Are you a woman thinking of starting her own business? Here are some quick statistics for you:
- According to The Business Journals SMB Insights, women-owned businesses are one of the largest and fastest growing sub-segments of the U.S. business market.
- The Guardian Small Business Research Institute projects that women-owned businesses will generate five million new jobs by 2018.
- A report from the Institute of Women’s Policy Research (IWPR) shows business ownership for minority women has increased by 265 percent since 1997.
- Currently, minorities account for one in three female-owned businesses, up from one in six less than two decades ago.
- Growth among African American and Hispanic women has been particularly rapid, with both segments making up 14 and 11 percent of total women-owned businesses, respectively.
In other words, women are changing the game. So why are women so successful? They hold a unique balance where they strive for financial success but also look for an inherent meaning in their work. Women business owners have the need to be fully engaged in work that is personally satisfying and fulfilling. “Respect” and “ethics” are important standards in their brand and decision making processes. Furthermore, their ethical perspectives often extend to the environment, including “green” efforts and sustainable products and services.
FOX Business suggests five reasons why women are thriving as entrepreneurs based on data from the Women in Business Report:
1. More women than men attend and graduate from college, helping them to collect credentials and experience for running their own businesses
2. Costs of launching a business have significantly decreased
3. Ability to work from home helps ease the balance of work and family
4. Promotional costs have decreased because of digital marketing and social media
5. Technology has quickened the process and lowered the cost of acquiring capital
If you’re interested in joining a community of trustworthy businesses, visit bbb.org to get started.
This post was written by your BBB Serving Central Ohio's Content & Communications Coordinator, Jordan Abbruzzese.