Encouraging Entrepreneurship for Women

An article authored by Victoria Johnson, Founder and CEO of VetCT.

Victoria Johnson is a veterinary radiologist with true entrepreneurial spirit – where others see problems, she looks for solutions. After completing her residency and working overseas, she initially set up a peripatetic ultrasound service. It was during this period of her career that she began to receive an increasing number of requests from former colleagues around the world to provide remote expert interpretation of CT scans.

Thus, VET.CT was born, growing into an expert teleradiology service with reporting of X-ray, CT, MRI, ultrasound and scintigraphy for all species, 24/7, with additional specialist consultancy and education content and services. From humble beginnings in 2009, Victoria now leads a global team of over 280 people, with clients in over 30 countries. Her values-led leadership and desire to have a true, positive impact for people and patients have been the hallmark of her business, attracting cross-industry recognition as the Most Inspiring Senior Leader in the 2023 Great British Workplace Wellbeing Awards, and Entrepreneur of the Year 2024 in the everywoman in Technology Awards.

Veterinary Women was delighted to catch up with Victoria about encouraging entrepreneurship in our community.

How did your journey to entrepreneurship start?

I’ve always liked creating things and enjoy coming up with new ideas, so that side of entrepreneurialism is probably quite natural to me. I had been working in America and seeing people starting to use teleradiology, but I wasn’t particularly aligned to how they were doing it. It seemed very commoditised, and I was more used to writing radiology reports that were all about the individual patient and trying to be as helpful to the clinician dealing with that patient. I wanted to do it in a more detail-driven way – showing there’s more than one way of doing it. When I came back to the UK, former colleagues were contacting me, saying “We’re in Australia and now we’ve got a CT scanner – can you help us interpret the images?” So, there was a direct link between the problem and solution I felt I could provide in the way I wanted to. I think that’s the key asking yourself these questions:

What problem are you trying to solve?
How does your solution fix it?
Why is your solution different or unique?

Can you tell us about what it’s like to be an entrepreneur – the good, the bad and the ugly!

The good bits are the absolute excitement of being able to try things and if they fail, try again. You can experiment and take control of your destiny, so it provides freedom to some extent. Also, it’s never boring – I never clock watch at work! Every day is different. I’ve learned things I never thought I would – all sorts of things like accountancy, technology and HR. Most importantly, it provides you with the knowledge that you’re making a difference. I feel quite honoured to have the opportunity to have an impact. Another huge positive is the people – I love being around people and I get my energy from working with our fantastic team, clients and partners.

The bad is the flipside of all of that! Yes, every day is different and while that is interesting, but that means every day you face uncertainties and it’s quite tiring. We are used to having some uncertainty in practice – you never know what’s going to walk in through the clinic door – but I have to look at my diary every single day and each day can be completely different with no consistency, and you’re not necessarily prepared for what’s coming your way. There’s also risk – you’re putting a lot on the line, risking your money, your reputation, your ideas, and once you have a team, you’re exposing other people to risk. It’s an enormous responsibility.

In terms of the ugly, it can be stressful! You can have feelings of inadequacy – like you’re not good enough, or sometimes you don’t know what you’re doing. Then there’s impostor syndrome – why on earth are you in this position of responsibility for these people?! Also, it’s really hard work. I don’t think any entrepreneur would say it’s easy. It can feel like a treadmill you’re on and you can’t really step off. Sure, you can have holidays, but I don’t often have a day where I can completely switch off because there is always that sense of responsibility in the background.

I don’t want to scare people or put them off – despite the challenges, you can absolutely develop coping mechanisms. I’m in a much better place to manage the stress and workload now and have a lot more balance in my life. I wouldn’t change my path – the downsides pale in comparison to the benefits of having a meaningful impact, loving what I do and working with such an awesome team!

What have been your biggest hurdles and learnings?

I think the biggest hurdles are psychological – some things are just quite scary and the biggest learning is that you have to be brave. I’ve found more courage in this job than I ever thought I would need, or was capable of because you simply have to take big, bold decisions and stick to them. At the beginning, those decisions were quite small. I remember funding a CT course and I had to put down a deposit of my own money to hire all the computers. It felt like a huge risk and terrifying at the time. Everything since then has been similar, but on a growing scale. Should you hire your first person? Should you open an entity in Australia? Should you launch a new service? There are commitments of time and money, with risk and every junction. Fear can be a big hurdle but by being brave you can overcome it.

There are also practical barriers, like accounting and HR. You have to embrace learning new skills, and I’ve discovered you can always find helpful people who are really willing to help you. People are so generous with their time and expertise and often they don’t even want to be paid. There are also lots of great resources out there, so don’t be afraid to ask for help and try new things – you’ll surprise yourself with what you can learn and do. I wish I had benefitted from mentorship in the early days, but I now have mentors and a peer group of other female CEO’s from a range of industries and we discuss the challenges together and share solutions and support.

Funding can of course be an issue for entrepreneurs. I’m fortunate in that VET.CT was always self-funded and very quickly worked as a business, making sufficient money to reinvest in growth. Many entrepreneurs have to seek funding, and it’s key to have a strong business plan and a great idea that’s attractive to investors and for grant applications. You can get lots of support with this, and then pressure test it with a range of people – get them to pick holes and ask questions. We’ve also had a lot of help from business incubators along the way, which is a great place to get this type of support or work together on things like your elevator pitch. However, I’d caveat that with not giving too much away because it’s your business and your idea. Believing in yourself is super important – you know what you’re doing and nobody else can do this without you. Know your worth and stick to your guns. It can be a shame when people doubt themselves early on, undervalue their expertise and ideas, and maybe give away too much equity in the business as a result.

It’s important to remember the business is a standalone entity – it is not you! In the early days, my accountant reminded me the business account is not my account and advised me to pay myself something from that bank account – even if it’s just £50 a month – to create that psychological separation. It actually took many years until I could pay myself a proper salary out of the business. You need to be strict with yourself and diligent about how you separate yourself from the business.

Finally, I think early on in business, it’s vital to get help around managing people if you’re going to have employees. I had understood a bit more about HR at the very beginning and engaged HR consultants earlier. I think one of your first employees in any business should be somebody to look after your people, because it’s one of the most stressful things that you do, carries the most responsibility and requires lots of time and energy. If you look after people well it will come back tenfold because people appreciate when they feel valued, respected and looked after. Of course, you also need to behave correctly with the legal obligations towards your people and doing that from the start is vital.

If you could go back in time, what message would you say to the person who started this journey?

I would say be true to yourself and your values. Other things may change, but what is most important to you can be a thread that is consistent through this whole journey. Be brave and stop worrying that you will fundamentally change as a person. You can live your values to the company’s strength and that can inform your company values and culture.

I’d also tell myself to enjoy the journey more and not worry so much because it’s all going to work. These days, the numbers are bigger and everything is on a larger scale – you almost have to down-regulate the stress in proportion to the size of the business.

I’m still in this learning curve of being less stressed, especially at such a challenging time in the veterinary industry. I realise that if I worry excessively, I don’t sleep well and I don’t eat properly and it’s harder to look after myself. When you’re worried you don’t necessarily make good decisions. Now I realise that things have a habit of working themselves out, so I’ve learned to trust more and worry less – you have to have that separation that enables you to sleep, eat and enjoy life even in the challenging times.

On the flipside, if the “me” 2009 spoke to the “me” of today, I think she would be amazed by how far VET.CT has come. I never imagined we could have achieved all this, which is an interesting reflection because in the present all I ever see is what hasn’t been done or what didn’t work, what the next problem is or the next challenge! It’s refreshing to pause and acknowledge I’ve got this far and take some enjoyment in all the things that have worked really well.

Can you give a message and some tips to other women wanting to be entrepreneurs?

First of all, have some self-belief and GO FOR IT! Nothing will give you more satisfaction and sense of purpose.

My top tip for making it work is to have a good support network around you. Some people choose to start a business with a colleague or they quickly appoint a second in command. Having a great support network means that you can have a much needed break sometimes. Of course, there’s a huge amount of trust required if you take this path- you have to find the right person and be fundamentally aligned about what is important.

If a business does include multiple shareholders then I would definitely advise creating proper shareholding agreements from the very beginning. Circumstances can change beyond your control, and having agreed documentation helps to ensure expectations are managed and there’s no misunderstandings later. You might have raised some money from your family to get started or be pursuing a business idea with friends and it is tempting to just ignore paperwork and get going, but you need a degree of professionalism otherwise it can impact relationships later on.

It’s also important to have your backup at home, whether that’s childcare arrangements or an understanding with your partner about job demands and priorities. You need to have discussions as the demands evolve over time, a realisation that it is going to be a considerable commitment and be open about financial implications.

Most importantly, for women it’s vital to be kind to yourself. You’re never going to feel like you’re doing a great job of your work, your home, your family, your relationship, your friendships, your health… there is a lot of compromise and you won’t get it right every day. But you’re only doing your best and your best is almost always good enough in all of these things. Personally, I have felt guilty at times, particularly about my family, but I get so much enjoyment and satisfaction from my career that I know when I’m being a mummy, I’m a better mummy because I’m a happier and more fulfilled person. That’s different for everybody and what the balance is or how it looks and feels will change over time. You need to find your own balance and be prepared to reassess priorities and reallocate your time and energy accordingly, and then be kind and forgive yourself to minimise the guilt because you can never, ever do it all.

How can we encourage more female entrepreneurs in the vet industry?

I think entrepreneurship is really simple – it’s about identifying a problem and coming up with a solution and that’s what vets and veterinary nurses do every day. There are so many wonderful women in the veterinary industry who are smart, bright, compassionate people and those on the frontline in clinics are ideally placed to see the problems and have all sorts of wonderful ideas and solutions. It’s probably about encouraging them to have the confidence to believe their ideas could work and then opening the channels of support to create a plan and execute it. That support might be mentorship, training or resources. Workplaces should also be championing ‘intrapreneurship’, creating a culture whereby ideas can be generated, fostered and grown in a practice or university setting.

Also, sharing stories helps as I think seeing that somebody’s done it before and that it can be done is motivating. We should be celebrating talented, bright people and there are some wonderful initiatives like London Vet Show’s ‘30 under 30’ and ‘Bright Minds’ to encourage young entrepreneurs.

Funding is also key, and there are certainly investors interested in animal health space with forums like the Kisaco animal health innovation events. These are great events but may be quite intimidating for a first-time attendee; you can find people who have gone before who can provide advice, encouragement and support. There is also increasing access to angel investment from within the industry – vets funding vets – which is nice. Grant funding is also often available, both from large animal health companies and local or national initiatives and startup incubators. Search and ask around as there can be lots of options depending on your business idea and situation. Female entrepreneurs get a tiny percentage of funding (The UK Government Treasury Committee published data in 2022 showing of the UK’s multi-billion pound venture capital funding, female entrepreneurs routinely received less than a 2% share of the investments made each year)^[1] and we’re a majority female industry, so I’d love to see some more initiatives to support, encourage and fund women with great ideas.

Also, most people don’t immediately transition to being an entrepreneur. Often, we start by ‘moonlighting’ – working on our startup around our regular job in the evenings and weekends. Then we might ‘side-step’, where we’re doing clinics part-time and spending a couple of days on our own project, before ‘taking the leap’ to becoming a full-time entrepreneur. Locum work can be a great fallback option, providing some security if we need additional earnings.

I would also say, don’t be put off by naysayers or people who are worried we might be treading on their turf. I’ve always been careful not to step on other people’s toes, but I think if you stick to your values and behave with integrity, you know what’s right. I had people telling me my idea would never work because of the limitations in technology. It really upset me and made me doubt myself, but look at how rapidly tech is developing now and I’d have missed the opportunity at the time. It’s especially hard when it comes from people we think of as more experienced and wiser. For sure, sense check what they say, but don’t let it put you off unless it stacks up.

What advice would you give to someone who wants to get started but doesn’t know where to start?

Reach out for help and find somebody who’s done it before, pick their brains – not just veterinary business leaders but from different industries. People are so generous with their time and more than happy to help and advise. Join local innovation hubs or hotdesking spaces, which provide great opportunities to talk to other startup founders and often host talks and networking events. Wherever you can, reach out to a wide variety of people for advice, help and support.

Any recommended reading/resources?

There are many good books, podcasts, websites and social media posts about starting businesses. I’ve found Blinkist is a good place for ideas on the books and other resources out there. I only started reading business books in the last three years so don’t get too hung up on reading every book out there! ‘Start With Why’ by Simon Sinek provides a good grounding for any entrepreneur and has a lot of good thinking about the fundamental reasons for creating any business.

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Encouraging Entrepreneurship for Veterinary Women