There’s no doubt that Americans rely heavily on women-owned businesses. Just ask the 12 million female business owners who employ over nine million people and generate over $1.8 trillion in revenue annually according to the eighth annual 2018 State of Women-Owned Businesses Report by American Express.
The power of the women in business in clear:
Compared to all firms, women-owned businesses accounted for 58% of firms, employed 21% of the workforce, and generated 46% of revenues. In fact, nearly 208,000 women-owned businesses generated more than $1 million in 2018, earning the distinction of being called economic powerhouses in the report.
When it comes to growth, the businesses owned by women also fared better, surging 58% from 2007 to 2018. All other businesses on the other had increased by 12% during the same period. This was an annual growth of 4.2%.
Between 2017 and 2018, there were 1,821 net new women-owned business added per day.
The report also cites insufficient capital as of the one primary reasons for limited prospects for growth for female entrepreneurs, as well as inadequate networks or work/life balance needs.
At Tenet Financial Group, a prospective business owner’s funding options are not limited or influenced by sex, race, business type or any other distinguishing personal factors. We help our customers with startup business or franchise funding, working capital needs, equipment leasing and much more. Our senior consultants work truly from a consultative perspective, one-on-one with each client to understand the client’s goals and determine the best possible funding option(s) for each individual’s circumstances.
Let Tenet Financial Group show you how. Call today to learn more – 1-888-901-3335 – or visit our FREE pre-qualification calculator on our website.