Study reveals uncertainty among female small business owners

A recent Nationwide Financial study revealed pessimism among female entrepreneurs with regard to 2012's economic prospects.

Nearly three-quarters (74 percent) expect the economy to have a negative impact on their business this year, and more than one-third (34 percent) forecast a sales and revenue decrease.

To compensate, 37 percent plan to reduce hiring over the next one to two years and approximately three in 10 expect to eliminate or postpone raises (31 percent and 30 percent, respectively) over the same time period.

Some believe they'll have to take more drastic measures to keep their businesses afloat. Specifically, 17 percent worry they'll have to lay off employees and just 11 percent believe they'll be able to add or enhance benefits for workers, which are already lacking.

Of the 202 female small business owners interviewed, just 14 percent said they currently offer an employee-funded retirement plan. More than half (53 percent) said they don't provide such benefits due to cost reasons.

Working with a financial advisor can help entrepreneurs reduce expenditures, find funding for improved employee benefits and safeguard their own retirements. However, according to a recent study by The American College, 44 percent of female small business owners have not consulted with an advisor about retirement planning.