The number of women-owned businesses is surging. The National Association of Women Business Owners (NAWBO) estimates that in 2024, a staggering 43.2% of all businesses in the US will be local women-owned businesses, translating to over 33 million small businesses. This represents a 21% increase over the past five years.
The increase in local women-owned businesses from 2019 to 2023 by 94.3% compared to men-owned businesses reflects a numerical growth and a transformation in the entrepreneurial landscape. Women entrepreneurs are not only starting businesses at a faster rate but are also breaking traditional boundaries across various industries. This surge in women entrepreneurship not only empowers individual women but also contributes significantly to economic development and societal progress as a whole.
Small Business Week is pivotal to recognizing and elevating the importance of local women-owned small businesses in our economy and society. Read on to learn how to support, empower, and promote your community’s locally-owned small businesses.
CELEBRATE LOCAL WOMEN-OWNED BUSINESSES
Small Business Week is a dedicated time to celebrate the achievements and contributions of all small businesses, especially women-owned businesses. Data suggests that women-owned businesses are 7% more likely to close than their male counterparts.
Did you know that all of our FIT4MOM franchises are local women-owned businesses? These women are fostering communities nationwide by providing job opportunities and support systems for women. By spotlighting these businesses, we honor their resilience, creativity, and significant impact on local communities. We encourage you to share the love with your local FIT4MOM franchise owner by supporting her Village through class attendance, playgroup participation, and partnership opportunities.
ENCOURAGE ECONOMIC DIVERSITY AND RESILIENCE IN LOCAL WOMEN-OWNED BUSINESSES
Small businesses add to economic diversity with their distinct offerings and viewpoints. It’s crucial to highlight the significance of having a diverse and adaptable business environment that can handle market changes, economic hurdles, and global uncertainties.
Local women-owned businesses are a great example of how diversity boosts economic resilience. Their unique perspectives often lead to innovative products and services, especially in underserved markets.
When there is a wider range of businesses, the ecosystem becomes better at adapting to market shifts, economic challenges, and unexpected global events. By supporting and fostering the growth of local women-owned businesses, we strengthen the overall economy, make it more responsive, and better equip it to navigate a complex and ever-changing world.
SUPPORT JOB OPPORTUNITY EXPANSION
Women-owned small businesses significantly contribute to local job creation, particularly for other women. We recognize the vital role of these enterprises in providing employment opportunities, skills training, and career pathways for individuals, promoting economic inclusivity and empowering women to pursue meaningful work and professional advancement.
For example, our FIT4MOM franchisees hire instructors and coaches to lead programs like Stroller Strides, Body Well, and FIT4BABY. These instructors are trained in prenatal and postnatal fitness education and learn the secret sauce of teaching each of our signature programs.
To help local women-owned businesses expand, consider not only supporting them financially but also sharing their information on social media and with your friends and family. The more people know about a locally owned business, the more likely it will be to expand and offer more job opportunities.
NEXT STEPS
Small Business Week is a multifaceted platform celebrating small businesses’ resilience, innovation, and contributions while providing essential support, promoting collaboration, and fostering economic diversity and resilience. It underscores the vital role of small local businesses in driving economic prosperity, job creation, and sustainable development, shaping a brighter future for all.
But don’t stop there with your support. Try to support more locally-owned businesses year-round. To find more local women-owned businesses, use resources such as the National Association of Women Business Owners and your local Chamber of Commerce. Contact locally-owned businesses for partnership and sponsorship opportunities. Share information about these businesses on social media and with your friends and family.
FIT4MOM® is honored to be named to the Top Low-Cost Franchise List from Entrepreneur Magazine for 2024. This honor is a testament to our company’s unique business and the opportunity we provide moms to successfully and seamlessly combine entrepreneurship with the demands of motherhood.
If you want to become an entrepreneur and own a local business, we invite you to learn more about our franchise opportunities. Created by moms for moms, FIT4MOM is more than just a workout. We are a village of moms who build connections, empowerment, and strength in motherhood nationwide. Join our village of Franchise owners and create a community for moms in your neighborhood while building a successful business with your kids by your side.
Moms need a village, and it starts with you.
This blog post was originally posted on FIT4MOM.com
