Women-owned businesses are thriving

Women entrepreneurs are not to be underestimated. Data affirms that women-owned businesses are growing and thriving.

According to North One banking, women-owned firms account for more than 12 million businesses in the United States. In addition, the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, Core Women and Women Impacting Public Policy, found the number of women-owned business increased at a rate of 4.5 times between 2019 to 2023. Women-owned businesses are driving economic growth, and a deeper look at some of the numbers supports that notion.

• The Women’s Business Enterprise Council says there are 12.3 million women-owned businesses in the U.S., which comprises about 40 percent of the total number of businesses.

• Women-owned businesses bring in nearly $2 trillion every year, says the National Women’s Business Council.

• During the pandemic, women-owned businesses added 1.4 million jobs and $579.6 billion in revenue to the economy, says Wells Fargo.

• World Bank indicates that roughly one-third of principal owners of all businesses are female.

• WBENC advises that 64 percent of new women-owned businesses are started by women of color.

• Women’s Business Enterprises Canada says more than 85 percent of buying decisions are influenced by women. The Canadian Minister of Small Business notes that women business ownership is growing. In 2023, approximately 18.4 percent of all businesses in Canada were majority owned by women, compared to 15.6 percent in 2017.

• According to Forbes, women-led tech companies achieve a 35 percent higher ROI. A Forbes study with First Round Capital, a venture capital firm, found female-founded businesses in their portfolio outperformed male-founded companies by more than 60 percent.

Women-owned businesses are making a large impact on North America and around the world. Such firms continue to employ millions of people and foster strong economies.