Why Women-Owned Businesses Are Important

Aside from the obvious—that women are incredible and everything they create is most likely iconic—there are other reasons why women-owned businesses are important to our society and to the world.

According to a recent article by BizJournals, forty-percent of businesses in the United States are now owned by women, which is pretty amazing when you think about the 4.6 percent of U.S. businesses owned by women in 1972. Women have come a long way when it comes to controlling their own job descriptions, pay, and work environments, and we’ll only continue to grow from here. 

The increase in the number of women-owned businesses in the United States, and specifically businesses owned by women of color, is crucial to the evolution of capital ‘W’ Work in America.

Closing the Gender Pay Gap

We know about the gender pay gap, in which, on average, women are only earning 80% of what their male counterparts earn, and the gap is larger when it comes to black women (who earn 61% of their male counterparts’ income) and Latino women (who earn 53%). 

It’s BS—I know. And how many C-level men with decision-making power do you know who are marching in the streets, advocating for equal pay? I’m assuming not many.

So that’s where women come in—because we always have to do this shit on our own. Female CEOs who have been in the workforce know about the gender pay gap, and not only are they more attentive to the needs of their female employees than male CEOs, but they also are attentive to the needs of all of their employees, leading to greater overall employee satisfaction when it comes to pay and a healthy workplace environment.

Again—women are iconic.

Increasing Visibility of Women in the Workplace

Inc. and Fast Company recently surveyed 279 female entrepreneurs and found that women founders are more likely to hire other women than they are men. On average, women-owned businesses have a 66 percent female workforce.

It’s not sexism—it’s just science.

But creating a diverse and inclusive workforce is important, and women are more likely to hire people of different backgrounds than their white, male counterparts. 

None of these statistics encapsulate all women-owned businesses. Social and political ignorance still exists, but for the most part, women-owned businesses are creating safe and empowering spaces for women who have spent their entire careers being harassed or devalued at work.

Women-owned businesses are breaking the #MeToo and #TimesUp cycles for generations to come.

Increasing Visibility of Consumers of Women-Created Products

The more that women take up space in society, the more we see real, unfiltered women in the media we consume.

As more women come into positions of power in powerful companies, and as more women found their own businesses, they make room for genuine marketing campaigns that highlight the real-life experiences of women around the world, and news flash: EVERY WOMAN’S EXPERIENCE IS DIFFERENT. 

Companies like Billie, Savage X Fenty, Thinx, and more are showing how incredible and beautiful women are from head to toe. They’re making us feel seen and empowered, and THAT, my friends, is why women-owned businesses are important as hell—because, without them, we would be bombarded with Victoria’s Secret ideals at every turn.

So crank “Like a Girl” by Lizzo and go get some shit done.