Women-Owned Businesses: The Economic Powerhouse You Need to Know About
Women-owned businesses are on the rise, and they're a force to be reckoned with. According to the National Association of Women Business Owners (NAWBO), women-owned businesses account for more than 11 million firms in the US, generating $1.7 trillion in sales and employing nearly 9 million people. Yet, despite their significant contribution to the economy, women-owned businesses still face unique challenges.
One such challenge is access to capital. Women-owned businesses receive only a fraction of venture capital funding compared to male-owned businesses, and women entrepreneurs are often discriminated against when applying for loans.
Despite these challenges, women entrepreneurs are thriving and breaking barriers. Take Janice Bryant Howroyd, for example, founder and CEO of ActOne Group, a global workforce solutions company. Howroyd started her business in 1978 with just $1,500 and a home office. Today, ActOne Group has over 17,000 clients in 19 countries and generates over $3 billion in revenue.
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So what can we learn from these successful women entrepreneurs? One lesson is the importance of persistence and resilience. Starting and growing a business is not easy, but with determination and hard work, anything is possible.
At Good Money Moves LLC, we're committed to empowering women entrepreneurs and helping them achieve their goals. Contact us today to learn how we can help you take your business to the next level.
