October is National Women’s Small Business Month. According to the Small Business Association, there are currently over 13 million women-owned businesses in the US, compared to only 400,000 in 1972. These women-owned businesses generate trillions in revenue, and the majority are small businesses. 2021 data from the SBA shows that only 10% of women business owners have employees, and over half of those that do employ only 1-4 people.
While the statistics demonstrate encouraging growth, many women small business owners still face challenges to financial success, including fewer networking opportunities and a lack of investor funding compared to male-owned businesses. Business.com highlights several ways to support women-owned small businesses in light of these challenges, including:
- Investing in or donating to women-owned small businesses
- Networking with other women in business
- Linking to women entrepreneurs on social media
- Volunteering or becoming a mentor
- Sharing resources for women entrepreneurs
The SBA also provides valuable resources for women business owners, including links to funding opportunities, developmental assistance, and training programs. This October, we encourage you to reach out and show your support to a local women-owned small business in celebration of National Women's Small Business Month.