Email:   |   Questions: 801-328-5066

Sign Up

A study shows that 19.9% of companies in the US are women-owned businesses. The latest statistics from the US Census Bureau states that women-owned businesses hire more than 10.1 million workers with a payroll of $388.1 billion every year. Women in the US are daring to step out and make significant moves in the business world.

According to the US Department of Commerce, as of 2019, women business owners were contributing more than $1.7 trillion to the economy. Women-owned businesses in the US have employed more than 9 million people. In Utah, the story of women-owned businesses is not different from that in other states.

Women business owners are growing in numbers in Utah every day. This article will look at Utah women business owners’ challenges and why you should support women-owned businesses in Utah.

Law insider describes a woman-owned business as one where one, two, or more women, who are US citizens or legal resident aliens, own at least 51% of the company. A woman should control the management and everyday operations of the business.

Here are six reasons to support women-owned businesses.

1. Lessening the Wage Gap Discrimination

Women all over the United States face gender discrimination in job opportunities and even funding opportunities. To have more successful women business owners in Utah, society has to be conscious about lessening and closing this gap.

All successful women business owners in Utah will attest that accessing funding to start or boost their business was no joke. However, if you depend on getting a bank loan or bringing investors on board, you are likely to face obstacles if you are a woman.

Various surveys done in the US on how institutions lend capital to start-ups revealed that only 3% of the businesses that received funding belonged to women. Gender is a significant factor, and lenders shy away from investing in Utah small businesses owned by women. Even if they get the funding, women CEOs are likely to get a lesser amount in comparison to their male counterparts.

We need more players like the National Association of Women Business Owners to come on board to support women entrepreneurs in Utah. Policymakers can weigh in on the advocacy agenda of leveling the playing field for women business owners. This will translate into offering training or incentives to women business entrepreneurs to encourage more women to dare start a business.

2. Networks Are the Heart of Business Growth

Women face a challenge in building a support network. Networks are the lifeline of businesses, without which a business cannot flourish.

You are likely to find only a few women in your line of business who are also at your level of success. Therefore, you need to support women entrepreneurs to encourage the growth of more success stories and the emergence of women mentors in business.

Women business owners need to create networks where they support each other against societal expectations. Men’s aggressive and competitive approach to running businesses is the status quo on how a business should run. Women have to defy this expectation and work at being successful in business without conforming to societal expectations.

When you talk to successful women business owners, the honest ones will confess that they have struggled with owning accomplishments. This is because women tend to be less egoistic than men and try to be modest. Yet, trying to downplay achievements as a woman business owner is not healthy as it does not show confidence in yourself.

3. Women Reinvest in Their Communities and Family

Most Utah women business owners are motivated by the passion for what they do and the need to give their families and loved ones a better life. Women business owners invest their money in improving the quality of their family’s lives. By supporting women in business, you are also adding value to your immediate society.

Balancing business and home life is a challenge for most women. Although work culture is somewhat changing, women still have a lot of family responsibilities that put them at a disadvantage.

For a woman to set up a business and run it, they will have to sacrifice more than men. They will often have to choose between taking care of their families or being successful business owners.

Women entrepreneurs venture into business ideas that benefit the family and society, not only monetary. For example, there are home-based businesses that produce healthy organic food products.

4. Economic Growth

Most states have recorded exponential growth in the number of women-owned businesses over the years. According to a recent report released, women-owned businesses have grown by 114 percent in the last 20 years. Women CEOs are playing a significant part in the economic growth of the region.

The US Census Bureau report of 2018 showed that in Utah, women own and manage more than 89,000 businesses. These businesses generate more than 15.7 billion every year. That is reason enough to support women-owned businesses in Utah.

5. Creation of a Women Business Community in Utah

If you support women business owners in Utah, you will have a community of women who can support and give business tips to other women. Women empowerment in business acts as a domino effect.

When you help one woman-owned business, the next generations of women will feel the impact. Moreover, such a community will finance its entrepreneurs in the future.

6. Empower Underprivileged Women

Many women get into business as a ‘side-hustle’ to complement their monthly income.

Underprivileged women like single mothers and widows have many financial dependants. By supporting Utah small businesses, you will influence the lives of many.

How Can You Play a Part in Supporting Women Business Owners?

Despite all the challenges, women business owners play a major role in society. Therefore, it is necessary to find ways to support these businesses to counter the challenges. You can support women business owners by buying their products and services.

If you are thinking of starting a business, sign up to connect with other entrepreneur women in Utah.

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy