Woman's Touch: How Female-Owned Business Are Faring

A WOMAN'S TOUCH How Female-Owned Small Businesses Are Faring Not only are women-owned small businesses growing in number, they're also outpacing male- owned firms in job creation. We take a look at how female-owned firms are growing. WOMEN-OWNED BUSINESSES IN THE U.S. Businesses owned by women have been growing more quickly than all businesses over the last decade. WOMEN-OWNED BUSINESSES OUTPACE NATIONAL GROWTH BY THE NUMBERS As of 2011 there are.. 1997-2011 Growth in Number of Businesses %3D 50% 34% Women-owned businesses Employing $1.3 trillion 7,650,400 people 8,125,800 Generating nearly All businesses women-owned businesses in revenues SMALL BUSINESS SWEET SPOT A significant portion of women-owned businesses are small businesses. WOMEN SPECIALIZE IN SMALL BUSINESSES 29% They employ only 6 percent of the U.S. workforce. Women-owned businesses account BUT for 29 percent of all enterprises. 99% of women-owned businesses employ fewer than 100 people TOP 10 STATES FOR WOMEN-OWNED BUSINESSES By Number of Women-Owned Businesses in 2011 1. California 2. Texas 3. New York 4. Florida 5. Illinois 6. Georgia 7. Pennsylvania 8. Ohio 9. Michigan 10. North Carolina WOMEN DRIVE SMALL BUSINESS JOB CREATION According to recent studies, women-owned small businesses will generate a majority of new jobs over the next few years. SMALL BUSINESS JOB GROWTH 57% Women-owned businesses will generate up to 57% of the 9.72 million small business jobs that the U.S. Bureau of Labor Statistics expects will be created between 2009 and 2018. INDUSTRIES RIPE FOR WOMEN-OWNED BUSINESSES Disti Firms by Industry in 2011 ution of Wome Ow Accommodation and Food Services Finance and Insurance Wholesale Trade Educational Services - Manufacturing Real Estate, Rental, Leasing Retail Trade 2% 2% 1% 16% 14% 11% 10% 9% 5% 4% 4% 3% | 1% | 2% 16% ........ Health Care and Professional, Social Assistance Scientific, Technical Administrative, Support, Waste Services Other Industries ... Arts, Entertainment, Recreation Services Information Transportation and Warehousing Construction MEN VERSUS WOMEN ENTREPRENEURS A study conducted by the U.S. Small Business Administration examined characteristics of male and female small business owners. The group identified a few key differences. MEN WOMEN - Men had more experience prior to starting their business. - Women were more likely to have positive revenues. - Men had higher expectations regarding their business. - Women were less likely to purchase their business. - Men were more likely to spend extra effort looking for business opportunities. - Women were more likely to prefer low-risk businesses. SOURCES: AMERICAN EXPRESS OPEN U.S. CENSUS BUREAU | BUREAU OF LABOR STATISTICS | THE GUARDIAN LIFE | SMALL BUSINESS ADMINISTRATION intuit.