Why A Woman-Owned Small Business Is A Big Deal & Valuable To Economies Leave a comment

Why A Woman-Owned Small Business Is A Big Deal

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Women-owned small businesses (WOSB) are sweeping the nation! With women more likely to start a business more than men, they are the ones who are bolstering the economic stability for both their community and their families. In fact, 62% of women depend on the income from their small business as their primary source of household income. As of 2018 women owned 40% of small businesses, and over the past decade, the number of WOSBs has increased by 58%. With this new trend, women entrepreneurs of today are setting an example for our girls’ futures. Daughters and young women have role models to help them grow into strong leader and minds that can make a positive impact.

Governments & large corporations understand the value of WOSB, offering contracts & deals tailored to them. This support is not only necessary to continue the female advancement in the work arena, but it marks a decided interest in the importance of women-owned businesses.

So what exactly qualifies as a women-owned small business and why are they so important? Let’s look at the numbers…

What Is Required To Be A Woman-Owned Small Business In The U.S.?

In order to be considered to be a WOSB a company must have the following characteristics:

  1. 1. At least 51% of the business must be controlled by one or more women.
  2. 2. It must be primarily managed by one or more women.
  3. 3. The business must be “small” in its primary industry in accordance with SBA’s guidelines for that industry

What Is The Economic Impact Of Women-Owned Small Businesses?

WOSB are important because they have positive impact on the economy. Although local communities will feel the benefits of their presence more, WOSBs still help to bolster the national economy as well.

  1. 1. 9.2 million people are employed by WOSBs
  2. 2. Employment for WOSB rose 21% over the past decade while business employment overall declined by 0.8%.
  3. 3. WOSBs generate an average of $1.8 trillion in revenue for the national economy.

The Importance Of Small Businesses Owned By Women Of Color

WOSB are important because they have positive impact on the economy. Although local communities will feel the benefits of their presence more, WOSBs still help to bolster the national economy as well.

  1. 1. 9.2 million people are employed by WOSBs
  2. 2. Employment for WOSB rose 21% over the past decade while business employment overall declined by 0.8%.
  3. 3. WOSBs generate an average of $1.8 trillion in revenue for the national economy.

The Importance Of Small Businesses Owned By Women Of Color

Women of color are among the leaders of rise in women-owned small businesses. Their drive to support their families and their communities is changing the demographic and opening new opportunities.

  1. 1. As of 2018, 47% of all women-owned businesses were owned and managed by women of color.
  2. 2. Over the past decade the amount of WOSB owned by women of color rose by 163%.
  3. 3. Women of color who own small businesses employ over 2.2 million people.

Women-Owned Small Businesses Are Important For The Industries They Choose & The Solutions They Provide

When most women begin a small business, it often aims to help people. They start more businesses in the healthcare, educational, and social assistance industries than men. This means that their efforts not only help the economies of local communities but also directly impacts the people positively.

  1. 1. At 20%, WOSB employ the most people in the healthcare & social assistance industries.
  2. 2. At 17%, WOSBs have the highest total revenue in wholesale trade.
  3. 3. There has been a growth rate of 151% of WOSB in the utilities industry.

DiverseID is a proud women-owned small business. It is our mission to empower to other women to pursue their dreams of entrepreneurship by setting an example dedicated of professionalism at all times. We work to bring out clients the solutions they need in the office, for their signage and so much more. Our quality products, top-rate services and knowledgeable staff are always here to assist you.

Curious to get the gist of our solutions, the DiverseID difference, or to learn more about how we’ve cultivated a successful WOSB?

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