Women entrepreneurs are making their mark on the business world, opening new companies at a rapid pace around the country. A new report by American Express confirmed the rise of female business owners – between 1997 and 2014, businesses owned by women increased in number by 68 percent. This pace was nearly double that of new businesses opened by men and one and a half times the rate for all businesses started during this time.
According to the survey, women entrepreneurs are opening companies in all sectors, but are statistically most likely to head up organizations offering educational services, waste management operations, administrative services or to launch businesses tied to the arts, entertainment or recreation industries.
“Women are becoming more aware of the opportunities for entrepreneurship in their lives,” said Susan Duffy, executive director of the Center for Women’s Entrepreneurial Leadership at Babson College. “It’s becoming more of an option for a career move than it ever has been in the past.”
Women in entrepreneurship are not only starting and staying in business at a greater pace than men, but they are also doing well financially and planning for a successful future. According to the survey, 70 percent of women business owners project their revenues to increase over the next 12 months, compared to 66 percent of men who said the same. Women entrepreneurs are also expanding their businesses at a more significant pace than men – 68 percent of women expect to expand their companies over the next year, while 63 percent of men said the same.
Expansion comes at a price, however, and gaining access to capital can be challenging. As lending standards remain tight, many entrepreneurs find themselves struggling to gain access to the working capital they need to improve. These decision makers should contact National Funding to find out more about loans, equipment leasing and other financial options to help a business thrive.