Most likely, you’re familiar with the fact that women-owned firms have been leading the way over the past few years and growing at a more rapid pace than those started by male counterparts. But what do the actual numbers mean? How are women-owned ventures helping to boost the economy and create jobs?
Tasked by American Express OPEN, statistics about women-owned companies, as collected in the U.S. Census data, were compiled and examined. As reported by American Express OPEN, the following is a summary of some of the facts and figures about women-owned businesses, as excerpted from The State of Women-Owned Businesses Report from 2012:
– By the numbers: There are over 8.3 million women-owned businesses in the United State, which generating nearly $1.3 trillion in revenues and employ close to 7.7 million people
– Evaluating growth over the past 15 years: Between 1997 and 2012, the number of women-owned firms increased by 54% (a rate of 1.5 times the national average)
– By the industry: The highest concentration of women-owned firms include health care/social assistance (53%), educational services (45%), other services (40%), and administrative and waster services (37%); industries with the lowest concentration of women-owned firms include construction, finance and insurance
– Across the nation: The top five states with the highest number of women-owned business include California, New York, Texas, Florida, and Illinois
– Areas for improvement: Women-owned businesses experience the greatest ‘growing pain’ between $250,000-$499,000 in annual revenue; some reasons that firms are likely to struggle at this stage are (1) because owners and operators may be transitioning to a chief-executive position, and (2) as women-owned businesses become larger enterprises, they may gain additional owners and equity stakeholders and may no longer be considered WBEs.
As the statistics show, women-owned businesses are flourishing across the country! But there are still areas for improvement. Programs like Make Mine a Million $ Business and Women’s Business Centers are striving to help start-ups and growth businesses to get past that middle-mark to excel into a higher bracket of revenues.
Read the full report online at: http://ofmedia.bnservers.com/pdf/State_of_Women-Owned_Businesses-Report_FINAL.pdf.
Has your business experienced ‘growing pains’? Are you certified as a WBE? What resources have you found to be helpful in the business start-up or growth process?
Thanks for reading, and until next time… stay WISE!