National Women's Small Business Month Is Underway!
October is a month that marks a transition in seasons, where the last bits of Summer finally fade away into full blown Autumn. In this way, it is perhaps the most fitting month to designate as national women’s small business month, as the winds of change are increasingly filling the sails of female business owners in the US, propelling them to greater success and keeping them on a brisk pace of growth. A Forbes article on the monthly celebrations cited various Amex statistics on the growth of the female owned business demographic, from the fact that since 1997 women owned business have increased by 59%, to the equally impressive $1.3 Trillion generated in revenues and 7.8 million jobs created by these businesses. While growth from female businesses is continuing to move forward, with more and more female entrepreneurs going into business each month, there are still disparities between male and female owned small businesses in certain areas that stand out as needing to be corrected. One example of this is that, according to Biz2Credit’s survey released in March, 2013, female owned small businesses not only were 15-20% less likely to be approved for a small business loan, but female owned businesses earn 15% less revenue and paid 21% more for operating costs on average. Female small business owners also had a credit score on average that was lower by 40 points. These statistics show the need that female small business owners have for reliable sources of capital that are based on relationships.
One thing that is sure is that the importance of female owned businesses in terms of job creation and revenues created will only increase going forwards. Female entrepreneurs will continue to contribute to the economy, and with access to expansion capital, they will be able to continue to grow the businesses they have created. In fact, female CEO’s of fortune 500 companies represent some of the most prolific brands in the world, including Xerox, Kraft, Pepsico and Yahoo, to name a few.
Photo Credit to Dell Inc. Fl