Why Should I Support Women Owned Small Businesses?
Women owned businesses represent a huge 42% of all businesses, women-owned businesses generate $1.9 trillion in revenue. In 2018, females earned 81.6 cents for every dollar a male earned, demonstrating the wage gap that exists between men and women. Women often choose entrepreneurship as a way to take control of their financial situations and overcome discrimination. Supporting women owned businesses can help close the wadge gap.
In 2020, COVID-19 drove millions of women out of the workforce. Female workforce participation dropped to 57 percent – the lowest level since 1988, according to the National Women’s Law Center. In fact, in December 2020, women accounted for ALL 140,000 jobs lost.
Studies show women reinvest up to 90 percent of their income in their families and communities, compared to 40 percent for men. Women owned business owners are good for the local economy.
How to support local women owned small businesses?
The best way to support women owned businesses is to prioritize patronize them. The dollars you spend are bower and every dollar you spend helps them to stay open, keep your community members employed, and continue to contribute to the global economy. By supporting women owned small businesses we empower women in the united states.
Not all of your support has to be financial. There are ways to support women-owned businesses with your words and deeds. Supporting women entrepreneurs through social media reviews and posts are very helpful to businesses of all sizes. Referring friends and family often means the world to a small business owner and lowers the cost for acquiring new customers.
Look for the Women Owned Logo and check out the certified women owned business directory.