- Women-Owned Businesses by the Numbers – read now
Women-Owned Businesses by the Numbers
WCS News Alert
Women-owned businesses hold a niche in the economy. In 2017, there were about 12 million reported women-owned businesses, with over 285,000 being minority women-owned, and producing over $1.8 trillion in total sales. These numbers, at surface level, show strides for women in business, but reveal different truths in the breakdown of statistics as explored by the Small Business Association (SBA) in their newly released Women-Owned Employer Businesses Fact Sheet.
In 2018, women employers employed over 10.1 million workers. Of that, over 6.5 million employees were accounted for in the following five industries: health care and social assistance; accommodation and food services; administrative and support; professional, scientific and technical services; retail trade.
According to the SBA, over half of women employers possess 1-4 employees, and over 90% of women-owned businesses do not have employees.
Alongside the tendency for women-owned businesses to be smaller in size is a reflection in their share of receipts. In 2018, women employer firms made up about 20% of total employer firms, but claimed only 4.6% of total sales. Most of these sales were accrued by firms established for more than 11 years. These matured firms also employed the most individuals and owned the greatest share of payroll.
These numbers, though continuously changing, show a persisting disparity for women-owned businesses. The SBA and Maryland government provide different opportunities for minority-owned businesses to enhance their opportunities for success.
At WCS, we believe in the significance and power of small businesses in community vitality. If you operate a women-owned business, are interested in starting a business, or have questions about the small business benefits you may qualify for, please contact our Corporate & Business Law Group. Women-owned federal contractors can also seek assistance from our Government Contracting team.
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