Women-Owned Businesses in the U.S. Are Generating Trillions

Mother’s Day is a time to reflect upon some of the amazing achievements of the women in our lives—mothers are educators, chefs, clinicians and so much more. Following the celebration of the accomplishments of the mothers in our lives, however, we should also take a look at the role that women play in the business world and celebrate the accomplishments they’ve made in entrepreneurship.

The state of female entrepreneurship is stronger today than at virtually any point in history. In 2017, women started an average of 849 businesses each day in the United States. A study from 2018 showed 12.3 businesses in the U.S. were women-owned and 1,821 net new women-owned businesses were launched every day. Additionally, these female-led entities generate $1.8 trillion in revenue annually.

Resources for Women Entrepreneurs

Civic organizations and business development groups are continuously developing new tools and resources for women to use to jump-start their journey toward entrepreneurship. The National Association of Women Business Owners (NAWBO), for instance, offers a business resource center that provides female entrepreneurs with access to business publications, certification resources and government contracting. The American Business Women’s Association is a national organization that brings together women from all industries to help them learn and grow together with more than 5,000 annual meetings happening across 300 U.S. cities.

How to Support Women-Owned Businesses

There are a number of ways in which you can support the female entrepreneurs in your life and your community. Here are a few things you can do to help champion women-owned businesses:

  • Partner with a women-owned business: If you’re hoping to better align your business with your values, consider ways that you may partner with a female-owned venture. Whether you start stocking their products or embark on a co-branding project, there are a number of ways that your existing firm can help to lift up women-owned businesses.
  • Shop at a local women-owned store: Your local chamber of commerce probably collects information on which businesses in the area are women-owned. You can use this list to proactively make a point of supporting female entrepreneurs. Whether you’re shopping for your own personal needs or are stocking supplies for your business, there are few better ways to support female business owners than by giving them your business.
  • Start a mentorship or peer support network: Everyone knows that entrepreneurship is tough. Consider starting a peer support network, or mentoring a less experienced female entrepreneur in your area. You can provide them with advice on how to maintain a healthy work-life balance and help them learn from your past mistakes and triumphs.

Regardless of what you decide to do to support female entrepreneurs and business owners in your community, take some time this week to reflect on their accomplishments and the strides they’ve made in the world of business.

If you’re a woman looking for the opportunity to start your next venture, it’s important that you have a trusted funding partner. Tenet Financial Group offers small business funding solutions that meet the needs of a wide range of borrowers including SBA Loans up to $5 million, penalty-free and tax-deferred 401(k) Rollovers, fast funding through Unsecured Lines of Credit and much more. Reach out to us today to learn more about what we can do for you.