Almost nothing is growing faster than women-owned businesses.
There’s an estimated 12.7 million women-owned businesses in the U.S., with almost 40% of those firms located in the South (Florida ranks among the top 5 states for most women-owned firms and highest percentage growth of women-owned businesses).
The typical female business owner? She’s 49 years old, has a college degree, and has been in business 22 years. Over 1/5 of women business owners are minorities.
On the fast track
For many women, owning their own business puts them on the fast track.
“Women business owners are wealthier and have household incomes 56% higher than other full-time working women,” says a recently released national market study conducted by the American City Business Journals.
For those women, owning a business translates into more control and financial security. Their net worth is more than 3 1/2 times that of other working women.
Of course, that comes at a price. Women business owners say they are stressed, pressured for time, and concerned they won’t have enough time to spend with their families.
A unique ‘work-values’ balance
Women may be striving for financial success, says the American City Business Journals, but they never lose sight of an even more important value: “the inherent meaning of their work.”
“Women owners want and need to be engaged in work that is personally satisfying and fulfilling,” reports the study. That means high ethical standards, respect for others, and sustainable “green” products and services.
Supporting the local business community is also important. An overwhelming 66% of all women-owned businesses are actively involved in the local community to promote good will and generate new business.
Women-owned businesses also strengthen the overall economy. The National Women’s Business Council, which advises the President and Congress on business policy, observes that women-led firms exhibit stronger financial performance than other companies, and foster greater innovation and product development.
As a side note, we’re proud to report that our firm, Adam Financial Associates, has received national certification by the National Women Business Owners Corporation (NWBOC) as a woman-owned and woman-controlled business. Fewer than 10% of comparable firms in our industry are owned by women, according to data from Cerulli Associates.