The American Dream is the idea that anyone, regardless of their background, can attain success in our society. For many, that success is being a business owner.
Today, there are nearly 13 million women-owned businesses in the United States, and those businesses generated $1.9 trillion in revenue in the past year.
And women-owned businesses are on the rise, growing nearly 4% annually in the past five years.
But the opportunities for women to own their own business have not always been available. In fact, as little as thirty years ago, women couldn’t even get a business loan.
It took the sacrifice, blood, sweat, and tears of many hard-working women to allow this part of the American dream to be available to all women. Here are all the reasons you should support women-owned businesses.
Supporting Women’s Economic Stability
Investing in women-owned businesses helps to support the economic empowerment of women. This helps reduce poverty among women and creates more equality between women and men.
Globally, women make up the largest percentage of people living in poverty.
When you support a business that is owned by a woman, you are helping shift the economic climate towards a more stable economic world for all women.
Women-Owned Businesses Create Gender Equality in Commerce
In the past thirty years, there have been impressive strides in the effort to bring gender equality into the business world. But there is still much work to be done.
In 2020, the gender pay gap is still present, with women, on average, only earning 84% of what men earned. A main contributing factor to this gap is that women tend to have fewer opportunities to rise to senior-level positions in companies.
One of the best ways to bolster women entrepreneurs is to support those that have chosen to start their own business. After all, business ownership means an automatic senior-level position.
Growing Vibrant Communities
Communities thrive when all the citizens within them are able to support themselves and reach for their dreams. Having diverse businesses creates communities that support all of the various people within it.
Women can bring diverse ideas and perspectives to the business world. It’s often easy to find lists of women-owned businesses in your community. For example, in Utah, check out this list at utahwomenowned.com.
Supports a Healthy Overall Economy
Today, women-owned businesses are fueling the economic growth in the U.S. These businesses employ 9.4 million workers and generate 8% of the country’s overall revenue.
As little as fifty years ago, women-owned businesses represented just 4% of all businesses. Today, they represent 42% and that number is growing.
Embracing the Future
Supporting women-owned businesses is a smart move because entrepreneurial success for women means a stronger economy for everyone.
Women are leading the way to a brighter economic future. It is also the right thing to do because it helps support gender equality in the business world.
To read more about women in business, and learn more about money, lifestyle, and the economy, check out the other articles on our website. We have all the important information an executive needs to know.