March serves as Women’s History Month, as women now represent more than 50 percent of the U.S. population. The Council embraces this month of celebration and lifts up women business owners who command a larger piece of the global economic pie. In fact, last year, 40 percent of all U.S.-based businesses were women-owned. Businesses owned by women of color grew at nearly three times the rate of women-owned businesses overall for the last 10 years.
According to American Express’ 2018 State of Women-Owned Businesses Report, while all women-owned businesses grew 58% from 2007 to 2018, women-owned, minority business enterprises (MBEs) grew at 163%. Latina and African American, women-owned business grew even faster at 172% and 164% respectively. Native Hawaiian/Pacific Islander (146%), Asian American (105%), and Native American/Alaskan (76%) women-owned business enterprises (WBEs) also grew faster than overall women-owned businesses.
Unfortunately, while the number of women MBEs outpace overall WBEs, the average revenue of women-owned MBEs is declining. In 2018, the average annual revenue for a woman-owned MBE dropped to $66,400, as compared the average annual revenue for a woman-owned, non-MBE owned business, which jumped to $212,300.
The Council is here to help. As we celebrate women’s history month, we celebrate you.
We encourage all certified, women-owned MBEs to leverage our business development resources and take your firms to the next level. Work with our technical assistance team to find ways to improve operational efficiencies, streamline management processes and ensure your businesses are procurement-ready.