October is National Women’s Small Business Month
There are many special things to remember in the month of October. I would be remiss to not mention that October is Breast Cancer Awareness month and Spinda Bifida Awareness month. There are surely more that I’m not aware of that are equally as important and should be recognized.
National Women’s Small Business Month is of particular importance to me because…. well my business is a woman-owned small business. It was so interesting to read about the significant progress that women have made over the years. It was also interesting to me that the reasons many women choose to become entrepreneurs apply to me (and I’m sure many others) as well.
Women tend to begin start up businesses rather than franchises. Typical start ups maybe because of past experience in business or a desire to help others.
Mothers will become entrepreneurs as a way to bring in a second income to the family because it may allow them to be more flexible with balancing home life and work life. This is why I believe you see in the infographic below that the top business sectors of women entrepreneurs are health, beauty and fitness.
Women owned businesses will borrow less money to get businesses started. Getting a new business venture started is not easy. According to an article written by Fundera “State of Small Business Lending: Spotlight on Women Entrepreneurs” in July, 2020, women tend to ask for less money when borrowing in the same way that women employees tend to ask for smaller raises, and at a lower frequency, than their male counterparts. Whatever the cause this is a perception that must be changed. More flexibility and opportunities must be presented to women so that they too will have the cash needed to keep their businesses thriving and surviving well into the future.
62% of women business owners are between the ages of 40 and 59. As I see it these numbers will be coming down significantly in the next decade. Young women today just as all young adults are just entrepreneurial in spirit. They are not afraid to try something new knowing that they can get right back up and try again.
So in celebration of all small business owners, especially women, let’s think about how we can grow together. Small businesses are the backbone of our economic system and this country. Together our businesses will be where consumers shop, eat, visit and spend their hard earned money.
Whether your business is a brick and mortar store or an online business don’t hesitate to reach out to me for assistance in setting your goals for the future.