Celebrating Women-Owned Small Businesses
October is National Women’s Small Business Month, which serves as an excellent opportunity to reflect on the work of female entrepreneurs everywhere.
The Rise of Women-Owned Businesses
According to the 2019 State of Women-Owned Businesses Report by American Express, there are 13 million women-owned businesses in the U.S. alone. Compare that to 1972 when there were only a little more than 400,000 women-owned businesses in operation at the time.
Over the last two decades, female entrepreneurship in the U.S. has increased by 114%. The number of women-owned businesses is growing two times the rate of all businesses nationwide. They now represent 42% of all U.S. businesses.
While the growth in women-owned businesses is impressive, the growth in minority women-owned businesses is even more so.
Women of all races and ethnicities are becoming entrepreneurs. In fact, minority-owned companies account for 50% of all women-owned businesses. Since 2014, women of color have entered the business world at rates much higher than non-minority women. The number of businesses owned by women of color increased by 43% from 2014 to 2019, doubling the growth rate of women-owned businesses.
Because of women’s different perspectives, skills and experiences, women solve problems in new and innovative ways. And, as it turns out, they are often more likely than business owners in general to see a need in the market and to start a company to fill it.
Explore Local Women-Owned Businesses
As we wrap up the month of October, we invite you to explore some of the many women-owned small businesses in our area.