When you consider starting a business a key step is to know if market conditions are favorable. Is it possible to succeed or is it a money losing proposition from the start? While researching if going out on my own was the right direction for my family I discovered that American Express puts out an annual report on the status of women owned business. And the news was great.
According to The State of Women-Owned Businesses, 2017, commissioned by American Express, 39% of all U.S. firms are woman-owned businesses. Combined those businesses generate over $1.7 trillion in revenue. $1.7 trillion!
An estimated 11.6 million women-owned businesses employ almost 9 million people. The total number of all businesses in the U.S. grew by 44% between 1997 and 2017, for woman owned business that growth rate was 114%. The number of women-owned businesses in the US grew by 114% in just 20 years.
So what does all this mean? I see a lot of data in my profession and knowing there are millions of women waking up every morning to work their business inspires me.
When there is a huge lottery jackpot I buy a few tickets. After thinking about all the fun things my family and I would do with the money I immediately start plotting the businesses I would start. And I think about all the women I would hire or contract with to run my company.
I think about the women who have mentored me and who I mentor. The ladies who I have sat across the table from negotiating deals with. I think about the ladies I only know from regular conference calls and their LinkedIn profiles but who I consider friends. We would run one awesome company.
So what does this mean for you? If you are interested in working from home and the amazing lifestyle changes that come with it – this is a great time to go for it. Make it be more then just a dream to be part of the group of women creating $1.7 trillion of revenue.
The data isn’t all roses and Champaign though. Women owned business in the U.S. only employ 8% of the total workforce. And they only made 4.2% of the revenue down from the 10 year average of 4.5%. The report does highlight the positive and provides a possible solution to the decline in revenue while the total number of businesses was growing. The key to increasing revenue, the report summarizes, could be impacted by women owned businesses employing more people.
So why do women on the whole have such small business? Is it because we don’t like to ask others for help? Is it because as women we feel the need to do it all ourselves? Is it because we aren’t comfortable delegating?
I don’t have the answers to those questions and neither did report. However, entrepreneurship by women is clearly on the rise and with today’s business technology options there is nothing stopping women-owned business from reaching greater success.
The number of women-owned businesses grew by 114% in just 20 years and generated over $1.7 trillion in revenue last year alone.
I am excited to help you take the steps to be a part of this amazing club. To help you demystifying how to create and grow a successful business. And to help other women take advantage of the opportunity to grow their careers while working from home.
Are you ready to join the growing list of women bosses running their own companies?
Below are links to my posts that answer often asked questions about starting and growing your own business.