The number of women in business is on the rise and the unique traits of women make for very powerful business owners. The future of business lies with confidently with female entrepreneurs.

Women in Business

Statistics from a study by JPMorgan Chase and Co. show that 36 percent of small businesses throughout the United States are owned by women, a figure that has continued to steadily grow each year over the past 5 decades. In the world of franchising, approximately 27 percent of franchise businesses are owned by women.

Between 2007 and 2018, female-owned businesses grew 58 percent, with these companies generating more than $3 trillion in annual revenue.

When compared to the average small business owner, female business owners in the U.S. are more likely to be younger, aged between 40 to 55 years of age, with 50 percent of female entrepreneurs in the Generation X demographic compared to 44 percent of average business owners. Only 36 percent are Baby Boomers compared to 41 percent of average business owners.

The biggest hurdle facing female business owners is financing, with the majority sharing that a lack of capital and/or cash flow is their greatest concern. The second greatest challenge for females in business is recruitment and retention of staff.

Personality Traits to Suit the Business World

More and more research is emerging that finds women tend to make better entrepreneurs than men. One of the main reasons for this comes down to personality traits in women.

Female entrepreneurs tend to desire slower, steadier growth over quick, rapid growth, leading them to be more likely to develop more stable businesses that are easier to manage successfully, with a strong focus on controlled profit.

“It is often thought that women tend towards being risk-averse,” says Derek Cafferata, CEO and President of franchise experts All State Franchise Finders. “However, this isn’t really the case. In fact, women tend to take calculated risks.”

Female entrepreneurs are also more likely to view risk as an opportunity, weighing up a situation from the viewpoint of opportunity rather than risk. There is usually greater analysis as to whether to take on new changes, growth, development or direction with female business owners over their male counterparts.

Women business owners are generally more customer-focused. Taking a long-term view of business, women understand the importance of customer satisfaction and customer retention. Ofen, for women, their business is very personal, meaning they place a strong focus on understanding their target market’s needs, wants and buying habits.

Diversity Programs for Women

There are a number of Government, private and not-for-profit organizations and agencies that offer programs to help women into the world of business ownership.

The Cartier Women’s Initiative Award, investment group 37 Angels and the Visa Everywhere Initiative for Women are just a few of the programs available to women in business who offer significant financial grants ranging from $10,000 to $100,000.

Grants.gov is a resource of grants funded by the Federal Government. While they are not exclusive to females, the site does offer a comprehensive database of Federally-funded grants available.

Franchise Ownership from $25K

“One of the great things about franchising is there are many opportunities to get into a business of your own with low up-front costs,” says Derek. “Franchise units across a wide range of industries are available from as low as $25,000.”

Derek Cafferata and his team of experienced and knowledgeable staff are considered the leading franchising experts in the country. If you would like to contact All State Franchise Finders, call 1-800-544-2161 or visit allstateff.com today.