Los Angeles Business Journal
June 29, 2021
Recent data reveals that 32% of small business owners are women, a 13% increase from last year’s 27%, according to findings from the latest Small Business Trends report released by Guidant Financial.
The report’s findings are based on the annual Small Business Trends survey conducted by the Small Business Trends Alliance (SBTA); a group of companies dedicated to supporting small business with data insights. The SBTA teamed up to conduct a joint survey of over 2,400 current and aspiring small business owners across the nation.
More Small Business Trends report findings:
• 51% of women small business owners
are Gen X
– 31% are Boomers
– 17% are Millennials
– 1% are Gen Z
• 29% of women started their own business to be their own boss
– 20% wanted to pursue their
own passion
– 13% were dissatisfied with corporate America
TOP 4 INDUSTRIES FOR WOMANOWNED SMALL BUSINESSES
1. Healthy, Beauty, and Fitness
2. Food and Restaurant
3. Retail
4. Business Services
THE TOP 5 NON-COVID CHALLENGES FACED BY WOMEN SMALL BUSINESS OWNERS
1. Marketing / Advertising
2. Lack of Capital / Cashflow
3. Recruiting / Retention of Employees
4. Managing / Providing Benefits
5. Administrative Work
POLITICAL PARTY AFFILIATION FOR WOMEN SMALL BUSINESS OWNERS
• 36% said they didn’t belong to or feel represented by any political party
• 33% Democrat
• 24% Republican
• 7% Libertarian, Green, or other
– 55% of female small business owners surveyed voted for Biden
– 27% voted for Trump
– 18% didn’t vote or voted for another candidate
44% OF WOMEN SMALL BUSINESS OWNERS FEEL SOMEWHAT OR VERY CONFIDENT ABOUT SMALL BUSINESS POST-COVID
• 40% feel somewhat to very unconfident
• 16% are neutral
• 21% of women-owned small businesses lost revenue due to COVID-19
• 77% percent of respondents expect their small business to survive the pandemic
https://labusinessjournal.com/news/2021/jun/29/number-woman-owned-small-businesses-increasing/