The Number of Women-Owned Businesses is Growing
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At First Union, we've worked with all sorts of businesses, and especially, as of late, more and more women-owned businesses. We couldn't be happier about this as it suggests that worldwide, women-owned businesses are definitely on the rise. Some statistics that will help put into perspective the rate at which the number of women-owned businesses is expanding.
In the past five years, the number of women-owned businesses has grown four times faster than those owned by men.
Between 2017 and 2018, there were on average 1,800 new businesses started by women per day.
Since the early 70s, the revenue brought in by women-owned businesses in the US alone has increased from roughly 8 billion to nearly 2 trillion.
So what is instigating this promising move forward for companies owned and run by women? One factor is autonomy. Women want more control, more say so in terms of their professional life. Tired of spending hours in an office setting, they want greater freedom to make decisions and control their own time.
Also, more women are striving after that worklife balance. Owning a company certainly demands a great deal of hard work, and it is something which you can't necessarily leave behind you at the end of the day; however, for those women who have gone the entrepreneurial route, many are finding that there is more flexibility when it comes to getting more family time in, while still dedicating time to their job.
We support the rise of women-owned businesses wholeheartedly. One of the challenges though that many women business owners have faced and are continuing to face is difficult when it comes to procuring capital for their company. In fact, one recent study found that they have less access to working capital than men-owned businesses. This is where we come in. With a dedicated advisor and flexible terms, along with a host of financing programs, we can certainly help you get the money you need so that your business can continue to thrive. Call us today!