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Main Street Monday – Growth of Women-Owned Businesses Up 21% in Last Five Years

October 7, 2019

By Mary Miller
Contributing Editor, Main Street Monday

Main Street Monday – Growth of Women-Owned Businesses Up 21% in Last Five Years

According to a recent study conducted by American Express, women-owned businesses have experienced more growth over the last five years (21%) than all small businesses combined (9%). Women-owned businesses now account for 42% of all businesses, they successfully produce $1.9 trillion in revenues, and they employ 9.4 million workers.

The study credits the success of woman-owned businesses to timing and demand. According to the study, female entrepreneurs have a knack for starting businesses at the right time and offering products or services that hit the market when opportunity knocks. This gives female entrepreneurs’ businesses a better chance of success, survival, and growth.

According to the report, the top producing market segments for female entrepreneurs include miscellaneous services, healthcare, and professional services.

Services (Miscellaneous/Other) Industry
22% of women-owned businesses are considered miscellaneous services. This includes nail or hair care salons and pet care services. The number of women-owned businesses in this market segment alone rose 29% over the past five years.

Healthcare, Social Assistance
This segment includes businesses such as home health care and childcare. Although healthcare is a top producing segment of the market, it had the lowest growth rate of all women-owned businesses at 14% over the past five years.

Professional and Technical Services
This category includes lawyers, bookkeepers, accountants, and public relations professionals. This segment also saw a growth rate of 14%.

Although female entrepreneurs continue to work through more economic challenges compared to their male counterparts, the growth of women-owned businesses is impressive and continued growth is expected in the future.

Source:
2019 State of Women-Owned Businesses Report
Forbes

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