Women business owners account for almost one third of all small companies today. Compare that to 40 years ago, when women owned just 5% of America’s small businesses.
This is National Business Women’s Week – what a great time to draw attention to women entrepreneurs and celebrate progress.
Women business owners have been on the rise at rates higher than the overall national average since the 2008 recession, according to U.S. Small Business Administration data for 2016. The number of women-owned businesses grew 45% – to 11.3 million.
Some States Growing Faster
Output is up too – those businesses created $1.6 trillion annually in sales and employed almost 9 million workers, says SBA. In terms of economic clout, 10 states have been growing the fastest since the recession:
- North Dakota, South Dakota, Texas (tied for 1st),
- Indiana and Wyoming (tied for 5th),
- Georgia and Tennessee (tied for 7th),
Want to Start a Business?
If you have a great idea or really want to work for yourself, maybe you should start a business. Before you take the plunge, do a business plan and a little homework:
- Determine your business structure.
- Study your competition, find your uniqueness.
- Find options for start-up cash.
- Research physical locations, if you need one.
- Got a business name? Protect it.
- Build a good support system.
- Set up systems for banking, accounting, sales.
- Get – and stay – legal.
- Know when to hire expertise.
- Stay healthy – entrepreneurs need energy.
The SBA has resources for first-time entrepreneurs, and you can encourage young ones with a quick read of Entrepreneur Extraordinaire: Grandpa Helps Emily Build a Business.