October Is National Women’s Small Business Month

This month we are celebrating National Women’s Small Business Month. Did you know that according to a study done by American Express, an estimated 1,200 new businesses a day were started by women over the past year, up from an average of 740 a day the year prior. Four out of 10 new firms are now started by women.

Here are the statistics of women-owned businesses in the United States:

1. More than 9.4 million firms are owned by women, employing nearly 7.9 million people, and generating $1.5 trillion in sales as of 2015.

2. Women-owned firms (51% or more) account for 31% of all privately held firms and contribute 14% of employment and 12% of revenues.

3. Over the past seven years, the overall increase of 8.3 million (net) new jobs is comprised of a 9.2 million increase in employment in large, publicly traded corporations, combined with a 893,000 decline in employment among smaller, privately held companies.

4. 2.9 million firms are majority-owned by women of color in the U.S. These firms employ 1.4 million people and generate $226 billion in revenues annually.

5. One in five firms with revenue of $1 million or more is woman-owned. 4.2% of all women-owned firms have revenues of 1 million or more.

Between 2007 and 2016, the greatest increase in the number of women-owned firms has generally been in more traditional industry sectors, perhaps indicating some degree of regrouping in the wake of the recession – particularly among the minority women-owned firms which have comprised the vast majority (79%) of the firms launched over the past nine years. This trend is expected to continue.

Let’s celebrate with these women-owned small businesses that are leading the way!

Statistics from Womenable report commissioned by American Express “OPEN State of Women-Owned Businesses 2015.” Retrieved from https://nawbo.org/resources/women-business-owner-statistics

If you have questions about starting, growing, or selling your small business, please contact us. As a CPA, Certified Business Advisor, Small Business Consultant, and Advanced Certified QuickBooks ProAdvisor, we specialize in working with small business owners just like you and provide tax, accounting, financial analysis, management, business planning, and small business advisory services. We can advise you on how to start, manage, grow, and terminate a small business. For more information, call (727) 391-7373 or else visit us on the web at http://www.LindaStortzCPA.com.