The results are in: women do it better.
Recent research shows that businesses founded by women earn twice as much money than those founded by men. Moreover, if we want to really kick start the economy (once we actually get COVID under control), the best way to do that is to support women-owned businesses: "If US women launched high-growth firms at the same rate as men, we’d add 15 million jobs in only two years."
Sorry, boys. Take a seat and let the women handle this.
That's just the beginning...
- There are nearly 13 million women-owned businesses in the United States — supporting over 9 million jobs and generating $1.9 trillion in revenue
- One in five firms with revenue of $1 million or more is woman-owned.
- Women are the majority of the newly self-employed.
- 12.3 million women own businesses in the US.
- Women own four out of ten businesses in the US.
In other words, women can, and will show up when it's time to get things going. And we're all better for it.
At Batch, our first four vendors ever were women (meaning the make up of our first product ever sold was 80% women-owned). And we continue to make more and more connections to new and seasoned female entrepreneurs across all of our product categories: pantry, jewelry, home goods, snacks - you name it and women claim it.
Here's what some of these resilient and focused females have said about continuing to do what they do best this year:
In our 15 years of business, this has been our biggest yet. We started the year eager and excited, as we planned to launch a packaging rebrand in March. Just as we were about to launch the rebrand, the pandemic hit. We had to shut down our eateries and lay off team members at the beginning of high season, but our team pivoted. Launching a new look right as the pandemic hit actually served us well! It reminded people of Callie’s when we needed it most. Our team has stayed strong and navigated through uncertain waters. We don’t know what tomorrow will bring, but we are taking it day by day, getting scrappy, and continuing to pivot in new ways.
- Carrie Morey, Callie's Hot Little Biscuit
It has definitely been challenging to keep pushing through this year but the best part is seeing my small business community and customer community come together. I've been overwhelmed with how fellow small business members have stepped up to collaborate and promote each other. These connections have helped me through some very difficult points over the past few months. I've also seen an outpouring of support and love from customers. Whether it's an uptick in orders, social media shout outs, or just sweet messages of encouragement, it has all helped me get through the tough times and reminds me why I do what I do!
- Alana Rivera, Etta + Billie
Earlier this year, we made an effort to bring on more makers of color, especially female makers of color. We are thankful to have added to our lineup Kernels Popcorn, Kiia, Clarity Candles, and others.
But just adding products and writing a blog post isn't the end of the work; it's the beginning. Nashonta McDowell isn't letting 2020 keep her down and is focused on what's next:
I am hopefully that my brand awareness will continue to grow. I am finishing up with school to become an Esthetician I have new skincare product coming out soon. I am looking forward to bigger and better things for my business in 2021.
In other words, despite the difficulties that face all entrepreneurs - and especially female entrepreneurs - they're not giving up. So we can't give up on them.
As you find a small business to support at least once a week or shift your spend once a month, seek out a woman-owned business. When you do, you'll be helping our collective economic recovery so we can keep building back better.