For the past 5 years, American Express has released an annual report on the state of women-owned businesses in the United States. This research looks at a variety of trends in among female entrepreneurs, including the rates at which women start businesses, the industries in which they start them, their demographic make up, and their success, as measured by revenue growth and the number of employees.
There is a significant size and revenue gap between women-owned and other businesses.
For the past five years, American Express’ analysis has shown that, while the number of women-owned businesses continues to increase at rates exceeding the national average – meaning more women than men start businesses – and their economic clout continues to strengthen, women-owned businesses, defined as a business with at least 51% female ownership, remain smaller than the average privately held business. On average, women-owned businesses employ just one person in addition to the owner and have average annual revenues of just $155,000.
More troubling is that this has not changed since 1997, even when all other business types have seen growth over the same period of time.
It’s time for action.
This chart mobilized us to start Shop Women Owned. It is just one way that the Startup to CEO team will help women-owned businesses grow: by bringing more customers to their doors, improving accuracy of data on women-owned businesses, and creating a public awareness campaign and movement to patronize women-owned businesses.
We hope you will join us. Tell the women business owners you know about our website and encourage them to get their free listing. Next time you’re looking for somewhere to shop, an advertising agency, or even a plumber, visit ShopWomenOwned.com and find a local women-owned business to support. We have over 126,000 businesses listed in every industry under the sun.
Want to learn more about the state of women-owned businesses?
Read American Express’ full report here.