As we head further into the 2020s, I’ve been thinking about Women’s History Month and the progress that women driven by the business have made over the years, and it’s very impressive.
If you are of a certain age, you will possibly look back on when you first started working and see how far the world has come in just a century or two. When I founded my business, The Entrepreneur’s Source, in 1984, the idea of female entrepreneurs was mostly just that — a concept rather than a fact. When you look at the figures over the last 40 years, you can see how far things have come. Female-owned companies accounted for just 4.6 percent of all businesses in 1972, but today they account for almost half of all businesses.
According to the 2019 American Express Survey, in 1972, female businesses accounted for just 4.6% of all businesses, but today that figure has risen to 42%. With that in mind, I thought I’d share some figures on where women are actually at in the business world.
American Women Own More Than 11.6 Million Companies.
According to the Women Business Owners’ National Association. These companies have almost 9 million employees and revenues of 1.7 trillion dollars have been produced since 2017. Some reports claim 1.9 trillion dollars.
Every day in America in 2019, 1,817 new women-owned businesses are created. Although we do not yet know how many women-owned businesses were founded during the pandemic, it appears that the number continued to rise. According to some evidence, far more startups were founded than usual; applications for employer identification numbers, an indication that new people are establishing businesses, also increased.
Lending is also problematic for female business owners. In 2019, Bank of America published the Women Business Owner Spotlight report, which discovered that nearly 60% of the 500-plus female small business owners polled did not have the same access to capital as men.
As a way of starting a business, women are increasingly turning to franchises. The fact that women are interested to purchase a franchise has become standard practice. Around 265,000 franchises are owned or shared by women, representing about 35% of the total U.S. franchises. This is an increase of approximately 24 percent compared to ten years ago.
I frequently see lists in the franchising business that rate the best franchises for women, but it can only be good for certain sex for franchises. For example, some local media recently covered two sisters and a best friend from a young woman who lives in Wisconsin and has four repair shops for electronics.
With a view to possibilities, women take on the American dream and purchase every franchise that suits their revenues, lifestyles, resources, and expectations for equity. This is only one of many known stories throughout the world.
The change made by business-friendly women over the years is very remarkable. Each contractor will have to overcome barriers for his colleagues, employees, and lenders and will still be able to establish and grow a profitable company. Therefore, when starting a company, it is important to think abundantly and see what is possible always.
If you get frustrated, think about the woman entrepreneurs who have done it already, and strive to learn from it. We can all steal lots of takeovers from the popular women’s playbook:
Listen not to the disappointment.
Many women were advised over the years that in a masculine industry they are unlikely to succeed. Such thoughts are untrue and reinforce harmful perceptions. Don’t let your attitude get infected by toxic thoughts.
Try good tactics for others. If you value business owners, you may want to make these people a model for your job. Ask them how they did and if possible, see if it’s possible.
See if any advice will be provided to you. This is also an argument for consulting with trainers, reading business memoirs and self-help books, and talking to experts in areas such as the local business chamber.
None of us are very good owners alone. We still look for other people’s support.
Recall that your performance will inspire others. Too much market growth means no abandonment. You may need to engage in numerous pep discussions to make it successful, particularly if, for example, you are a woman who tries to do so in a mostly masculine industry. But just when you’re searching for women who have done well in company, remember to ask you often how good you were if you stay consistent in your mission.