A recent study by American Express found that women-owned businesses have soared by 59 percent since 1997.
California Leads the Way
California leads the nation with an estimated 1.1 million businesses owned by women who hire 983,000 people and generate about $198 million in sales. One in three of those businesses were also minority-owned companies, just like Alternative Roofing Solutions & Sonoma, Marin and Napa counties owned by Letitia Hanke-Ryzhkov.
Other states with fast growing numbers of women-owned businesses are Georgia, Texas, North Carolina, Louisiana and Nevada.
Despite these important strides, women-owned businesses employ just 6 percent of the nation’s workforce and generate just under 4 percent of business revenue, about the same as in 1997. They still don’t generate the level of revenue that male-owned businesses do, either.
Three years ago, The U.S. Commerce Department’s Minority Business Development Agency (MBDA) and the U.S. Census Bureau reported that the number of minority-owned firms increased by 46 percent to 5.8 million between 2002 and 2007.
Part of this growth is due to the rise in immigrant-owned businesses in the U.S.
Will Education Increase Your Revenues?
A study recently conducted by the National Women’s Business Council found that education isn’t a necessary factor in the success women business owners enjoy. In fact, the study found that fewer women-owned businesses had a bachelor’s degree than men-owned businesses. Clearly, advanced degrees aren’t a requirement for success in business.
If you’ve noticed a younger spirit in women-owned businesses, you’re right. Women entrepreneurs tend to be younger than their male counterparts are.
The Good and the Bad of Women-Owned Businesses
When it comes to women-owned businesses versus male-owned businesses, the studies point to both positive and negative differences.
First, the good news:
- Women are starting businesses at 1.5x the national average.
- Women-operated, venture-backed companies have 12% higher revenues.
Now, the not-so good news:
- Only 3-5% of all women owned businesses receive venture capital funding.
- Only 16.5% of U.S. companies have women on their boards.
- Only 25% of the tech industry is women.
When you hire Alternative Roofing Solutions, Inc. or Sonoma/Napa/Marin Seamless Gutters, you will find an experienced woman entrepreneur at the helm, Letitia Hanke-Ryzhkov. Letitia oversees a talented staff that is dedicated to delivering excellence on every job they take.
Alternative Roofing Solutions is recognized as one of the top roofing contractors in Northern California. They provide guaranteed emergency leak repairs (24/7, even Holidays). They have a proven track record of being on time and on budget. Their installers are factory-trained authorized for most major manufacturers.
Call 855-54-ROOFS today!