6 Statistics About Women-Owned Businesses You Should Know
Who run the world? GIRLS. It's #WomenOwnedWednesday and to celebrate we're dropping in with 6 amazing statistics about women-owned businesses in the U.S.!
Did you know women own 42% of all small businesses in the U.S.? Or that more than 30% of female business owners in the U.S. have school-aged children at home? Keep scrolling to learn more!
Did you know women own 42% of all small businesses in the U.S.? Or that more than 30% of female business owners in the U.S. have school-aged children at home? Keep scrolling to learn more!
1. 42% of U.S. small businesses are owned by women
Female entrepreneurs account for almost 13 million small businesses in the United States alone! That number is growing rapidly with an average of over 1800 women-owned businesses being started DAILY. The number of female-led businesses has increased 114% over the past 20 years!
2. Women-owned businesses provide more than 9 million jobs
The Census Bureau's 2021 Annual Business Survey revealed that women-owned businesses employ over 9 million people. That means over 20% of jobs in the United States are created by female entrepreneurs!
3. 89% of new small businesses are created by women
As we previously mentioned, more than 1800 women-owned small businesses are opened daily! That means women account for almost 90% of new businesses. This number has been on the rise since 2018 and continues to increase daily as women seek more scheduling flexibility and career fulfillment.
4. 31% of female business owners have school-aged children at home
4.2 million small businesses are owned by mothers and the majority of them 31% of them have school-aged children. That's 1 in 3 female entrepreneurs! More than 71% of them also their children's primary caregiver!s 57% of mompreneur's are 40 years older and 69% site scheduling flexibility as the biggest perk of business ownership. Talk about BOSS babes!
5. 50% of women-owned businesses are owned by women of color
According to the 2021 Census Bureau's Annual Business Survey, minorities make up 20% of all small business ownership and, 50% of female entrepreneurs are women of color! Black women account for 42% of new women-owned businesses, followed by Latina women at 18%, and Asian women at 9%!
6. Women-owned businesses generate over $1.9 trillion annually
Women-owned businesses generate almost two trillion dollars annually. Revenue for female entrepreneurs has increased by 35% in the past 15 years (since 2007) which is 30% higher than the national average. As the number of businesses led by women soars, we can expect a large jump in how much women bring in per year!
There truly isn't anything empowered women cannot do! We are excited to see the continued rise of the female entrepreneur and hope that the information provided inspires you!
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About Look Local First:
Look Local First is all about moving local-minded consumers and lovers of small business from words to action, in a fun and easy way! By providing tips and tricks to easily include shopping small and supporting local in your everyday routine, to offering promotional merchandise with 100% of funds going back to supporting small biz - we hope to cast this net of love for local businesses as large and wide as we possibly can.
Elevating the voice of small business owners is a mission we can all rally behind. The small businesses we support and are surrounded by are owned by our friends, our neighbors, individuals that have the best interest of our own communities in mind at all times. To those that took the leap of faith to share a piece of their dreams with us - you've got this and we're here for you!
Sources:
A friendly reminder: We've done our research, but you should, too! Check our sources against your own, and always exercise sound judgment. We hope you enjoyed reading!
https://leanin.org/
https://www.fundera.com/resources/women-owned-business-statistics
https://smallbiztrends.com/2017/06/mompreneur-statistics.html
https://www.forbes.com/sites/rohitarora/2023/03/08/women-owned-businesses-thrived-in-2022/?sh=343cd7f1dd4e
https://www.connect2capital.com/small-business-lending-blog/the-growth-of-women-owned-businesses-in-the-united-states
https://www.census.gov/library/stories/2023/01/who-owns-americas-businesses.html
