GITNUX REPORT 2024

Report: Women Owned Business Statistics Show Impressive Growth and Impact

Exploring the Impact of Women-Owned Businesses in the US Economy: Key Statistics Revealed in-depth analysis.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

42% of all US businesses are owned by women

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31% of all privately held firms are majority-owned by women

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Women-owned businesses account for 39% of all privately held firms

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Women are 22% less likely to start a business than men

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Women entrepreneurs are 5% more likely to launch businesses out of necessity than men

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40% of women business owners are sole proprietors

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Women own 36% of all small businesses in the US

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Women-owned businesses account for 39% of all U.S. firms

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30% of all privately held businesses are owned by women

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40% of US firms are women-owned

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Women-owned businesses represent 42% of all businesses in the US

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32% of women business owners are between the ages of 50 and 59

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25% of women business owners have a postgraduate education

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The average age of women business owners is 42

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51% of women business owners report being very happy as business owners

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46% of women business owners are between 45 and 65 years old

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88% of women business owners report being happier than when they worked for someone else

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Women of color account for 50% of all women-owned businesses

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5.4 million firms are majority-owned by women of color in the US

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Latina-owned firms grew 172% from 2007 to 2018

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Women of color start 89% of new women-owned businesses

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17% of Black women are in the process of starting or running new businesses

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Women of color own 47% of all women-owned businesses

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64% of new women-owned businesses were started by women of color in 2019

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Businesses owned by women of color grew 43% from 2014 to 2019

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Women-owned businesses generate $1.9 trillion in revenue annually

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Women-owned businesses account for 4.3% of total private sector revenue

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Women-owned businesses contribute 4.3% of total business revenues in the US

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62% of women entrepreneurs cite their business as their primary source of income

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Women-owned businesses generate $1.8 trillion in revenue annually

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Women-owned businesses in the US generate $1.8 trillion in revenue annually

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Women-owned businesses employ 9.4 million workers

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8% of the total private sector workforce is employed by women-owned businesses

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90% of women-owned businesses have no employees other than the owner

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Women-owned businesses have an average of 8.5 employees

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Only 12% of women-owned businesses have paid employees

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Women-owned businesses in the US employ 9.2 million people

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Women-owned businesses employ 8% of the private sector workforce

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Only 2.8% of venture capital funding went to women-led startups in 2019

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71% of women business owners start their business with less than $10,000 in capital

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Women-owned businesses receive only 4% of all commercial loan dollars

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23% of women entrepreneurs seek business financing

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72% of women business owners say lack of capital/cash flow is a top challenge

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Only 25% of women business owners seek business financing

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The number of women-owned businesses increased 21% from 2014 to 2019

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Women start 1,821 new businesses every day in the US

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Women-owned businesses grew 58% from 2007 to 2018

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Women-owned businesses in the US grew by 114% from 1997 to 2017

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78% of women-owned businesses survive the crucial first year

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The number of women-owned businesses increased by 3,000% since 1972

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The number of women-owned businesses is growing at 2.5 times the national average

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Women-owned businesses grow at a rate of 21% compared to 9% for all businesses

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Women start 849 new businesses per day

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13% of women-owned businesses are in the healthcare and social assistance industry

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22% of women-owned businesses are in the professional, scientific, and technical services sector

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59% of women-owned businesses are concentrated in three industries: other services, healthcare, and professional/scientific/technical services

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20% of women-owned businesses are in the retail trade and business services sectors

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13% of women-owned businesses are in professional, scientific, and technical services

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4% of women-owned businesses have revenues of $1 million or more

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The average revenue for women-owned businesses is $330,000

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Women-owned firms with employees have an average annual revenue of $1.1 million

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Women-owned businesses in the accommodation and food services sector have the highest average revenue at $1.2 million

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One in five women-owned businesses generates $1 million or more in revenue

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The average women-owned business has $96,700 in annual revenue

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Summary

  • 42% of all US businesses are owned by women
  • Women-owned businesses generate $1.9 trillion in revenue annually
  • Women of color account for 50% of all women-owned businesses
  • Women-owned businesses employ 9.4 million workers
  • The number of women-owned businesses increased 21% from 2014 to 2019
  • 4% of women-owned businesses have revenues of $1 million or more
  • Women start 1,821 new businesses every day in the US
  • 31% of all privately held firms are majority-owned by women
  • 5.4 million firms are majority-owned by women of color in the US
  • Women-owned businesses grew 58% from 2007 to 2018
  • Latina-owned firms grew 172% from 2007 to 2018
  • Women-owned businesses account for 39% of all privately held firms
  • 8% of the total private sector workforce is employed by women-owned businesses
  • Women-owned businesses account for 4.3% of total private sector revenue
  • 90% of women-owned businesses have no employees other than the owner

Move over gentlemen, the ladies are taking the business world by storm! With statistics showing that women-owned businesses account for a whopping 42% of all US businesses, generate $1.9 trillion in revenue annually, and employ 9.4 million workers, its clear that women entrepreneurs are a force to be reckoned with. From the remarkable increase of 21% in women-owned businesses from 2014 to 2019 to the fact that women start 1,821 new businesses every day in the US, these statistics not only showcase the impressive growth but also the unique challenges and successes experienced by women who are making their mark in the business landscape. Lets dig deeper into the world of women-owned businesses and uncover what makes them truly exceptional.

Business Ownership

  • 42% of all US businesses are owned by women
  • 31% of all privately held firms are majority-owned by women
  • Women-owned businesses account for 39% of all privately held firms
  • Women are 22% less likely to start a business than men
  • Women entrepreneurs are 5% more likely to launch businesses out of necessity than men
  • 40% of women business owners are sole proprietors
  • Women own 36% of all small businesses in the US
  • Women-owned businesses account for 39% of all U.S. firms
  • 30% of all privately held businesses are owned by women
  • 40% of US firms are women-owned
  • Women-owned businesses represent 42% of all businesses in the US

Interpretation

Despite women owning 42% of all US businesses, the statistics reveal both progress and persistent challenges. While women entrepreneurs are slightly less likely to start businesses than men, they are more likely to do so out of necessity. Furthermore, the fact that 40% of women business owners are sole proprietors underscores the need for greater support and resources for female-led ventures. Women's entrepreneurial spirit is undeniable, representing a significant portion of all US businesses. However, these figures also highlight the importance of addressing barriers and fostering an environment where women can thrive and expand their entrepreneurial pursuits beyond small businesses.

Demographics

  • 32% of women business owners are between the ages of 50 and 59
  • 25% of women business owners have a postgraduate education
  • The average age of women business owners is 42
  • 51% of women business owners report being very happy as business owners
  • 46% of women business owners are between 45 and 65 years old
  • 88% of women business owners report being happier than when they worked for someone else

Interpretation

These statistics paint a picture of women business owners as a powerhouse of experience, education, and happiness. From the seasoned entrepreneurs in their 50s to the highly educated postgrads, it's clear that age and education are not barriers to success in the business world. The fact that over half of these women report being very happy as business owners is a testament to their passion and dedication. And let's not forget the majority who find greater joy in being their own boss – it seems like the only way is up for these fierce and content business mavens!

Diversity

  • Women of color account for 50% of all women-owned businesses
  • 5.4 million firms are majority-owned by women of color in the US
  • Latina-owned firms grew 172% from 2007 to 2018
  • Women of color start 89% of new women-owned businesses
  • 17% of Black women are in the process of starting or running new businesses
  • Women of color own 47% of all women-owned businesses
  • 64% of new women-owned businesses were started by women of color in 2019
  • Businesses owned by women of color grew 43% from 2014 to 2019

Interpretation

It seems that women of color are not only breaking glass ceilings, but also smashing them into tiny pieces with their impressive entrepreneurial prowess. These statistics paint a picture of resilience, determination, and undeniable talent in the world of business. From the meteoric rise of Latina-owned firms to the staggering number of new ventures led by women of color, it is clear that diversity and innovation go hand in hand. So, next time someone underestimates the power of women in business, just remind them of these numbers – because numbers don't lie, and neither do fierce female entrepreneurs.

Economic Impact

  • Women-owned businesses generate $1.9 trillion in revenue annually
  • Women-owned businesses account for 4.3% of total private sector revenue
  • Women-owned businesses contribute 4.3% of total business revenues in the US
  • 62% of women entrepreneurs cite their business as their primary source of income
  • Women-owned businesses generate $1.8 trillion in revenue annually
  • Women-owned businesses in the US generate $1.8 trillion in revenue annually

Interpretation

These statistics paint a clear picture: women are not just breaking the glass ceiling; they are shattering it into a million pieces with their entrepreneurial spirit and business acumen. From generating a whopping $1.9 trillion in revenue annually to accounting for 4.3% of total private sector revenue, there's no denying the economic force that women-owned businesses have become. With 62% of women entrepreneurs citing their businesses as their primary source of income, it's evident that these powerhouse women are not just leaning in; they're standing tall and making a significant impact on the business landscape. Keep slaying, ladies!

Employment

  • Women-owned businesses employ 9.4 million workers
  • 8% of the total private sector workforce is employed by women-owned businesses
  • 90% of women-owned businesses have no employees other than the owner
  • Women-owned businesses have an average of 8.5 employees
  • Only 12% of women-owned businesses have paid employees
  • Women-owned businesses in the US employ 9.2 million people
  • Women-owned businesses employ 8% of the private sector workforce

Interpretation

These statistics paint a fascinating picture of the entrepreneurial prowess of women in the workforce. While women-owned businesses are a significant player in the private sector, it's clear that many are one-woman shows, with the owner juggling multiple roles like a skilled circus performer. However, let's not underestimate the power of these business queens, as they collectively employ a whopping 9.4 million workers, proving that when it comes to driving economic growth and innovation, women are not just a force to be reckoned with – they're the ones holding the reins.

Funding

  • Only 2.8% of venture capital funding went to women-led startups in 2019
  • 71% of women business owners start their business with less than $10,000 in capital
  • Women-owned businesses receive only 4% of all commercial loan dollars
  • 23% of women entrepreneurs seek business financing
  • 72% of women business owners say lack of capital/cash flow is a top challenge
  • Only 25% of women business owners seek business financing

Interpretation

In a world where women hold up half the sky, they seem to be fighting for just a sliver of the pie when it comes to venture capital and business financing. Despite facing barriers as solid as the glass ceiling, statistics show that women entrepreneurs are the epitome of resourcefulness and resilience, as their businesses often bloom from seeds sown with mere pennies. From smashing ceilings to barely scraping by, these numbers are a glaring reminder that it's high time for the financial world to realize that investing in women isn't just a moral imperative, it's a savvy business decision. After all, with only 25% seeking financing but proving to be such formidable players, imagine the impact if more women had a seat at the funding table. So here's to supporting and uplifting women-owned businesses, not just because it's the right thing to do, but because it's the smart thing to do.

Growth

  • The number of women-owned businesses increased 21% from 2014 to 2019
  • Women start 1,821 new businesses every day in the US
  • Women-owned businesses grew 58% from 2007 to 2018
  • Women-owned businesses in the US grew by 114% from 1997 to 2017
  • 78% of women-owned businesses survive the crucial first year
  • The number of women-owned businesses increased by 3,000% since 1972
  • The number of women-owned businesses is growing at 2.5 times the national average
  • Women-owned businesses grow at a rate of 21% compared to 9% for all businesses
  • Women start 849 new businesses per day

Interpretation

In a world where glass ceilings are shattered more frequently than fancy dinner plates, it's heartening to see the statistics reflect the undeniable rise of women-owned businesses. With growth rates that put the stock market to shame, women entrepreneurs are like superheroes in stilettos, creating legacies and livelihoods one business at a time. From trailblazing pioneers of yesteryear to the fearless female founders of today, these numbers aren't just figures on a spreadsheet — they're a testament to the unstoppable force that is women in business. So here's to the women who dared to dream, disrupt, and dominate the business world, proving that when it comes to entrepreneurship, the future is definitely female.

Industry Sectors

  • 13% of women-owned businesses are in the healthcare and social assistance industry
  • 22% of women-owned businesses are in the professional, scientific, and technical services sector
  • 59% of women-owned businesses are concentrated in three industries: other services, healthcare, and professional/scientific/technical services
  • 20% of women-owned businesses are in the retail trade and business services sectors
  • 13% of women-owned businesses are in professional, scientific, and technical services

Interpretation

As women continue to break barriers and shatter glass ceilings in the business world, it seems that their entrepreneurial spirit is thriving across various industries. With 59% of women-owned businesses dominating other services, healthcare, and professional/scientific/technical services, it's evident that these fierce and fabulous women are carving out their own paths to success. The numbers highlight not only their diverse talents but also their unwavering determination to make their mark in an ever-evolving business landscape. So, watch out world, these women mean business!

Revenue

  • 4% of women-owned businesses have revenues of $1 million or more
  • The average revenue for women-owned businesses is $330,000
  • Women-owned firms with employees have an average annual revenue of $1.1 million
  • Women-owned businesses in the accommodation and food services sector have the highest average revenue at $1.2 million
  • One in five women-owned businesses generates $1 million or more in revenue
  • The average women-owned business has $96,700 in annual revenue

Interpretation

These statistics paint a picture of resilience and potential in the world of women-owned businesses. While the overall average revenue may seem modest at $330,000, the fact that 4% of these businesses reach the coveted $1 million mark demonstrates the remarkable ambition and capabilities of women entrepreneurs. The accommodation and food services sector shines as a beacon of success with an average revenue of $1.2 million, showcasing the diversity and strength of women's ventures. With one in five women-owned businesses hitting the million-dollar mark, it's clear that the economic landscape is evolving, and women entrepreneurs are carving out their own path to success – one that is as diverse and multifaceted as the women themselves.

References