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.

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OCTOBER IS NATIONAL WOMEN’S SMALL BUSINESS MONTH

womeninbusinessWomen’s entrepreneurship is on the rise, according to preliminary data from U.S. Census Bureau, which shows that women are increasingly becoming small business owners. U.S. business ownership rose 27.5 percent for women, and overall, America added one million net, new businesses from 2007 to 2012, a period in which U.S. employment fell by 3.8 million.

This is exciting news for celebrating National Women’s Small Business Month, created by the U.S. Small Business Administration (www.sba.gov), as it is important to not only recognize the contributions of women-owned businesses, but to help more women get started. Women still face many challenges when it comes to business ownership, and the Small Business Administration has the resources and assistance to help women-owned small businesses over the hurdles to start-up.

The U.S. Small Business Association broke some significant records last year: small loans under the SBA’s Community Advantage loan program went from $56 ½ million to $200 million – that’s an 80% jump. More importantly, capital was available to those who need it the most.

• Women’s lending was up 19%, and
• Minority lending was up 26.5%.

What can you do to help support women-owned small businesses? Buy from them, thank them, encourage them, brag on them, and tell your friends about them to show appreciation for their work in contributing to the U.S. small business economy by providing needed products and services.

If you are a woman, would like to start a business, and have questions or need help in getting started, please contact our office today. As a woman-owned firm, we specialize in helping women just like you to set up and run a profitable small business.

As a CPA, Accredited Small Business Consultant and Advanced Certified QuickBooks ProAdvisor, we specialize in working with small business owners and provide tax, accounting, financial analysis and management, and small business consulting services. We can help you to start, manage, and grow your small business. Our telephone number is (727) 391-7373, or you can visit us at http://www.LStortzCPA.com.