Women’s success as business owners is clearly detailed in the numbers. The US Census Bureau didn’t begin tracking female entrepreneurship until 1972. At that time, it was estimated that there were approximately 400,000 women-owned businesses in the US. Between 2015 and 2019 the number of women-owned businesses in the US increased by 21%, while all businesses increased by only 9% according to the latest US data. Then the pandemic ushered in a new era of entrepreneurship among women. COVID-19 spawned a surge in business formation across the nation with many women embracing business ownership as a way to adapt to changing economic conditions and to find new sources of income. Recent statistics reveal a stunning increase to 13 million women-owned businesses in the US according to payroll and HR platform, Gusto. Over 1,800 women-owned businesses are created every day according to a Simply Business article in 2022.
Why such a huge increase? The appeal of owning your own business is not unique to women of course, and various factors contribute to this growth, including increased access to resources, advancements in technology, and changes in social norms. Many new franchise categories emerged that appealed to women as well, driving much of the activity. Like many men, women choose franchises aligned with their passion or interest, allowing them to merge personal fulfillment with entrepreneurial success. Franchises in industries like the Childcare industry, the Healthcare sector, Fitness and wellness, Food and beverage, Cleaning Services, and Travel and Hospitality, offered a range of options. Franchise ownership offers proven success models, complete with brand recognition, operational guidelines, ongoing support, and mentorship, often allowing women to achieve a healthy work-life balance.
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