If you’re one of the 11.6 million women-owned businesses in the United States today, congratulations for the incredible boost you are providing to our economy. And the number of women-owned business continues to grow—an astonishing 114 percent between 1997 and 2017, compared to the overall national growth rate of 44 percent for all businesses. In addition, the employment growth rate over the past 20 years has been nearly double for women-owned businesses at 27 percent, compared to 13 percent for all businesses.
In honor of International Women’s Day, we wanted to share some additional important facts and figures on women-owned businesses, and hopefully inspire your next step—whether it’s branching out as a first-time entrepreneur or expanding your existing business.
There’s no question that women-owned firms play a huge role in today’s economy. Consider these impressive numbers from “The 2017 State of Women-Owned Businesses Report. Women-owned businesses:
Wondering how your state ranks? While savvy business owners can make a go of their venture anywhere, it’s interesting to see how your location ranks nationally. Here are the states that are most friendly to women-owned businesses, according to an analysis by Fit Small Business:
7. New York
10. New Mexico
They derived these rankings from the following six metrics, giving weight in different proportions as noted:
These rankings get even more granular, offering up the best cities for women who want to start a business, as ranked by Business.org.
Greater Tampa Bay Area, FL (Tampa-St. Petersburg-Clearwater)
Silicon Valley, CA (San Jose-Sunnyvale-Santa Clara)
Seattle Metropolitan Area, WA (Seattle-Tacoma-Bellevue)
Greater Orlando, FL (Orlando-Kissimmee-Sanford)
Inland Empire, CA (Riverside-San Bernardino-Ontario)
Minneapolis-St. Paul, MN-WI (Minneapolis-St. Paul-Bloomington)
Bay Area, CA (San Francisco-Oakland-Hayward)
St. Louis, MO-IL
Miami Metropolitan Area, FL (Miami-Fort Lauderdale-West Palm Beach)
The key metrics contributing to the rankings are:
Here are the industries where women are making the greatest strides, according to American Express.
According to American Express, these are the types of women-owned businesses that are growing the fastest.
While being an entrepreneur is its own reward, don’t overlook the benefits that can come with being an officially certified “Women-Owned Business,” through a group such as the Women’s Business Enterprise National Council (WBENC), which is the largest certifier of women-owned businesses or women’s business enterprises in the United States.
It can be an important business builder because many public corporations and government purchasing agencies on the local, state and federal levels have programs that funnel a certain amount of business to women-owned companies. While the process to achieve the designation can be challenging, the payoff will be that your firm will be considered for work it otherwise might not have been.
And of course, you’ll want to make sure your business is covered every step of the way with the insurance you need. From all of us, our hats are off to our many women-owned business clients this International Women’s Day…and every day.