THE NUMBER OF WOMEN STARTING PART-TIME BUSINESSES, OFTEN
REFERRED TO AS “SIDEPRENEURS,” IS GROWING NEARLY TWICE AS FAST AS
THE OVERALL GROWTH OF WOMEN ENTREPRENEURS OVER THE PAST FIVE
YEARS
THE NINTH ANNUAL STATE OF WOMEN-OWNED BUSINESSES REPORT FINDS
FIRMS OWNED BY WOMEN OF COLOR GREW AT MORE THAN DOUBLE THE RATE OF
ALL WOMEN-OWNED BUSINESSES
Women-owned businesses continue to fuel the economy and now
represent 42% of all businesses — nearly 13 million — employing 9.4
million workers and generating revenue of $1.9 trillion. According
to the annual State of Women-Owned Businesses Report, commissioned
by American Express (NYSE: AXP), in 2019, these U.S. women with
diverse ethnic and geographic backgrounds started an average of
1,817 new businesses per day in the U.S. between 2018 and 2019,
down only slightly from the record-setting 2018 number of
1,821.
The annual report, based on U.S. Census Bureau data adjusted by
Gross Domestic Product data, found that women-owned businesses
continue to trend above all businesses. Over the past five
years:
- The number of women-owned businesses increased 21%, while all
businesses increased only 9%.
- Total employment by women-owned businesses rose 8%, while for
all businesses the increase was far lower at 1.8%.
- Total revenue for women-owned businesses also rose slightly
above all businesses: 21% compared to 20% respectively.
“The face of entrepreneurship is evolving to include all women,
regardless of demographics. Even more impressive is that women are
starting businesses on their own terms – whether it be their
full-time focus or a part time activity,” said Courtney Kelso,
Senior Vice President of American Express. “The economic impact of
women-owned businesses is undeniable, from the trillions they
contribute via revenue to the millions of jobs they provide. We are
committed to backing these women entrepreneurs because when they
win, we all win.”
SIDE-HUSTLE: WOMEN ENTREPRENEURS – THE ULTIMATE
MULTITASKERS?
As work trends shift towards side hustles and the gig economy,
so does female entrepreneurship. This year’s report examines how
part-time entrepreneurship, often referred to as “sidepreneurship,”
is providing additional options to traditional employment and
entrepreneurship for women.
Over the last five years, growth in the number of women
sidepreneurs has grown at a rate that is nearly twice as fast as
the overall growth in female entrepreneurship: 39% compared to 21%,
respectively. Minority women are responsible for a large portion of
that growth from 2014-2019 where we see sidepreneurship among
minority women-owned businesses two times higher than all
businesses: 65% compared to 32%, respectively.
When looking at specific minority groups over the last five
years, growth in side entrepreneurship is up:
- 99% among African American women
- 70% among Native Hawaiian/Pacific Islander women
- 63% for Asian American women
- 46% for Latina/Hispanic women
- 36% among Native American/Alaska Native businesswomen
WOMEN OF COLOR ARE STARTING BUSINESSES AT A REMARKABLE 4.5
TIMES THE RATE OF ALL BUSINESSES
In almost every category, women of color are leading the
women-owned business charge. Women of color represent 39% of the
total female population in the U.S. but account for 89% of the net
new women-owned businesses per day (1,625) over the past year.
While the number of women-owned businesses grew 21% from 2014 to
2019, firms owned by women of color grew an astounding 43% and
African American women-owned firms grew even faster at 50%.
As of 2019, women of color account for 50% of all women-owned
businesses. An estimated 6.4 million women of color-owned
businesses employ nearly 2.4 million people and generate $422.5
billion in revenue. But, even as new minority-owned businesses are
opening, the revenue disparity is increasing. In 2014,
minority-owned businesses averaged $67,800 in revenue; by 2019 the
average had dropped to $65,800, a decline of 3%.
African American women-owned businesses represented the highest
rate of growth of any group in the number of firms between 2014 and
2019 as well as between 2018 and 2019. They started 42% of net new
women-owned businesses, which is three times their share of the
female population (14%).
The report estimates that if revenues generated by minority
women-owned firms matched those currently generated by all
women-owned businesses, they would add four million new jobs and
$981 billion in revenues to the U.S. economy.
INDUSTRY TRENDS
Over half of all women-owned businesses are concentrated in
three industries:
- Other services (e.g., hair and nail salons and pet care
businesses) accounted for 22% of all women-owned businesses (2.8
million firms).
- Healthcare and social assistance (including child day care and
home healthcare services) accounted for 15% of all women-owned
businesses (1.9 million firms).
- Professional/scientific/technical services (including lawyers,
bookkeepers, architects, public relations firms and consultants)
accounted for 13% of all women-owned businesses (1.6 million
firms).
While these industries have the most women-owned businesses,
they don’t produce the most revenue. The three industries in which
women-owned businesses have the highest total revenue are wholesale
trade (17%), retail trade (14%) and professional, scientific and
technical services (10%).
WOMEN-OWNED BUSINESSES ARE SUCCESSFUL ACROSS THE
COUNTRY
The report analyzes geographic trends for all 50 states and the
District of Columbia, as well as the 50 most populous metropolitan
areas in the U.S.
The states with the largest growth in number of women-owned
firms in 2019 are:
- Michigan
- Georgia
- Florida
- South Carolina
- Nevada
Between 2014 and 2019, the top states where women-owned
businesses increased their economic clout — defined as growth in
the number of firms and growth in employment and revenue — are:
1. Georgia 2. Oregon 3. Idaho (tie) 3. Nevada (tie) 4. South
Dakota
The top metropolitan areas where women-owned businesses
increased their economic clout from 2014 to 2019 are:
- Detroit, MI
- Charlotte, NC/SC
- Atlanta, GA
- Austin, TX
- San Antonio, TX
The states showing the highest employment vitality - a measure
of employment growth rate from 2014 to 2019 at women-owned firms
and their average number of employees are:
1. Maine 2. Minnesota 3. Indiana 4. Delaware (tie) 4. Virginia
(tie)
Explore the full 2019 State of Women-Owned Businesses Report,
here.
METHODOLOGY
This 2019 State of Women-Owned Businesses Report, commissioned
by American Express is based on data from the United States Census
Bureau Survey of Business Owners (SBO), which is conducted every
year in years ending in two and seven. Data from the 2012 Census
surveys were collated, analyzed and extrapolated forward to 2019,
factoring in relative changes in Gross Domestic Product (GDP) not
only nationally but also at industry, state and metropolitan
statistical area levels. All GDP data was obtained from the U.S.
Bureau of Economic Analysis (bea.gov).
Specifically, the report compared growth in GDP from 2012 to Q4
2018 ($16.2 to $20.9 trillion). Relative annual growth rates were
then used to estimate the growth in the number of firms over the
2012 to 2019 period thus adjusting a straight-line extrapolation to
account for relative economic growth between the two time periods.
This was done not only at the national level, but also by applying
actual gross state, metro area and industry-level output figures
(which were available up to the fourth quarter of 2018).
The sidepreneurship projections are based on 2007 and 2012 SBO
data for women who work fewer than 20 hours per week on their own
businesses. Data was collected, analyzed and extrapolated forward
to 2019, factoring in weighted relative changes in women-owned
firms by race and ethnicity. The adjustment factors used to project
the number of sidepreneur women consider the growth rate between
2012 and 2019 of the number of firms owned by women by ethnic
group.
For detailed information on the Survey of Business Owners, visit
the U.S. Census Bureau’s American FactFinder web portal:
http://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
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version on businesswire.com: https://www.businesswire.com/news/home/20190923005500/en/
AMERICAN EXPRESS Patrick Jones 212-225-4706
Patrick.jones@aexp.com
M BOOTH Elisha Stavropoulos 212-539-3244
Elishas@mbooth.com
American Express (NYSE:AXP)
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