Small business is the backbone of the American economy. But, who's driving small business success today?
Get the facts about current trends in small business ownership.
The number of women-owned businesses is growing 1.5 times the national average.
From 1997 to 2014, the number of women-owned businesses has increased 67.8%. The employment rate of women-owned businesses is 11% and revenues of woman-owned businesses have grown 72.3%.
Compare these stats to men-owned businesses during the same period:
- The number of male-owned firms grew 34.4%
- Employment rate for men-owned businesses was -6.5%
- Revenues for men-owned businesses grew 45.1%
There are currently 9.1 million woman-owned small businesses employing 7.9 million people (other than the owners). They generate over $1.4 trillion in annual revenue and their businesses are concentrated in the health care/ social assistance and educational/ professional services industries.
More and more businesses are owned by women of color.
In 1997, only 1 million small businesses were owned by women of color. That number increased to over 3 million in 2014 and continues to grow today!
The percentage of ownership growth from 1997 - 2014 for woman-owned businesses is:
- 67.8% growth for all woman-owned businesses
- 215.7% growth for women of color
- 37.1% for non-minority, female business owners
The percentage of revenue growth from 1997 - 2014 for woman-owned businesses is:
- 72% for all woman-owned businesses
- 193% for women of color
- 58% for non-minority, woman-owned businesses
Latinos open businesses at a rate 2 times that of the national average. The growth of latino-owned small businesses is up 43% since 2007.
Download the full infographic to learn more about small business ownership in America. Ready to start or grow your small business? Increase your chances of success with free advice from a SCORE mentor.