October is National Women’s Small Business Month and this year the Small Business Administration (SBA) did it’s best to promote opportunities available for female entrepreneurs. On their website, the SBA highlighted a few resource points that all women can take a look at to better their business. Three of these include:
- SBA’s Office of Women’s Business Ownership, which encourages female entrepreneurs and empowers them through advocacy, outreach, education, and support.
- Women’s Business Centers which is a national network of 116 educational centers designed to assist women in starting and growing small businesses. According to the SBA, the goal is to level the playing field for women entrepreneurs facing unique obstacles in the business world.
- Federal contracting assistance program, which awarded $20.8 billion in government contracts to women-owned small businesses in 2017. The US government has a goal of providing women with 5% of all federal contracting dollars.
In addition to opportunities from the SBA, Small Business Trends highlighted a few key stats from the most recent 2018 State of Women-Owned Businesses Report by American Express. According to the report;
- By January 2018 there were 12.3 million women-owned businesses in the US. These businesses employed 9.2 million people and generated revenues totaling $1.8 trillion.
- Compared to all firms, women-owned businesses accounted for 58% of firms, employed 21% of the workforce, and generated 46% of revenues
- When it comes to growth, the businesses owned by women also fared better, surging 58% from 2007 to 2018. All other businesses on the other had increased by 12% during the same period. This was an annual growth of 4.2%.