Why Female-Owned Businesses Need Our Support
What does it mean to own a female-led business today?
It's an irrefutable fact that women are becoming a significant force in business today. According to the Global Entrepreneurship Monitor, they estimate that in 2022, one billion women will have entered the economy as entrepreneurs, employers, or producers. And what's even more interesting is that research has shown that women-led companies outperform their peers three to one in the S&P 500.
So on the surface, it looks like women-owned businesses are increasing in numbers, and they are pretty much nailing it, too. ..
And yet...
Women-owned businesses continue to be notoriously underfunded and female entrepreneurs typically start a business with only half the capital as men.
This report, commissioned by the UK Treasury, also found that only 2.2% of all venture capital in the US goes to companies founded solely by women. The same report also states that if women were able to start a business at the same rate as men, more than 1.1 million more female-led companies would spring up in the UK alone. Those are businesses we are missing out on that could be making significant contributions to the economy. And the ones that are up and running are often overlooked by the media with only 5% of media stories that cover the economy feature or centre women. And as we all know, lack of media coverage only makes it more difficult to run or fund a successful business.
So what can we do to help support women-led businesses and encourage them to grow, enabling them to contribute to the economy and grow the workforce?
Investing in or purchasing from female-led businesses is, of course, the obvious way to do that. Supporting businesses that you believe in and that are founded by women is a great way to help them grow and evolve. But there are other ways to help, too. Platforms like The F Company or Globally Spotted promote, and amplify women-owned businesses, helping them get the much-needed media attention which are crucial to attracting new customers or potential funding.
So if you are able to help shout about or otherwise support a women-owned business, now is the time to get involved. It makes a difference not only to the business itself but to our entire community and gives our next generation of girls the encouragement they will need to start their own journeys as empowered women, making their own way in the business world.
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