⚡ Get All Content for 20% Off ⚡

I Am Woman. . . See Me Grow My $1 Million Business Women-owned businesses with sales over $1 million are growing. Here are three theories on why women are able to build bigger businesses today.

By Carol Tice

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

I Am Woman. . . See Me Grow My $1 Million BusinessHere's some encouraging news for Women's History Month: more women are starting businesses, and more woman-owned $1 million businesses are growing, according to a new report from American Express OPEN Forum.

The new State of Women-Owned Businesses looked at the past 15 years of business activity to track trends in women's business ownership. It found that American women are starting about 550 new businesses a day, opening more than 200,000 new enterprises in the past year. The rate of startup activity by women leaped 54 percent and far outstripped the overall business creation growth rate of 37 percent.

The study also found that women-owned firms are as likely as any other to be doing over $500,000 in annual revenue in industries including construction, transportation, and warehousing. Perhaps most encouraging, in the past five years, woman-owned firms with sales over $1 million have shown stronger growth than they did in earlier periods.

How have women been able to become more empowered to grow substantial businesses? Three things come to mind:

  • First is the growth of women's networking activity, which has flourished in recent years. Groups such as Ladies Who Launch and Wild Women Entrepreneurs are attracting younger women, as well as women looking to grow big, national companies. Having a support group of other women peers who are serious about entrepreneurship can make a big difference, giving women more resources and simply the belief that they can grow a big company.
  • Second, there's been progress for women in cracking the once male-dominated club of angel finance and venture capital. Now, many women have gained enough success that they have become angels, too. Some of those women investors are particularly motivated to help other women grow their companies.
  • Finally, there's the internet. Many women start businesses at their kitchen table while they juggle childcare responsibilities. The ability to reach -- and sell to -- the whole world without ever leaving home is a boon for women entrepreneurs.

What do you think is helping women-owned businesses grow? Leave a comment and give us your take.

Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writer Carol Tice has written for Entrepreneur, Forbes, Delta Sky and many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo is Crowdfunding for Entrepreneurs.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Franchise

The Top Franchise Brands Growing Globally

While our main Fastest-Growing Franchises list focuses on North American growth, more and more brands are looking to grow worldwide. These are the 25 that had the greatest franchise growth outside the U.S. and Canada from July 2022 to July 2023.