With March being Girls’s Historical past Month, it’s an excellent time to discover the state of women-owned companies and the way they match into the U.S. economic system. Based on the 2024 Wells Fargo Influence of Girls-Owned Enterprise Report, women-owned companies symbolize 39.1% of all companies (over 14 million) and make use of 12.2 million staff. These companies generate $2.7 trillion in income. Because the infomercials say: however wait, there’s extra. These statistics don’t inform the entire story.
Development of women-owned companies
In the course of the interval of the pandemic and past, the expansion of women-owned companies has been spectacular. Based on statistics from the Wells Fargo report:
From 2019 to 2023, women-owned companies’ development fee outpaced the speed of males’s by 94.3% for the variety of companies, 252.8% for employment, and 82.0% for income.
Almost half 1,000,000 women-owned companies with revenues between $250,000 and $999,999 grew their combination revenues by about 30%.
Between 2019 and 2023, Black/African American women-owned companies noticed common revenues improve 32.7% and Hispanic/Latino women-owned companies 17.1% in comparison with all women-owned companies’ 12.1% rise.
Much more spectacular is the truth that women-owned companies are actually in all industries. Whereas the companies that ladies have been in till now have been primarily in 4 areas (1) companies (e.g., nail care, pet care), (2) skilled, scientific, and technical companies (e.g., authorized, bookkeeping, consulting), (3) administrative, assist and waste administration, and remediation companies (e.g., workplace administration, staffing, safety), and (4) healthcare and social help (e.g., daycare, dwelling care suppliers, docs), between 2019 and 2023, the sectors that noticed probably the most vital development (50%) have been in finance, insurance coverage companies, actual property, transportation, and the warehouse business.
QuickBooks additionally did a current research, including extra statistics on women-owned companies:
57% used bank cards for emergency funding no less than as soon as within the final 12 months (1 in 10 did so each month in 2023).
83% mentioned digital instruments helped them save time, with 1 in 2 planning to undertake new digital instruments for his or her enterprise inside the subsequent 3 months.
67% used social media to develop their enterprise, with 6 in 10 planning to spend money on increasing on-line gross sales in 2024.
Assets for ladies beginning or rising a enterprise
There are lots of sources to assist ladies begin or broaden a enterprise. Personally, I’ve discovered in-person networking to be a fantastic assist in connecting regionally. Different sources:
40 small-business grants for ladies listed by NerdWallet.
Girls in Enterprise Grants 2024/2025 from USgrants.
Girls-owned enterprise certification by WBENC for assist and growth packages and the SBA for federal contracting alternatives.
Remaining thought
Sadly, there are nonetheless impediments to the expansion of women-owned companies. As I famous in earlier weblog posts, the largest challenges to women-owned companies right this moment proceed to be entry to capital, childcare obligations, and, sure, a refined societal prejudice in opposition to ladies entrepreneurs. One quote I really like: Sheryl Sandberg, former COO of the Meta Platforms, mentioned: “I would like each little lady who’s been informed she’s bossy to be informed once more that she has management expertise.” Altering notion, in addition to offering entry to capital and fixing some childcare points, will go a good distance in serving to to develop women-owned companies.
