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When people talk about “the gender pay gap” it is widely understood that on average male employees earn more than their female counterparts. The gender pay gap also exists with small business owners. Although the number of female entrepreneurs is growing, their bank accounts are not. A study in the US shows that male business owners pay themselves on average USD17,400 per annum more than their female counterparts.
Even more concerning, is that this pay gap exists when women pay themselves a set salary. According to the 2016 American Express OPEN Small Business Monitor study, women business owners are less likely to take a salary compared to male owners. 57% of men pay themselves a salary compared to 42% of female entrepreneurs.
We do not believe that this inequality should exist, and we would love to help close the gender gap, so women are paid what they are worth.