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Women & Business

Women are accounting for an ever growing number of business owners, as reported by the Census Bureau. 2006 statistics show that women owned businesses:

• Accounted for 7.7 million businesses

• Employed 7.1 million people

• Generated $1.1 trillion dollars in sales

Between 1997 and 2006:

• The number of women owned businesses increased 42%

• Sales grew by 4.4%

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The Center for Women's Business Research reports that women business owners continue to flourish, and these statistics include minority women business owners.

• 1.9 million firms are majority owned by women of color

• Between 2002 and 2008, these firms grew faster than all privately held firms
  
  (Source: Center for Women's Business Research)

About Women Owned Businesses

There is an interesting difference between the businesses the Census considers women owned and male owned. What the statistics show is that a huge proportion of the businesses majority owned by women are small businesses, usually sole proprietorships (unincorporated). Women owned businesses tend to be smaller than other firms.

• 85% of all women owned businesses were sole proprietorships

• 6% of women owned businesses were incorporated (C corporations, excluding S corporations)

• The 6% of incorporated women owned businesses accounted for 45% of receipts of all women owned businesses

• Just under 69% of women owned businesses had under $25,000 in receipts, compared to 5% of all businesses with under $25,000 in receipts.

• Only 2% of women owned businesses had over $1 million in receipts, compared to 5% of all businesses with over $1 million in receipts.

• Only 16% of women owned businesses had paid employees

• 70% of women owned businesses operated in the retail and services sector

What do all these numbers mean? These statistics demonstrate a continued growth in the number of and revenues generated by women owned businesses. What they also show is that women owned businesses continue to account for a small percentage of all businesses operating and that they tend to be small, unincorporated businesses, often operating without paid employees.

Women continue to be underrepresented in terms of the number of business owners in America, and continue to be underrepresented in the number of large, incorporated businesses with revenues over $1 million in receipts yearly.

It is incumbent on the Federal and state governments to assist women in changing the nature of women running women majority businesses and increase the number of businesses that are majority owned by women. One of the most effective ways to do this is to provide financial incentives, whether they be through government grants or low interest government loans.

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