It isn’t always easy to be women in business, but there is nothing better than seeing dreams come to life. I recently found out a ton of amazing statistics about women in business, and they encouraged me like never before. And, I think you’ll be encouraged, too.
Sometimes it might feel like the whole world is against us. It isn’t always easy to be women in business, trust me I know. But, ladies, you can do this. Your thinking is equally as important as your actions, so today I want to share some statistics to help you gain momentum, be encouraged, and get to work!
20 Shocking Statistics Women in Business Need to Know
I’ve pulled data from a few different sources to look into how women in business are doing. And, truly, I was so encouraged and excited to read through all of the information. While we might not yet have the same number of women in various “power positions” (like government leaders, CEOs, etc.), women in business are definitely making their presence known.
Women accounted for 26 percent of current business owners, an 18 percent increase compared to 2017
I know this might not seem like a positive thought with such an unequal balance of men to women representation, think again. In only one year women in business has increased by 8%! That’s incredible! The trend is moving up, and women in business are becoming a normal and expected thing. That is good news all around, for everyone.
No. 1 reason for women to start their business was pursue their passions (while men’s top reason was to be their own boss)
Women in business have the opportunity today to truly live out their greatest passions and interests, even if it can be hard and frustrating at times. Like I said, we tend to struggle with holding ourselves back by our thoughts. Yes, business can be tough, but that doesn’t mean it is not worth it!
Women in business will launch a new endeavor in any stage of life (36% are 50+, while 64% are younger than 50)
It is never too late to go into business. One of the greatest lies we tell ourselves is that time is up, or it is too late. That is a lie! While we might more often launch businesses in the younger years, any time is a great time! And, it is certainly far better than never.
Women in business are 16% more likely than men to have higher education
You go girl! We all know a college degree is not a guarantee for success, but it definitely shows some serious grit and commitment to finishing what was started. These are necessary and admirable traits that every woman in business needs to have.
Women in business have less confidence in the state of small business
Sadly, this statistic is not too surprising. It is not all that difficult to see struggles and hurdles and think the sky is falling. I know it can be easy to get caught up in all that is going on in with women’s rights and the economy in general, but ladies, that does not mean that things are hopeless. There is something truly empowering when you realize that the only person who can make or break your success is you. Decide now to stick with it and never give up on your goals.
Biggest hurdles women in business face when getting started? Lack of funding & support
Statistics show that men are 28% likely to raise $100,000 to start a business, 53% likely to have more than 2 employees, and 48% likely to work out of their home. In contrast women are only 15% likely to raise capital to start a business, only 32% likely to have more than 2 employees, and 68% likely to work out of their homes. What does that tell you?
Women in business have to go the extra mile to make connections, build relationships, and develop the community they need around them to succeed. Women need women to thrive and strive and be encouraged. I know a thing or two about this myself. It’s a struggle, but girl, it can be overcome!
Did you know that business loan approval rates for women are 15 to 20 percent lower than they are for men? WOW.
Ok, so at this point, you might be feeling a little down and sad. But, just because the loan approval rates can be frustrating and disappointing, I still know there is a way to succeed. Not everything that women in business want to do requires a loan. And, it does not require a ton of money to actually even get started in business! I launched my real estate investing career with pennies to my name. Where there’s a will, there’s a way!
Common funding methods are cash, funding from friends and family, and 401(k) business financing.
Like I said, where there’s a will, there’s a way. It may be less than ideal, but while the culture works on it’s side of the bargain and the balances are made, we can keep moving forward with our ambitions and dreams. All the many women in business that I know and love are women with grit, commitment, and a serving heart. It all matters.
Almost 40% of women in business rated their happiness as a 10 out of 10!
You see that! There may be hurdles. I’m sure there will be struggles, but that does not mean we give up and give in. We press in, we get to work, and we persevere. There is so much to benefit through the process! I cannot even begin to express how amazing it is to have a victory after a series of struggles. This is one of my favorite victories to celebrate with my ladies. I know how amazing it is, and we celebrate together and keep that flame going!
According to the responding groups, 47% of women started businesses within the last year, compared to 44% of male
Despite some of the mentioned statistics, we women in business are still serious about our dreams. We look the hurdles in the eye and say, “You aren’t taking me down! I am woman. Hear me roar!” It might seem silly, but this is that amazing quality of a woman that I just adore. The empowered woman who still works like a woman is incredible, powerful, and will succeed.
10% of the women launched businesses in the healthcare industry, compared to 5% of male (plastic surgeons, medical spas, etc)
This is not a statistic that hits me personally, since this is not my industry of interest, but it is interesting. Remember how I mentioned that the amazing women in business I know have hearts to serve? Healthcare is definitely all about serving, and it is absolutely one of those main industries where women shine!
Similarly, 9% of female launched education businesses, compared to 5% of male
Can I get a YES?! Education businesses! Remember how I said we need each other? I think we are all feeling the pinch of isolation that is happening in our culture right now. But, tons of women in business are finding new ways to share their expertise and knowledge so that other women can grow and prosper. Thank you internet and technology!
57% of Women Business Owners Expect Their Revenues to Increase in 2018
Woohoo! Hard work, grit, and community support still result in success, and growth. 57% is awesome, and the sky’s the limit when passive income strategies are brought into play. Gotta love it when a plan comes together!
Just 2% of Women Expect Revenues to Decrease by More than 20%
Piggybacking off of the previous point, sometimes a decrease will happen. But, the question is not whether or not there will be ups and downs, but what you will do about it when they happen. Don’t give up. Decide now to dig in your heels and move through the struggle. Victory is on the other side.
13% of Women Owned Companies Have Been in Business More Than 20 Years
Can I just say life goals? Gosh, I love meeting women in business who are legend. And to me, a woman who has been able to push through and stick with it for more than 20 years is a genuine hero.
Women owned businesses are also growing in terms of team members. 27% of them saw their team increase in the last year, compared to 30% of male entrepreneurs.
I love my team of ladies. They are the most incredible, talented group I could have ever hoped to have around me in pursuing my ambitions and dreams. We need women in our lives who are going to help hold us up when things feel like they’re falling down. Teams are the best, and great, successful women always have a great team around them, too.
On the other end of the spectrum, just 34% of women said their business is struggling to stay afloat, compared to 33% of males
While women may struggle a hair more than men, it just seems that this is one of those realities of life for everyone. No one ever said that being in business was easy. You have to be willing to really dig in and do the work, find a mentor who can help you succeed, and decide not to give up and quit. Remember, struggle does not mean failure. And failure is simply an opportunity to learn a new way to do things. Keep going.
Women in business who work with a mentor are five times more likely to actually launch their business
I just love this stat. The benefit of working with a mentor continues to be shared over and over again, because it is true. Mentors provide keen insight into struggles and know exactly what needs to be done or said when struggles come. They know because they’ve been there before. A mentor has walked the path you want to go down, and they know how to navigate it well. Truly, mentors are worth their weight in gold.
Women in business who work with a mentor are 80% more likely to still be in business one year later
WOW! Talk about a testimony to mentors. 80% is phenomenal. But, it is any surprise? Think about how awesome it is to have someone to bounce ideas off of when trying to choose a strategy and game plan for your vision. Now, play that out over and over again throughout a year or more of getting started. This is one of those legs of support that is critical for success. Don’t set it aside and ignore it.
Women in business are not picky for which gender is a better mentor
Both male and female mentors are equally loved by women in business. So, the choice is really your personal preference. The most important thing is that the mentor you choose is actually knowledgeable and helpful with the goals that you specifically are trying to achieve.
Some women might want to work with a woman if the industry of their choice is mostly male-dominated. In my case, the real estate investing industry is almost entirely a male-dominated arena. When I go to conferences and events, I am usually one of only a handful of women in the entire place. This is why I offer my mentoring services. We need more women in the arena.
Women in Business Need Women in Business
It’s a roller-coaster of a ride when getting started in business. Things can feel overwhelming, frustrating, and it is super easy to feel alone. But, it does not have to be that way at all. After my years of struggling to figure out real estate investing and navigate the male-dominated arena, I have learned so many amazing things that I just can’t keep to myself. I launched my premier course to help other women get started in real estate investing, but while also surrounded by a community of encouragement.
First Deal Done Fast is unlike anything else I’ve seen out there. I give step-by-step guidance for you to really walk through the paces of real estate investing. Plus, you can do it all at your own pace. We have a super lively Facebook group where we ping ideas off of each other, share our victories and our struggles, and provide encouragement and feedback daily. There is no other group I love to be with more! If you are ready to join other women in business and are interesting in real estate investing, learn more about how to get started here.
Your Goals and Ambitions ARE Possible
I don’t know what your dreams are, but if you truly have a viable business plan, and have done the legwork of how to go about taking your plan into action, you can do this. I’m not promising it is going to be easy. Very few things is life that are worth much are easy. But, I can promise you that even the difficult things make the sweetest reward when you succeed. Make the plan, work the plan, and see your successes come to life!