Women-Owned Businesses Are Growing in Numbers
Yes, there has been a significant increase in the number of women-owned businesses in recent years. According to a report by American Express, as of 2021, there are an estimated 12.9 million women-owned businesses in the United States, representing 42% of all businesses. This is a 58% increase since 2007, when there were only 8.1 million women-owned businesses. Additionally, the report found that women-owned businesses are increasing in diversity, with a notable increase in the number of businesses owned by women of color. In fact, women of color account for 50% of all women-owned businesses.
According to the 2021 State of Women-Owned Businesses Report, which analyzed data from 2014-2019, the number of women-owned businesses in the United States increased by 58% from 2014 to 2019. This growth rate is more than double the growth rate of all businesses, which increased by 28% during the same period.
Moreover, there has been a significant increase in the number of women-owned businesses in recent years, particularly in countries like the United States. According to the 2019 State of Women-Owned Businesses Report, there are now more than 13 million women-owned businesses in the United States, which is a 58% increase compared to 2007. These businesses generate $1.9 trillion in revenue and employ over 9.4 million people.
What Does This Mean for Women Entrepreneurs?
Despite these positive trends, women still face significant barriers when it comes to starting and growing businesses, including limited access to funding, networks, and resources. However, efforts are underway to address these barriers and support women entrepreneurs, such as through increased funding opportunities, mentorship programs, and policies that promote gender equality. There is still a long way to go to ensure that women have equal access to capital and resources to start and grow their businesses as well as address the systemic barriers that have historically limited women’s entrepreneurship opportunities.
How LR Consulting Can Help Your Your Women-Owned Business
Overall, the growth of women-owned businesses is a positive trend that is helping drive economic growth and promote gender equality in the workforce. This trend is not limited to the United States either, as women entrepreneurs are also on the rise globally. According to the Global Entrepreneurship Monitor, women account for 42% of the world’s entrepreneurs, with the highest rates in Sub-Saharan Africa and Latin America.
At LR Consulting, we help both women who are looking to start their own business as well as those who have already established their company. We offer business coaching and consulting services to give you access to the tools and resources needed to create an effective business strategy.
Ready to get started? Contact our team today to learn more about how we can help.