October is National Women’s Small Business Month, a time to celebrate the growth and accomplishments of female entrepreneurs and the vital role they play in our economy. As the largest certifier of women-owned businesses, we are fortunate enough to witness the innovative and inspiring contributions female entrepreneurs are making to the business world and economy every single day. Our goal this month (and beyond!) is to shine a spotlight on those businesses and business owners, while continuing to raise awareness for why, where and how to #BuyWomenOwned.
According to the latest American Express State of Women-Owned Businesses report, the growth of women-owned businesses continues at a rapid pace. Four out of 10 business in the U.S. are now owned by women, and the total number of women-owned businesses (12.3 million!) has increased by 58 percent since 2007. In fact, in the last year, 1,821 new women-owned business opened each day.
To put that growth into perspective, consider that in 1972, women owned just 402,000 or 4.6 percent of businesses.
However, despite the incredible growth, we are still far from reaching gender parity. Women-owned businesses account for just 8 percent of the total private sector workforce and 4.3 percent of total revenues, and those numbers are not increasing as quickly as the number of new firms.
Today, 93 percent of women-owned businesses generate less than $250k in revenue. According to the American Express report, supporting these small women-owned businesses could help accelerate growth and level the playing field:
“Growth in both employment and revenues begins to take off for women-owned businesses when they reach $250,000 in revenues. Supporting businesses on the cusp of crossing this threshold ($100,000 to $249,999) — and those that have crossed it — could accelerate the growth of larger women-owned businesses.”
That’s why we are building a broad consumer movement of support for Women Owned businesses. We want to continue to see growth in the number of women-owned businesses, but more importantly, we want to see those businesses grow, succeed and fuel our economy. Are you with us? Join our campaign for National Women’s Small Business Month this month.
Follow Women Owned on Facebook, Twitter and Instagram. Throughout the month of October, we’ll be featuring Women Owned Small Businesses (WOSBs) in various forms, including daily business profiles, special features, and round-up blog posts, and more.
Sign up for our weekly email newsletter, Women Owned Wednesday, for more Women Owned news and inspiration.
Spread the Word #BuyWomenOwned
Let the world know you support Women Owned businesses!
When you spot the Women Owned Logo or buy a Women Owned product, share your experience on social media using the hashtag #BuyWomenOwned.
Make a statement! Let your friends, family and network know you support women-owned businesses. Find sample statements of support and social media graphics here.
Showcase your support for Women Owned businesses with our custom Buy Women Owned t-shirts, mugs and tote bags. SHOP NOW
Make a Commitment to #BuyWomenOwned
This month, make a commitment to #BuyWomenOwned. Check out the WomenOwnedLogo.com website for inspiration and product ideas in our expanding Women Owned directory. Look for the Women Owned Logo in stores when comparing products. Already know and frequent a Women Owned business? Write her a review or give a recommendation to a friend – that’s the best form of compliment for a business owner!
We’re looking for a great month of supporting Women Owned businesses. Join us in honoring women business owners who have contributed to this growth – and helping them succeed well into the future.