Women in business, let’s set something straight. I know the majority of statistics are not in our favor. That’s the hard truth. But these statistics don’t define us. The stats define the inequity and the inequality of the world we live in. They don’t decide what we, as women, are capable of. They shine a light on the obstacles we will most likely face.
We’ve all heard “but women and men have equal rights now” (side note: we don’t... keep reading). As Instagram government teacher Sharon McMahon says, “Facts don’t require your approval.” I sleep soundly at night, knowing someone else’s lack of understanding doesn’t negate my -our- collective, and proven, disadvantages.
Take a look at these women-owned business (WOB) facts, which reflect 2020 data from Fundera.com:
- 40% of US businesses are women-owned. While this still isn’t reflective of the gender breakdown in the US (50.8% male, 49.2% female based on the 2010 census), it’s increasing every year. We can at least celebrate that.
- Just 25% of female business owners seek business financing, compared to a third of male business owners.
- Overall, men receive an average loan size of $43,916 while women receive an average loan size of $38,942 – almost $5,000 less.
- Women-owned businesses in the US generate $1.8 Trillion/year. Unfortunately, that equals only 4.3% of private sector annual revenue.
As women in business, we have unique perspectives, experiences and talents that are assets to the business world. Women business owners, your contribution to the business community is not lessened by the obstacles in your way. It may be harder to reach your goals, but it’s damn sure not even close to impossible.
It’s not realistic to think that we, as individuals, can inspire enormous policy change that will result in equity across the sexes. But it is realistic to inspire one, or two, or ten colleagues to fight harder for their business and to push their network of women to do the same. To ask for larger loans from the start, to utilize the support systems that ARE in place, and to take every “leg up” you can get.
Equal rights? The day the ERA died
It’s 2021 and on March 5 of this year, the Equal Rights Amendment, first drafted one century ago in the 1920s to “ban discrimination on the basis of sex and guarantee equality for women under the Constitution”, was ruled to be passed its deadline for ratification. Meaning it would not be added as an amendment to the Constitution.
What does that mean for women business owners? It means finding funding, gaining political and social support, and navigating a patriarchal business world is still a hurdle for women, and will be for the foreseeable future.
-Rachel Keeney, Account Executive
At Zipie, we are passionate about giving Women-Owned Businesses the marketing tools you need to stand out in a competitive business environment. Let us be your leg up. Chat with us or call 859-244-4270 today.