By SCORE Association, Special for USDR
SCORE, the nation’s largest network of volunteer, expert business mentors, has gathered statistics in honor of National Women’s Small Business Month that show how 11.3 million women-owned businesses are making an impact on the American small business landscape. Data shows that women are currently majority owners of 38% of U.S. businesses, up from 29% in 2007, with these businesses employing nearly 9 million people and generating more than $1.6 trillion in revenue each year.
Women-owned businesses are hiring—and growing:
- Since 2007, the number of women-owned firms has grown at five times the national average, with 1,072 net women-owned firms starting every day.
- 84.6% of women start businesses because they see an opportunity—not because they’re unemployed.
- Since 2007, employment by women-owned businesses is up 18%, compared to a 1% overall average decrease in employment by small businesses.
- Revenues of women-owned businesses have increased 35% since 2007, but only 1.8% of these businesses have revenue exceeding $1M (vs. 6.3% for men).
Entrepreneurial women of color lead the way:
- Women of color now own nearly 5 million firms, accounting for 44% of women-owned businesses.
- Nearly eight in 10 new woman-owned businesses launched since 2007 was started by a woman of color.
States with the highest percentage of women-owned businesses are:
- Washington, DC: 45.2%
- Georgia: 41.1%
- Maryland: 40.1%
- New Mexico: 40.1%
- Illinois: 39%
Industries with the highest percentage of women-owned businesses are:
- Healthcare/social assistance: 64.6%
- Educational services: 56.9%
- Other services: 52%
- Administrative & support: 47.1%
- Retail: 41.8%
Download this infographic for more data on the state of women-owned businesses in 2016. Connect with a SCORE mentor today for personalized help with starting or growing your small business.
Since 1964, SCORE has helped more than 10 million aspiring entrepreneurs. Each year, SCORE’s 10,000+ volunteer business experts provide 350,000+ free small business mentoring sessions, workshops and educational services to clients in 300+ chapters nationwide. In 2015, SCORE volunteers provided 2.2+ million hours to help create more than 45,000 jobs and 55,000 small businesses.
For more information about starting or operating a small business, call 1-800-634-0245 for the SCORE chapter nearest you. Visit SCORE at www.score.org. Follow SCOREMentors on Facebook and Twitter.
SOURCE SCORE Association