A study by the Washington State University’s Online MBA program indicates that women-owned businesses in the U.S. currently provide jobs for 9.4 million people and bring in $1.9 trillion in revenue. What would happen if more women launched businesses? Boston Consulting Group’s analysis of the study shows that the trend continues with more money and jobs added to the economy.
The National Women’s Business Council’s 2023 Report provides insight into where women are making an impact. The top ten states with the highest number of women-owned businesses are:
- New York
- North Carolina
- Georgia
- Florida
- California
- Virginia
- Massachusetts
- Texas
- Pennsylvania
- Indiana
The top three metropolitan areas for women-owned businesses are:
- Miami-Fort Lauderdale-West Palm Beach, FL
- Dallas-Fort Worth-Arlington, TX
- Boston-Cambridge-Newton, MA-NH
In the past, the beauty sector was the number one industry for women entrepreneurs. Today, there are a variety of professions where women are taking the lead, according to the U.S. Bureau of Labor Statistics, women represent:
- 70+% of veterinarians
- 63% of PharmD degree earners
- 61% of dog trainers
With the booming pet care industry and the ongoing need for pharmacies, there are solid opportunities for entrepreneurs in these fields.
Leveling the Playing Field
The SBA is currently attempting to reach the U.S. Government’s women-owned contracting goal of 5% through networking and educational events. The idea is to help inform women-led organizations to learn how government contracting works, including the paperwork and the process.
Lenders such as First Financial Bank are committed to changing these numbers and recognizing the benefits more women-owned businesses bring. By offering competitive loans and lines of credit to entrepreneurs, regardless of their gender, lenders can help level the playing field.
National Women’s Small Business Month – and Beyond
Every October is National Women’s Small Business Month and celebrates the many changes women have experienced as business owners in the last 50+ years. We’ve seen the impact women-owned businesses have made in their communities with a variety of businesses, including community pharmacy, focused business consulting, and veterinary care (to name just a few). Here at First Financial Bank, we celebrate and look forward to continuing to empower women-owned businesses throughout the year with information and expertise to fund their plans.