This month we recognize the accomplishments of female entrepreneurs and small business owners. October was established as National Women’s Small Business Month to celebrate the achievements of women business owners. As a female small business owner and the mother of 2 daughters, I’m looking for ways to celebrate other women who own small businesses. And as a working mom, I want my daughters to grow up in a world where women entrepreneurs are respected and acknowledged for their accomplishments.
The US has 12.3 million women-owned businesses. US women-owned businesses generate $1.8 trillion a year. 40% of US businesses are women-owned. Women started 1,821 net new businesses every day last year.
The State of Women-Owned Businesses Report by American Express says:
- In 1972, women only owned 4.6% of all businesses in the United States. As of 2019, women-owned 42% of all businesses.
- Women-owned businesses grew 21% from 2014 to 2019, and businesses owned by women of color grew at double that rate. Numbers for black women entrepreneurs grew the fastest, with an increase of 50%. In fact, as of 2019, women of color accounted for 50% of all women who owned businesses.
- There are nearly 13 million women-owned businesses in the United States, employing 9.4 million workers and generating revenue of $1.9 trillion.
5 Ways You Can Support Female Entrepreneurs
- Buy Women Owned
Patronize women-owned businesses both in your town and online in October during National Women’s Small Business Month and year-round. Hire women-owned businesses to provide services for you personally and for your business.
- Make a Referral
People do business with businesses recommended by their family, friends and colleagues. Refer a women-owned business to a colleague or family member.
- Like, Follow and Share
Use your social media to support women-owned small businesses on social media by following their sites and subscribing to their blogs. Some popular #hashtags to use on social media to support women small business owners are:
- 5-Star Thumbs-Up
Give a Google, Yelp or Facebook online review to a women-owned business that you patronize.
- Be a Mentor
Mentor a female business owner. Contact your local Chamber of Commerce or professional organization and ask them to connect you with a woman entrepreneur who needs advise.
Networking with other women business owners is important to grow your business as well as grow your skills. MasterWing Creative Agency is located in Delray Beach Florida, and I belong to several local, state and national organizations were I meet other business owners and we exchange ideas, resources – and make important connections and referrals.
How do you support female business owners – during National Women’s Small Business Month, and every day?