Everyone knows that small businesses play a critical role in our economy. They are responsible for roughly 64% of net new job creation.* Within this vital economic engine, there are 12.3 million women-owned companies, which accounts for 40% of all businesses, and those numbers continue to grow each year.**
According to the recently released American Express 2018 State of Women-Owned Businesses Report, growing and supporting these entrepreneurs “can yield big gains” for the economy at large. “This new data demonstrates not only the remarkable impact women entrepreneurs have on our economy when it comes to creating jobs and generating revenue, but also the growing role of women-owned businesses in our communities,” said Julie Tomich, SVP, American Express Global Commercial Services.
Although women own 40% of all businesses, the research shows that these companies only account for 8% of all employment and 4.3% of total revenues. The report calls for “training that addresses both hard and soft skills, networking events, mentorship, [and] access to markets and access to finance,” all to boost the success and contribution of women-owned enterprises.
Providing support and resources for women-owned businesses is a key aspect of Next Street’s mission to create a more inclusive economy. In partnership with the New York City Department of Small Business Services, we developed the WE Master Leadership workshop as part of the Women Entrepreneurs NYC (WE NYC) initiative to provide many of the resources that are highlighted in the American Express report. The workshop, for example, offers tools and tips to help business owners develop negotiation skills, hone their business pitch, and improve leadership skills.
Course participants like Alexa Simeone, owner of LeLe Bombe, have been able to gain new skills and knowledge and apply them to their businesses in real time. “The WE Master Leadership course prepared me to think strategically and prefect my presentation skills,” said Alexa in a recent Q&A. She even learned how to create her own marketing plan.
As we boost the success of women-owned businesses, we can unlock more opportunities to create a more inclusive economy that fosters wealth creation across all communities.