Why Timely Economic Information Matters For Women Entrepreneurs

The U.S. economy has changed considerably over the past three years, but some of the most comprehensive statistics about women-owned businesses still describe conditions in 2023.  That disconnect presents a challenge for policymakers, financial institutions and organizations making decisions about the needs of women entrepreneurs in 2026. 

Read why timely economic information matters for women entrepreneurs.

National Women's Small Business Month: Eco-Friendly Ways to Support Them

October is National Women's Small Business Month, a time to recognize women entrepreneurs and support women-owned businesses.

The U.S. Small Business Administration says women-owned businesses continue to be a major force in the U.S. economy and encourages communities to celebrate and support them throughout October. 

Here are 13 eco-friendly ways to celebrate Women's Small Business Month, based on information from the U.S. Small Business Administration, the U.S. Environmental Protection Agency and other sustainability organizations.

Tory Burch Says Women Are the Answer – And They're The Best Investment Possible

Fellows of the Tory Burch Foundation exceed $1 million in annual revenue at 10 times the national average for women-owned businesses – and together, they’ve added $470 million to the economy. 

“One of our goals is impact and scale,” Tory Burch tells Oprah Daily. “How do we reach as many women entrepreneurs as we possibly can? Because the work we’re doing is now proven.”

Women are launching businesses at record rates, yet funding remains scarce. Tory Burch says removing barriers could unlock billions in economic growth.

Founder startups founded or cofounded by women generate 78 cents in revenue for every dollar invested, compared with 31 cents for those started by men.

“If we can be advocates for women in business to show what an incredible investment they are, we would be doing a great job,” she [Burch] says. “Women are the answer – and they’re the best investment possible.”

Illinois Rocks When It Comes to Supporting Women-Owned Businesses

In Illinois there are nearly 561,000 women-owned businesses employing more than 661,000 workers and bringing in $165 billion in revenue each year. During this monthlong celebration, the Illinois Department of Commerce and Economic Opportunity (DCEO) has been elevating resources and events to help bolster Illinois’ women-owned businesses and aspiring female entrepreneurs.

During October DCEO is celebrating National Women's Business Month throughout October by recognizing the significant contributions of women-owned businesses across the state.

“I’m proud to celebrate the wealth of women-owned businesses across our state – and the thousands of talented women who’ve helped establish Illinois’ vibrant business community as the best in the nation,” said Gov. JB Pritzker.

Read on to learn of additional resources that are available to women-owned IL businesses.

Black Women Entrepreneurs Make Significant Contributions to the Economy

According to the Wells Fargo 2024 Impact of Women-Owned Businesses Report, between 2019 and 2023, Black/African American women-owned businesses saw average revenues increase 32.7%, compared to 12.1% for all women-owned businesses. 

In spite of this impressive growth, systemic disparities in funding and mentorship opportunities persist. Fortunately, new programs are addressing these gaps.

Read on to learn how black women entrepreneurs make significant contributions to the economy.

Women Entrepreneurs Must See Opportunity In Every Difficulty

Before the COVID-19 crisis, women-owned 40% of the businesses in the U.S., representing more than 12.3 million firms.

As of 2020, these companies employed nearly 9 million people and generated $1.8 trillion in sales. Last year alone, women started 1,821 new businesses every day.  Of these, over 60% were started by women of color, and Latina women-owned businesses grew more than 87%.

As Winston Churchill once said: “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”

Women entrepreneurs must see opportunity in every difficulty, too.  Now is a perfect time to think about how to create a new market space. Your clients in the past — indeed, the whole marketplace — have changed. 

Take a look at seven areas women entrepreneurs can discover new ways to solve old problems and gain traction in our new world. 

Women Entrepreneurs Are Challenged During the Global Pandemic

In a recent four-part survey, the Babson’s Diana International Research Institute researched challenges women entrepreneurs face as a result of COVID-19. And, though the results trace a ripple effect of declining revenue for women-owned businesses to issues with work-life balance and support, research fellow Amanda Elam says a potential fix is simpler than it might appear.

Read on to see what it starts with.

What's Happening With Women-Owned Businesses?

Women are increasingly harnessing their entrepreneurial spirit and it is critical to encourage and support this behavior, eliminate obstacles, and facilitate growth of their businesses. Unlocking the potential of women-owned businesses represents a powerful opportunity for economic growth.  These are words to describe the state of women-owned businesses from American Express, Ventureneer and CoreWoman.

The 2018 State of Women-Owned Businesses report, commissioned and provided by American Express, examines the periods 2007, 2012, 2017 and 2018, looking at trends in the number of firms, employment, and revenue by various groupings.

This report focuses on women-owned businesses, which are defined as businesses that are at least 51% owned, operated, and controlled by one or more females. Over the past 46 years, women of all ages have become business owners in droves - from baby boomers and Gen Xers to millennials and younger generations.

Explore the report's findings.  See how you fit in on the grand scheme of things. Oh, and important detail:  the report was prepared for American Express by Ventureneer with the support of CoreWoman.

Pay Yourself What You are Worth

As more and more women take the leap from Corporate America to starting their own businesses, one of the key factors to ensure the leap goes well is to focus on having confidence.  Many women doubt themselves and their abilities.  Sometimes it just takes a couple of good pals around you to say "you can do it!" The next thing you know, you you can!

Another challenge for women who start businesses is determining what you should be paid.  Don't skimp.  If the money is there, take it, do good work, and be proud.  Here's what a SCORE volunteer mentor says:  

Simply put, women need to be paid what they are worth. A lot of times women feel like that they can’t charge enough. However, in order to be successful in business and remain profitable, a shift in thinking — and a boost in confidence — is necessary.

Read more about what is available to women-owned businesses and what is necessary to succeed in business ownership.

Photo courtesy:  Hust Wilson on Unsplash

Women-Owned Businesses Are the Growth Engine for the U.S. Economy

Happy day-after International Women's Day!  I hope you celebrated the successes of women entrepreneurs all over the world.

Women-owned businesses continue to be a growth engine for the U.S. economy.  The number of women-owned businesses that applied for funding in 2018 increased by 13 percent, according to an annual study of women-owned companies by Biz2Credit, a leading online credit marketplace for small companies.

But it revealed that loans for women entrepreneurs where nearly one third less than for their male counterparts.

The study also revealed that the average loan amount for women-owned companies was $48,341 last year. The most common type of funding was working capital for business expansion.

Learn more how the lending gap narrows for women business owners, but it's still 31% less than for men.

Photo by Suhyeon Choi on Unsplash.

Women-Owned Businesses Are Growing Five Times National Average

According to a survey by the National Association of Women Business Owners, the number of women-owned businesses is growing five times the national average, with 1 in every 11 women being an entrepreneur.

"To be able to support a woman-owned business is just the icing on the cake," said Katelyn Perry, a shopper at the Sequin Siren [on Popps Ferry Road in Mississippi].

A woman-owned business is something other women have no problem supporting.  Read more here.

How to Complete Self-Certification In Less Than an Hour

Business owner Kiki Ramsey wanted to become certified as a Woman-Owned Small Business because she felt it would help her chances of getting even more federal business. However, she thought she had to pay a third-party company to provide the certification.

She was in for a pleasant surprise when she found out otherwise.  She could go two different routes:

1. Self-Certification
2. Third-party Certification 

The self-certification process is the path Kiki took with the benefit for her and many other female business owners interested in the federal marketplace is that it is free and relatively simple.

You can start the process by viewing this webinar.

Read more here.

Women-Owned Businesses Will Be the Major Job-Creators in 2018

According to The Guardian Small Business Research Institute, women-owned businesses will create more than half of the new jobs by 2018.  So the question that begs to be asked:  Which U.S. presidential candidate will you vote for to support job-creating entrepreneurs like ourselves?

Read more:  How Will You [Candidates] Support Job-Creating Entrepreneurs?

Screenshot:  A look back on the more cordial days between Trump and Clinton.

New Rule Levels Playing Field for Woman-Owned Small Businesses

The U.S. Small Business Administration (SBA) issued on 9/11/15 a final rule authorizing federal agencies to award sole-source contracts to women-owned small businesses eligible for the Woman-Owned Small Business (WOSB) Federal Contract Program. Effective October 14, 2015, the rule levels the playing field for women-owned small businesses across the federal contracting marketplace.

SBA will use this new tool to continue to open doors for women entrepreneurs in the federal and commercial contract space. SBA's efforts include actively promoting women-owned businesses through programs such as ChallengeHER, the Women's Business Centers and InnovateHER, as well as implementing recent changes to its lending program that have made smaller dollar loans more accessible to women, and creating the online portal, LINC, to ease the process of finding capital to grow or start small businesses.

Read more: SBA:  New Authority Will Bolster Women-Owned Small Businesses

From RapidAdvance: The Rise of Women-Owned Businesses and the Impact on the Economy

Challenges For Women Who Start Businesses

Related article here.

The Entrepreneur Next Door

The National Center for Women’s Business Research knows its stuff when it comes to women entrepreneurs.

Among its findings:

• Women-owned firms are growing at nearly two times the rate of all firms;

• Women-owned businesses spend an estimated $546 billion annually on salaries and benefits;

• Sales for women-owned firms increased 66 percent between 1997 and 2004, compared to 42 percent for all firms.

"Women emphasize relationship-building as well as fact gathering and are more likely to consult with experts, employees and fellow business owners" in managing their companies, the center reported in its Web site.

It seems that for women entrepreneurs, it’s truly a matter of who you know.

Agree or disagree? Find out more here.

Separately and from the book "Women Who Changed The World:"

Chapter 31
Mother Teresa

Love begins at home, and it is not how much we do, but how much love we put in the action that we do. ~ Mother Teresa