Women Owned Businesses
Women-Owned businesses are an imperative balance to our economy, and in celebration of it, we wanted to dedicate a blog to that very topic as well as share the links to resources that are useful for building your brand.
The 2019 State of Women-Owned Business Report found that the number of women-owned businesses climbed to nearly 13 million, representing 42% of all businesses in the United States. Women-owned businesses employ 9.4 million workers and generate $1.9 trillion in annual revenue.
In a recent read by Forbes, it's expressed how women-owned businesses are the most important sector of our economy and share an insightful story of a woman named Necia, a beauty shop entrepreneur, who expresses the challenges she faces as a Black woman with under-the-surface racism and sexism. Some of the behavior from vendors, bankers, landlords, and even commercial neighbors. She states how "Each person has the responsibility to work through our conscious and unconscious biases, and we can each make an impact by supporting women and other minority-owned businesses who make up such an important sector of our economy, but are being disproportionately affected by the health and economic crisis." You can read the full article here.
The Small Business Administration (SBA) announced grant funding and the launch of 20 new Women’s Business Centers across the U.S. to serve rural, urban, and underserved communities. This is the largest single expansion of WBCs across America in its 30-year tenure, and they mention these centers will be "pivotal to the success of women-owned businesses as they continue to recover during this time". The WBCs will be hosted in rural and underserved markets and widen the footprint and partnership with Historically Black Colleges and Universities (HBCUs).
Opening the doors to the new centers is crucial to the vitality of women-owned small business owners. This expansion will provide female entrepreneurs with the resources they need to start, grow, and expand their businesses. This map is a useful tool as to where to find these centers in each State.
There are many other useful resources out there to assist women-owned businesses, including the Women-Owned initiative, who is managed by WBENC and WEConnect International. The two non-profits are dedicated to advancing the success of Women’s Business Enterprises (WBEs) in the United States and across the globe. You can use their site to search women-owned businesses specifically through a useful directory.
Finding women-owned small businesses in our communities can even be as simple as asking the ones we already know if they can recommend any others in the area. With every small biz there usually underlies a huge network within them with all sorts of connections.
RESOURCES FOR THIS BLOG: