.”
And Lemonade Dolls is already on the right track.
More money:
Should you put money into savings or retirement?
£200,000 salary and why it happens if you don’t use airplane mode: secrets of a pilot
“I’m a nanny – that’s what society has wrong with raising children”
Its products are sold in several countries, including the United States, New Zealand, United Kingdom and throughout Europe.
Although its sales come primarily from online, it has entered several stores, including John Lewis and Nordstrom.
“We’re here because our customers are so epic. We’re still learning…but once you buy Lemonade Dolls, you keep coming back. Our repeat customer rate is so high,” she says.
“We don’t really use celebrity endorsements: our customers are our ambassadors and we just use word of mouth. »
“You are as good as the last pair of panties you sold”
Despite her determination and passion, Lemon says she made “mistake after mistake after mistake” and nothing in the business happened quickly for a long time.
In the early years, she only held the position of founder, but three years ago she took over as CEO and took the company to new heights.
“I didn’t have any products, I didn’t know the factories, I didn’t know where to make them, I didn’t know anything but I didn’t have any money, so I just tried to find influential people who could help me,” she says.
“When I became CEO, I was really able to run the company the way I wanted to, taking a lot of risks.
“But we’re not going too far, you’re only as good as the last panties you sold.”
How to deal with a room full of male investors
One of the keys to her success was learning to face a room full of male investors and convincing them that the underwear market was big enough for Lemonade Dolls.
“The most important thing I’ve learned to succeed in this environment is to match their understanding of numbers and be willing to ask them questions,” she says.
“Some people said I shouldn’t have to do that, but I’m not angry about it. Ultimately, it made me grow and no one knows the numbers better than me. That’s how I was able to get respect and investment.
“No one knows your business better than you, so make sure you know how to express it. »