Kitchen Table Economics

National Women’s Small Business Month

October is National Women’s Small Business Month. In the United States, there are over 12 million businesses owned by women, employing 9.4 million workers and generating $1.8 trillion in sales.

Since 1972, the total number of female owned businesses has skyrocketed, increasing by over 3,000 percent. According to the 2019 State of Women-Owned Businesses report, between 2014 and 2019, female owned businesses saw overall growth of 21 percent while all other firms only experienced a nine percent jump. In 2019, more than 1,800 female-owned businesses were started each day on average.

But 2020 has created complications for business owners, regardless of gender. That’s why National Women’s Small Business Month is even more important this year. Recent reports show COVID-19 has greatly impacted working females. Those between the ages of 25 and 54 have been forced to step away from business duties to care for children and family.

While all industries are recovering, be sure to support a local, female-owned small business this month. Your help is needed now more than ever.