October is National Women’s Small Business Month, a time to celebrate the growth and accomplishments of female entrepreneurs and the vital role they play in our economy.
Invest in Women. Buy Women Owned.
Women Owned is an initiative from the Women’s Business Enterprise National Council (WBENC) and WEConnect International to create a movement of support for Women Owned businesses. We support female entrepreneurs and those who do business with them by raising awareness for why, where and how to buy Women Owned.
According to the latest American Express State of Women-Owned Businesses report, the growth of women-owned businesses continues at a rapid pace. Four out of 10 business in the U.S. are now owned by women, and the total number of women-owned businesses (12.3 million!) has increased by 58 percent since 2007. In fact, in the last year, 1,821 new women-owned business opened each day.
To put that growth into perspective, consider that in 1972, women owned just 402,000 or 4.6 percent of businesses.
However, despite the incredible growth, we are still far from reaching gender parity. Women-owned businesses account for just 8 percent of the total private sector workforce and 4.3 percent of total revenues, and those numbers are not increasing as quickly as the number of new firms.
Today, 93 percent of women-owned businesses generate less than $250k in revenue. According to the American Express report, supporting these small women-owned businesses could help accelerate growth and level the playing field:
“Growth in both employment and revenues begins to take off for women-owned businesses when they reach $250,000 in revenues. Supporting businesses on the cusp of crossing this threshold ($100,000 to $249,999) — and those that have crossed it — could accelerate the growth of larger women-owned businesses.”