October is National Women’s Small Business Month, a time to honor and celebrate the remarkable achievements of women entrepreneurs. Women-owned businesses are not only a cornerstone of economic progress but also a powerful force driving innovation, job creation, and community impact. Over the years, women have broken barriers in entrepreneurship, and their contributions continue to strengthen the business landscape. In particular, women of color are leading the charge, creating opportunities and wealth for themselves and others. This blog post highlights the accomplishments of women-owned businesses, shares key statistics, and offers ideas on how we can support and encourage these businesses to continue thriving.
StellaVersed Consulting Firm, LLC
As a minority women-owned enterprise, this month is very important to us as it marks our two year anniversary for the beginning conceptualization of our business and our first face-to-face meeting as business partners. We have faced many of the challenges that small businesses have and have had exciting achievements along the way too. Two particular experiences stand out for me that have made our two years so incredible.
- As our firm continues to grow and develop we do understand that one of our superpowers is our ability to build relationships that are supportive and can link us to additional opportunities that will strengthen our network of healthcare and leadership partners and clients.
- It has been a blessing for our firm to be led by business partners that share similarities in the passion for healthcare, leadership, faith, and women’s elevation. It is also great to have diversity of thought, planning, and focus in a partnership that keeps the business ideas flowing and helps creativity abound within our company.
While we still have more to learn and to share, celebrating this month with all of the women owned businesses in this nation is a party we are very happy to attend. Find out how you can support women-owned businesses and help them to share their stories and their rise in the small business world by reading the rest of the blog on the celebration for National Women’s Small Business Month.
The Rise of Women-Owned Businesses
The growth of women-owned businesses is undeniable. According to the 2019 American Express State of Women-Owned Businesses report, women own 42% of all U.S. businesses, which totals nearly 13 million firms. These businesses generate approximately $1.9 trillion in revenue and employ over 9.4 million people.
Even more impressive is the rise of businesses owned by women of color. They represent the fastest growing segment of women entrepreneurs. In 2019, businesses owned by women of color accounted for nearly 50% of all women-owned businesses, contributing greatly to job creation and economic development. As of 2022, there are over 6.4 million women of color-owned businesses in the U.S., and they generate over $422 billion in annual revenue.
Why Women-Owned Businesses Matter
The significance of women-owned businesses goes beyond financial contributions. These businesses foster diversity, inclusivity, and community-oriented growth. Women entrepreneurs often reinvest their earnings into their local communities, supporting local economies and creating pathways for future generations. By addressing gaps in traditionally male-dominated industries, women-owned businesses bring new perspectives, solutions, and creativity to the marketplace.
Supporting Women-Owned Businesses
There are several ways to support women-owned businesses and ensure their continued success:
- Shop Women-Owned: Make a conscious effort to purchase from women-owned businesses, whether online or in your local area. Supporting their products and services directly contributes to their growth and sustainability.
- Advocate for Policy Changes: Advocacy for policy changes that promote equal access to funding, resources, and training for women entrepreneurs is vital. Women-owned businesses still face challenges in obtaining financing—women receive only about 2.3% of venture capital—so leveling the playing field is critical.
- Offer Mentorship: Women business owners benefit from mentorship and guidance, particularly in industries where women are underrepresented. Connecting experienced entrepreneurs with up and-coming women leaders can provide valuable insights, networking opportunities, and professional support.
- Invest in Women: Invest in women-owned businesses, either by offering financial support or through crowdfunding platforms dedicated to women entrepreneurs. Financial investment can be a game-changer, especially for small businesses that need funding to scale.
Ways to Encourage Women-Owned Businesses to Thrive
- Foster Networks and Communities: Women entrepreneurs often thrive in supportive networks that offer encouragement, resources, and collaboration opportunities. Professional organizations and online communities provide women with the connections they need to navigate the challenges of business ownership.
- Access to Training and Development: Ensuring women have access to leadership development, training, and education is key. Business development workshops, accelerator programs, and leadership coaching can empower women to scale their businesses and reach new heights.
- Promote Diversity in Leadership: Women entrepreneurs need to see themselves represented in leadership positions across industries. Promoting diverse leadership and showcasing the success stories of women business owners can inspire others to pursue entrepreneurship.
- Provide Access to Capital: Addressing the funding gap is essential for the success of women-owned businesses. Providing more access to venture capital, small business loans, and grants specifically for women entrepreneurs can help them overcome financial barriers.
- Encourage Work-Life Balance: Balancing family responsibilities and business ownership can be challenging for many women. Encouraging workplace policies that support work-life balance, flexible working hours, and parental leave will help women entrepreneurs manage their personal and professional lives successfully.
National Women’s Small Business Month is a time to celebrate the tremendous impact of women- owned businesses on the economy and society. With nearly half of all women-owned businesses being led by women of color, their accomplishments are paving the way for future generations of entrepreneurs. By continuing to support and uplift women-owned businesses through advocacy, investment, and mentorship, we can ensure that they continue to thrive and lead the way in creating a more inclusive and prosperous economy for all.
Let’s take this month and every month after to recognize the women entrepreneurs in our communities and work together to create an environment where their businesses can flourish!
Put StellaVersed Consulting Firm, LLC to work in your organization! We can customize, update, and revive your organization’s leadership development programs, healthcare IT programs and services, and healthcare administration and operations to create the best leaders and teams to support your organizational initiatives! To learn more about how our stellar and knowledgeable services can help your organization thrive, send us a message HERE!