Before 2020, women business owners held the position of being the fastest-growing sector in the US economy. They generated $1.6 trillion per year and employed 9.4 million workers.
Throughout the pandemic, female-led companies were hit harder than male-led companies. Sales figures dropped by approximately 50% for 47% of the female-led businesses, compared to 41% of male business owners.
Which is why it’s essential now more than ever to support women business owners.
Why Support Women Business Owners?
More women are coming into their own in the marketplace, finding their niche markets, and dominating their fields of expertise. So supporting women business owners is much more than you can imagine.
Female-Led Companies Create Employment
Buying from women business leaders will grow their businesses. This enables them to hire more people to work. These job opportunities help those people to financially support their families and plow resources back into their communities. It fosters a healthy circle of growth and development.
Support and Mentor Other Women and Their Team
Female entrepreneurs are leading the way in business mentoring and support. It is documented that women in leadership grow and nurture their staff, both male and female. Which simply makes good business sense. They also excel in mentoring their fellow women business owners.
Many organizations to encourage, guide, and help other women in business are springing up and making waves in the business world. Programs like the Utah Women-Owned Business Directory and the WBCUtah’s Next Step cohort program are great examples of this.
Women Business Leaders and the Local Economy
Women-owned businesses make up a significant portion of those contributing to and helping the economy grow and strengthen. For example, women control over 30% of small businesses. In addition, a woman’s perspective is a valuable asset when it comes to dealing with clients and customers.
How to Support Women Business Owners
Believing in the value of female-led companies translates naturally to supporting women-owned businesses. Choosing to do business with and promoting them removes the barriers that restrain the growth of female-led endeavors. However, this can only be achieved if the public and private sectors tackle it together. Practical ways to support female business leaders are:
Buy From Them
Take any products you’re already using and switch them out for those produced by women. If you’re in retail, consider branching out what you stock to include their products.
Next time you need something, instead of going to Amazon or Google, go to Utahwomenowned.com. Find a local, woman-owned business when you need to replace something broken, order a unique gift, hire a professional, pamper yourself or someone else, or find a place to eat.
Invest In Them
Research shows that women receive less start-up funding than men do when establishing their businesses. The disparity grows as they move up the capital ladder to equity investing such as an angel or venture capital. The lack of funds can inhibit and slow down the growth of their businesses.
Hire Them and Promote Their Services
Find out what services they offer and use them. Then, spread the word about any excellent service you receive. Tell your friends and business connections. Every time you successfully shout out about a female-led venture, you create brand awareness that will spread.
Just as women are amazing mentors, women need opportunities as mentees. Having a solid mentor to help them grow and develop can shorten their learning curve and lead to a stronger business in the near term and a better leader in the long term.
A Directory to Support Women Business Owners
Suppose you’re unsure where to start searching to find and support women business owners, visit the Utah Women-owned Business directory. This handy resource is growing fast, and the information is kept up to date. So make the switch and start supporting women business owners today by visiting UtahWomenOwned.com.