October is a month for celebrating National Women’s Small Business Month. It’s about recognizing the achievements and resilience of women in business. As they state on their website, The Small Business Association “… celebrates women-owned businesses and their lasting impact on the economy.” Damn right.
As a proud women-owned business specializing in brand photography and education, I understand the unique challenges and triumphs that come with entrepreneurship. As a woman in general, I can only be grateful and proud of what is available to me at this moment in time. No one needs a history lesson on women and their place in society. We all know how far we’ve come. So let’s dive into the significance of National Women’s Small Business Month and meaningful ways to commemorate this national holiday.
The SBA and National Women’s Small Business Month
The U.S. Small Business Administration (SBA) is at the heart of recognizing and supporting National Women’s Small Business Month. They understand the pivotal role women-owned businesses play in our economy and society. It all began back in 1972 when there were just over 400,000 women-owned businesses in the United States. It’s astonishing to think that until 1988, women needed a male relative to co-sign if they wanted to apply for a business loan. However, that same year, the SBA’s Women’s Business Ownership Act was passed, providing financial assistance to organizations that supported women-owned small businesses.
Impressive Facts About Women-Owned Businesses
Fast forward to 2019, and women-owned businesses represented 42% of all U.S. businesses, generating a remarkable $1.9 trillion worth of revenue in the United States. Today, there are over 13 million women-owned businesses across the country. This upward trend continues at a local level.
According to the World Economic Forum, women entrepreneurship is on the rise globally. In 2021, women started 49% of new businesses in the U.S., up from 28% in 2019. Despite facing various obstacles, such as access to startup capital, women entrepreneurs are resourceful. They are harnessing the power of digital platforms like Facebook and Instagram to start their own businesses at little or no cost.
Why I’m Celebrating National Women’s Small Business Month
As a woman business owner, I’ve faced the same challenges many of you have encountered. When the pandemic hit and disrupted businesses worldwide, I decided to expand my offerings to include brand photography and marketing services. It was a risky move, especially during such uncertain times.
However, I believe women have a unique resilience and resourcefulness. We adapt, we’re intuitive, and we’re emotionally aware. These qualities make us exceptional businesspeople. While all small businesses had to adapt during the pandemic, I’ve witnessed many women taking bold steps to transform their businesses.
Let’s celebrate these risks we’ve taken and the leaps of faith we’ve embraced. When we look back, we can appreciate how far we’ve come both as a society and as individuals running our businesses. This freedom to creatively shape our paths is something worth cherishing.
Ways to Celebrate National Women’s Small Business Month
- Share Success Stories: In celebration of National Women’s Small Business Month, let’s shift the narrative. Instead of focusing solely on challenges, let’s share inspiring success stories. Since the start of the pandemic, there has been a dramatic increase in the number of women-owned small businesses throughout the U.S. This influx of women-owned small businesses signifies an upward trend, encouraging more underrepresented groups to pursue their own business ventures. Tip: Share your own story of female entrepreneurship, especially in online business communities. Young women need to see business ownership as a viable option, which often means having visible role models.
- Get Certified as a Woman-Owned Business: If you’re a female entrepreneur and want to explore government contracts, now is the perfect time to get certified as a woman-owned business. The Women-Owned Small Business Federal Contracting Program helps female business owners get a fair shot at government contracts. The more businesses compete, the better.
- Volunteer or Become a Mentor: Consider giving back by either volunteering with organizations that support women in business or becoming a mentor. Begin at work or by joining an online community. Your voice matters, and your experience can make a difference in the journey of aspiring entrepreneurs.
- Invest and Donate to Help Women in Business: Support women-owned small businesses by investing, donating, or patronizing. Consider organizations that empower women to achieve financial independence. Tip: Before donating to any charities, check them out on Charity Navigator to ensure efficiency and transparency.
- Network with Other Women in Business: Even if you’re not a small business owner, this month is a great time to connect with women in your field and build meaningful connections. Attend local or virtual networking events and join organizations like the National Association of Women Business Owners to expand your network.
- Explore Resources for Women Entrepreneurs: Starting a small business can be daunting, but there are numerous organizations and agencies that provide women business owners with education, and resources. Organizations like the Association of Women’s Business Centers and the National Association of Women Business Owners offer valuable support and connections.
National Women’s Small Business Month is a time to celebrate the remarkable progress made by women in business and to empower the next generation of female entrepreneurs. This includes you! As a fellow business owner, you have the power to inspire and uplift others by sharing your success stories, providing mentorship, and actively participating in this celebration. Together, we can continue to break down barriers and create opportunities for women entrepreneurs across the nation. Let’s embrace this month as an opportunity to learn, grow, and support one another on our entrepreneurial journeys. Now go out there and bring your story to life!
