As we celebrate International Women's Day, it's important to recognize the significant contributions of women-owned small businesses in the United States. These businesses not only create jobs, but they also contribute to economic growth and innovation. In this article, we'll explore some facts and data that highlight the impact of women-owned small businesses in the United States.
1) Women-owned businesses are growing rapidly in the United States
According to the 2021 State of Women-Owned Business Report by American Express, the number of women-owned businesses in the United States has grown by 58% since 2007. This growth rate is higher than the national average for all businesses, which grew by 42% during the same period. As of 2021, there are an estimated 12.9 million women-owned businesses in the United States, accounting for 42% of all businesses.
2) Women-owned businesses generate significant revenue
Despite the challenges that women-owned businesses face, they are generating significant revenue. According to the same American Express report, women-owned businesses generate $1.9 trillion in revenue annually. This is an increase of 58% since 2007.
3) Women-owned businesses create jobs
Women-owned businesses are important job creators in the United States. According to the National Women's Business Council, women-owned businesses employ 9.4 million people in the United States. This accounts for 7.5% of the total private sector workforce. Additionally, women-owned businesses are more likely to hire other women, providing opportunities for women to succeed in the workforce.
4) Women-owned businesses are diverse
Women-owned businesses are not just limited to certain industries or sectors. They are found in a variety of industries, including healthcare, education, retail, and professional services. According to the American Express report, the industries with the highest concentration of women-owned businesses include healthcare and social assistance, educational services, and administrative and support services.
5) Women-owned businesses face challenges
Despite the growth and success of women-owned businesses, they still face challenges. Access to capital is one of the biggest challenges for women-owned businesses. According to a survey by the National Women's Business Council, 20% of women-owned businesses applied for a loan in 2020, but only 64% of those businesses were approved. Additionally, women-owned businesses often face discrimination and bias in accessing capital and resources.
In conclusion, women-owned small businesses are making significant contributions to the economy and society in the United States. As we celebrate International Women's Day, it's important to recognize the achievements of women-owned businesses and to support their continued growth and success. By providing equal access to capital and resources, we can help women-owned businesses overcome the challenges they face and continue to thrive in the years ahead.