Ways to support women in business
Updated: Mar 20
The number of female small business owners grows on the local and national level every year. According to the American Express 2019 Report, between 2014 and 2019 the annual growth was 3.9% which is significantly higher than the growth rate of all businesses during the same time frame (1.7%). Although this fact is encouraging, some stats are not as black-and-white as we think. For example, Business Insider raised a fair question that women in America more likely to start their businesses out of necessity trying to balance between work-life-house-motherhood.
We, at Shop A Small Business and Women’s Council of Entrepreneurs, want to play our role and part in helping female-owned small and micro-businesses, women’s start-ups, female leaders, and inventors to grow and succeed. And we strongly believe that thru local and national support networks, we can beat the odds and help businesses strive.
As a small business owner, what can you do to lift and support other female business owners?
Share your experience and expertise through local and national Entrepreneurs networks. For example, the Women’s Council of Entrepreneurs hosts online and in-person events where you are welcome to network, collaborate, share your expertise and also promote your business.
Become a member of local or national Camber or Council to have access to communication and network with other business owners. Be open-minded and learn new skills, approaches, and best practices.
Consider having long-term commitments and build relationships with other women-owned businesses. Use their services and offer yours to them.
Be a mentor to the younger generation whether at your child’s school, or local university or among your peers and fellow business owners.
Advocate for equity and equality, learn what your local officials stand for. Often women-owned businesses don’t get a chance to grow into something bigger than a side geek. In 2018 the average loan size for women founders was 31% lower than was for male founders, and in 2019 woman-owned firms received only 4.75% of federal contracts.
The future for women in business and women entrepreneurs is bright and full of hope. If you are just taking this incredible step remember, that women around you, your community, and a diverse network of successful women are there to help and lift you!