(Note: This post was initially published on LinkedIn, and the following iteration is a syndicated and updated version of the same.)
October is @National Women’s Small Business Month. According to the U.S. Small Business Administration (SBA), women-owned companies, the majority of which are small and medium-sized businesses (SMBs), generate about $2 trillion in revenue annually.
The Growth Trajectory of Women-Owned SMBs
The SBA reports that since the number of women-owned businesses in the U.S. was first recorded in 1972, it has grown from 400,000 to over 13 million. The SBA also reports that the number of SMBs owned by women generally grows at a higher rate than SMBs owned by men, likely driven by increases in SMBs owned by minority women.
Today most women-owned businesses focus on retail, health, services, food, and education. But the reasons to start a women-owned SMB aren’t surprising: ursue your passion. Be your own boss. And dissatisfaction with big business.
GenX Women and the Rise of Female Entrepreneurship
GenX women – those born between 1965 and 1980 – are the leading proponents of female entrepreneurship. Among the top goals for women-owned SMBs are investments in support services.
Here’s another way women are crushing it in business: U.S. female entrepreneurs are nearly three times as happy as their non-business owner counterparts. (Inc.).
Hard to believe, but it wasn’t until the Women’s Business Ownership Act of 1988 that women in the U.S. were even permitted to obtain a commercial loan without having a male relative co-sign for them.
Nonetheless, the hurdles faced by women business owners continue, whether it’s misogyny, racism, or inequality. Supporting Women-Owned Businesses in Your Community
In honour of National Women’s Small Business Month, we encourage you to seek out and support women-owned small and medium-sized businesses in your community. It’s easier than ever to find women-owned businesses through friends, family, social networks, reviews, influencers, and packaging.