An informal survey shows that the top three problems encountered by women in starting up a business is finding finance, locating good staff, and getting information to succeed.

While the problems are not unfamiliar to any entrepreneur, the Bermuda Small Business Development Corp. yesterday took a stab at providing first hand information to about 120 women who attended a half-day workshop at the Hamilton Princess.

The survey of 62 women entrepreneurs, who were interviewed by summer students, found over half of the businesses had two to six employees. About 19 percent of the businesses had eight to 19 employees, while 29 percent were one person enterprises.

The women listed finding finance as their biggest problem, with staff and information as their next two problems in starting a business. The study was used as a basis for organising the workshop yesterday.

Bermuda Small Business Development Corp. general manager William Spriggs said a formal study of women in business was completed and will be released by the organisation as soon as the results are compiled.

At the workshop Minister of Development and Opportunity Jerome Dill said he will be releasing details later this week of a new capital assistance programme for businesses. The programme will be administered jointly by the Bank of N.T. Butterfield and Son Ltd. and the Bermuda Small Business Development Corp. The organisation currently provides advice and loan guarantees.

Participants at the workshop heard the experiences and advice of ten women entrepreneurs. Deborah Tannock, co-owner with her husband of Esso City Automart in Hamilton, said since the couple took over the petrol station in 1996 revenues had increased 70 percent.

She said the first challenge was maintaining a stable lifestyle and her relationship with her husband. The second challenge was cutting down on staff turnover.

The couple decided to split responsibilities according to their strengths to deal with the first challenge. They began a programme of training staff and improving their workplace to deal with the second.

Sheilagh Robertson, owner of The Harbourmaster, said she decided to open a luggage and leather goods business without any knowledge of the business. She stressed that women must do lots of research before committing time and money to the venture.

Her research included paying to spend a month at a luggage store in Canada, then taking business courses to become more knowledgeable about accounting.

She also made contacts with suppliers, and visited numerous stores locally and overseas.

She also said women must be fully aware of all the costs before taking their proposal to the banks for financing.

Deborah Tannock BUSINESS BUC