What is National Women’s Small Business Month?
Every October, National Women’s Small Business Month celebrates the achievements of women in business and highlights their contributions to the economy. Women-owned small businesses are an essential part of our country. They create jobs and drive innovation.
In 1972, there were just over 400,000 women-owned businesses in the U.S. The number of women-owned businesses has increased significantly over the past 35 years, following the passage of the Women’s Business Ownership Act in 1988. There are over 14 million women-owned businesses in the U.S., representing 39.1 percent of all companies and generating $2.7 trillion in revenue.
The history of National Women’s Small Business Month dates back to 1988. The U.S. Congress passed a resolution recognizing the role of women in small businesses. Since then, this month has grown in significance. Women business owners are seen as leaders in their respective industries.
- Women-Owned Business Statistics:
- Women own about 42% of all U.S. businesses
- Women-owned businesses generate nearly $2.7 trillion in revenue
- There are over 14 million women-owned businesses in the U.S
- Women entrepreneurs created almost half of all new U.S.-based companies as of 2023
- African American women had the highest growth rate of women-owned businesses between 2014 and 2019
- Women-owned companies generated nearly $1.8 trillion as of 2024, contributing significantly to the economy
- A monthly average of 440,000 new business applications was filed between 2021 and 2023, with women being a major driver of that growth
- 47% of businesses in Washington, D.C. are owned by women entrepreneurs, with Black women being the fastest-growing demographic among them
This illustrates the vital role they play in the economy. Women entrepreneurs introduce innovative ideas, services, and products to the marketplace, promoting growth and innovation.
Celebrating National Women’s Small Business Month raises awareness and encourages support for women-owned small businesses. Communities can support local women-owned businesses by shopping there, and schools can educate students about successful female business leaders.
Events during National Women’s Small Business Month include webinars, workshops, and networking sessions. Local business groups often facilitate meetups for women to build relationships.
Recognizing this month helps inspire future generations. Young girls look up to role models who succeed against the odds. Empowering women in business leads to a more robust economy for everyone.
What are some ways to Celebrate National Women’s Small Business Month?
Women and other small business owners can take several actions to celebrate National Women’s Small Business Month.
Shop at Women-Owned Businesses: One way to celebrate and support women-owned businesses is by shopping at these enterprises. By supporting these small businesses, you are directly contributing to the success and growth of women entrepreneurs. Show your support by shopping at women-owned businesses throughout October and beyond. Writing reviews of women-owned businesses helps increase their visibility and recognition.
Organize Local Events: Communities can host local events to celebrate and support women-owned small businesses. These can include fairs or markets featuring only female entrepreneurs. Such gatherings allow people to discover new products and services while supporting women in business.
Social Media Promotions: Businesses can run social media promotions during this month. They can highlight their stories and achievements online. Sharing posts with the hashtag #WomensSmallBusinessMonth helps spread awareness. This approach connects women entrepreneurs with a larger audience.
Workshops and Seminars: Hosting workshops and seminars is another excellent way to celebrate. These events can focus on skills like marketing, finance, or leadership. They provide valuable knowledge for aspiring female business owners, and participants gain insights that help them succeed in their ventures.
Collaborations: Women-owned small businesses can collaborate with other female entrepreneurs. Partnering for special promotions or joint events can create a more substantial impact. This teamwork exemplifies the power of women supporting one another in the business world.
Become a Mentor: Supporting women’s entrepreneurship by becoming a mentor is a rewarding way to share knowledge, experience, and guidance with aspiring female business owners. By offering support and advice, mentors can help women navigate the challenges of starting and growing their businesses, ultimately contributing to their success and empowerment in the entrepreneurial world. Mentoring also provides an opportunity to build a strong network and make a meaningful impact on the next generation of female leaders.
What resources are available for Women-Owned Businesses?
Women entrepreneurs encounter barriers in securing mentorship. Women-owned businesses often struggle to compete for federal contracting opportunities.
However, several programs exist to combat these challenges. Nonprofit organizations, such as Big Brothers Big Sisters of America, support women in business through mentorship programs.
Whether starting a new business or supporting an existing one, women business owners can access various resources to support their enterprises.
SBA Programs
The Small Business Administration (SBA) plays a vital role in supporting women business owners. The SBA offers programs, such as the Women-Owned Small Business (WOSB) Federal Contracting Program, which helps female entrepreneurs access federal contracts and aims to level the playing field for underrepresented businesses.
Eligibility for SBA programs requires U.S. citizenship. Businesses must also operate primarily within the United States. This ensures that support goes to those who genuinely need it.
Small Business Development Centers (SBDCs)
Small Business Development Centers (SBDCs) offer valuable support for women business owners by providing resources, guidance, and training to help them start and grow their businesses. These centers often offer workshops, one-on-one counseling, and access to networking opportunities specifically tailored to the needs of women entrepreneurs.
SBDCs can also assist with developing business plans, securing financing, and navigating the complexities of running a small business. These organizations are crucial resources for empowering women to succeed in the business world. Small Business Development Centers provide entrepreneurs with free or low-cost business consulting, training, and resources.
Women’s Business Centers (WBCs)
Women’s Business Centers (WBCs) provide resources, training, and support tailored specifically for female entrepreneurs. These centers provide support in various areas, including business planning, financial management, marketing, and capital access. Black women represent the fastest-growing demographic of entrepreneurs in the U.S. The D.C. Women’s Business Center offers free counseling and training workshops for women entrepreneurs in the Washington, DC Metro region.
WBCs play a crucial role in empowering women to start and grow their businesses by offering workshops, one-on-one counseling, networking opportunities, and access to funding sources. These centers are valuable assets in promoting gender equality and economic empowerment through entrepreneurship. The Association of Women’s Business Centers offers in-person and virtual mentoring and training for women small business owners.
SCORE Resources for Women Entrepreneurs
SCORE offers a variety of resources specifically tailored to women entrepreneurs, including mentoring, workshops, webinars, and online tools. These resources can help women navigate the challenges of starting and growing a business, providing valuable guidance and support along the way. SCORE’s network of experienced business professionals can offer insights and advice to help women entrepreneurs succeed in their ventures.
Webinars and workshops focusing on women in business are hosted by many organizations to cover various topics related to entrepreneurship. Online communities specifically for women in business offer a platform to ask questions, share experiences, and seek advice.
Government Programs
Federal, state, and local government programs provide valuable resources for women business owners seeking to start or expand their businesses. As mentioned, the SBA offers various resources at the federal level.
Many states offer grants, loans, and mentorship programs for women entrepreneurs. For example, the California Governor’s Office of Business and Economic Development (GO-Biz) has initiatives like the California Small Business Loan Guarantee Program, which helps women-owned small businesses access capital.
At the local level, city and county governments often have resources, such as business incubators, networking events, and training programs, specifically designed for women entrepreneurs. Women business owners can gain valuable support to achieve their entrepreneurial goals by taking advantage of these government programs at all levels.
Women’s Business Enterprise National Council (WBENC)
The Women’s Business Enterprise National Council (WBENC) offers various support resources for women-owned businesses, including access to networking events, mentorship programs, educational workshops, and certification assistance. Through these initiatives, women entrepreneurs can connect with other business owners, gain valuable knowledge and skills, and obtain the certification needed to access government contracts and corporate procurement opportunities.
Additionally, WBENC offers resources for women-owned businesses seeking to scale and grow, including access to funding opportunities, strategic partnerships, and marketing support. These support resources are essential in empowering women entrepreneurs and helping them achieve success in the business world.
What does it mean to be certified as a Woman-Owned Business?
A certified women-owned business is at least 51% owned, operated, and controlled by one or more women. To be officially recognized as a women-owned business, the company must undergo a certification process that verifies the ownership and control by women. This certification can provide opportunities for women-owned businesses to participate in government contracts, access resources, and gain visibility in the marketplace.
There are two primary certifications for women-owned businesses.
Women’s Business Enterprise (WBE)
This certification helps get private enterprises and state and local government contracts and grants. The eligibility requirements are:
- One or more women own at least 51% of the company
- A for-profit company operating in the U.S
- Owned by women who are U.S. citizens or legal residents
- Governed by a board of women (where applicable)
Women-Owned Small Business (WOSB)
This designation facilitates the acquisition of federal government grants and contracts. There is a subset of the certification, Economically Disadvantaged Women-Owned Small Business (EDWOSB). EDWOSB eligibility requirements are:
- Meet all the requirements of the Women’s Contracting Program
- Be owned and controlled by one or more women, each with a personal net worth of less than $750,000.
- Be owned and controlled by one or more women, each with $350,000 or less in adjusted gross income averaged over the previous three years.
- Be owned and controlled by one or more women, each with $6 million or less in personal assets.
There are several ways for a woman-owned small business to apply for certification. You can visit the U.S. Small Business Administration (SBA) to apply for certification.
Female entrepreneurs can also utilize the Department of Veterans Affairs’ Center for Verification and Evaluation (CVE) or a third-party certifier (TPC) to verify their eligibility. The four options for TPCs are:
- Women’s Business Enterprise National Council (WBENC)
- National Women Business Owners Corporation (NWBOC)
- U.S. Women’s Chamber of Commerce (USWCC)
- El Paso Hispanic Chamber of Commerce (EPHCC)
Being certified offers many advantages. Certified Woman-Owned Businesses can access special grants and funding opportunities. Some government contracts are reserved for these businesses. This opens doors to new clients and projects.
Certification can enhance credibility. Customers often prefer to support women-owned businesses, as they recognize the value in promoting diversity in the marketplace.
Are there funding options to help Women Business Owners succeed?
Women entrepreneurs often seek funding to grow their business ventures. Several options are available, including grants, loans, and investors. The Small Business Administration (SBA) offers specific programs designed to support female entrepreneurship. These programs provide capital and support tailored for women business owners.
Grants: Numerous grants are available for women business owners. Organizations such as the Amber Grant and the Eileen Fisher Women-Owned Business Grant offer financial support to help women entrepreneurs succeed.
Business Loans for Women: Some lenders offer specialized business loans specifically designed for women to help bridge the gender gap in access to capital. Although women comprise a significant percentage of small business owners, many still have unequal access to funding. According to the SBA, women were required to have a male relative co-sign any business loan until 1988. While the Women’s Business Ownership Act of that same year helped change things, women still face challenges securing funding. These loan programs are designed to correct that imbalance and promote gender parity in entrepreneurship and business financing.
Investment Opportunities: Investing in female entrepreneurship is growing in popularity. More venture capital firms focus on funding women business owners, reflecting a commitment to diversity in the business world. Women entrepreneurs can leverage these opportunities to advance their businesses.
National Women’s Small Business Month – Final Thoughts
National Women’s Small Business Month is an opportunity to acknowledge and celebrate the accomplishments of women entrepreneurs. You learned about ways to celebrate, the resources available, and what it means to be certified as a woman-owned business. Funding options are out there to help you thrive.
Embrace this month as an opportunity to support and elevate your business. Connect with fellow women entrepreneurs, utilize available resources, and explore funding options. Your journey matters. Share your story and inspire others. Let’s uplift each other and make a lasting impact together.
