October is National Women’s Small Business Month, and there’s plenty to celebrate as recent research notes major gains for women in business.
Women were majority owners of about 29 percent of U.S. businesses in 2007, but now that rate is up to 38 percent. Not only are their revenues up 35 percent since 2007, but employment is also up 18 percent since then.
Women are starting businesses five times faster than the national average since 2007 — 1,071 firms opened every day! Women of color lead the way, opening nearly eight in 10 new woman-owned businesses since 2007, according to the 2016 State of Woman-Owned Businesses Report by American Express OPEN.
Which industries are women turning to for their business endeavors? Healthcare and social services are on top, followed closely by education services, according to a report by the National Women’s Business Council. Washington, D.C., Georgia, Maryland, New Mexico and Illinois have the highest rates of woman-owned firms, so if you live in these areas, you’re probably about to run into a woman business owner on main street!
Ladies, are you wondering where you fit into the small-business landscape? Take our free workshop for guidance and encouragement from women who have forged their small-business path. Then, meet with a SCORE mentor to plan your next steps!