If you're a woman who owns a small business, you likely know that October is National Women's Small Business Month. But did you know:
• Women are leading job creation in the U.S., according to Forbes. "Privately held company job growth has been among women-owned firms. They have added an estimated 175,000 jobs to the U.S. economy since 2007." Roughly, women-owned businesses employ 7.8 million people.
• In addition to jobs, women-owned businesses are generating big revenue. There's an estimated 8.6 million women-owned businesses in the U.S., generating more than $1.3 trillion in revenue.
• The U.S. Small Business Administration created National Women's Small Business Month to zero in on challenges women entrepreneurs face in the marketplace, one of which is start-up funding. Because women-owned businesses tend to focus on service-based industry, they often don't attract venture capital funds.
• Another reported challenge to women entrepreneurs is staffing, partly due to the global issue of finding skilled workers, but also because of financial constraints. Women-owned businesses are typically smaller than their male-owned counterparts.
• Female-owned businesses reportedly outpace male-owned businesses in the sectors of educational services, dance studios, clothing, gift-giving and alcohol sales and services, according to a study by Cornell University.
• According to Bank of America's spring 2014 Small Business Owner Report, 58 percent of women business owners consider multitasking to be a management force, versus 40 percent of men, and were more likely to list creativity as a strength and empathy as a critical character trait for employee relations.
Apparently a force in the marketplace, as awareness and financial support in favor of women business owners grows, many more companies will show evidence of a woman's touch. Learn more about alternative funding options that support women-owned businesses at Bizlender. Call 855-404-3070 today.