7 Ways To Support Women-Owned Businesses
…And why it’s key right now
by, Chie Davis
As we wrap up Women’s History Month, there’s lots to celebrate when it comes to women-owned businesses. 40% of businesses in the U.S. are women-owned.
There’s over 12 million of us, collectively bringing in over $1 trillion a year. I am one of them. (Although I’m still working on that trillionaire status. ;) As the creator of Mommafied, a brand that helps busy moms live healthier lives using simple solutions, I have a fresh stake in it.
Financial stability and abundance is a critical arm of wellness that's often overlooked. Women’s wellness is often connected to the ability to have financial freedom and flexibility.
It’s linked to finding our purpose, recognizing our value, and the acknowledgment that our ideas, products and services are viable. It’s about having that calm confidence that our businesses can stand tall independently, while also making a difference in people’s lives and positively impacting our communities. The only way that we can do that is with support.
There’s no doubt that the global pandemic, changing work dynamics, the spotlight on racial injustice, childcare needs, and staying close to home has stirred the economic pot. It’s pushed many women into an intersection of change.
My Grandmother
Is the first female entrepreneur that I met. She loves real estate and saved up her wages as a restaurant host in the 1950’s to buy a home. At that time, Black people weren’t even allowed to attend open houses in certain areas in California, but she was determined, stayed focused, and made it happen.
Many of us had to swiftly decide between work and family, take a deeper look at the value of our 9 to 5s, and for many that meant redistributing our energy into creating our own businesses.
Here’s some interestinG facts to get your juices flowing. In 2020:
The highest growth of women-run, small businesses was driven by women of color (64%).
Black women are starting businesses faster than any other racial group. They also make up 46% of Black entrepreneurs.
Latina women-owned businesses grew over 87%.
Women comprise 50% of the entrepreneurs in Latin America and the Caribbean, 31% in Europe, and employ 27 million people in India.
All of these amazing stats are in light of the fact that women only receive 7% of STARTUP funding!!!
Let me say that again for the folks in the back, JUST 7%, which could contribute to the fact that 50% of women-owned businesses don’t survive past 5 years. Women are also often juggling their own business with multiple responsibilities, like childcare, household upkeep, finances, eldercare, and even full-time jobs that often pay less than our male counterparts!
But don’t get it twisted. Us ladies have the power. We currently control over $20 trillion in annual spending and that number is expected to grow wildly in the next few years. The best solution is simple: SUPPORT WOMEN-OWNED SMALL BUSINESSES.
Mommafied’s First Pop Up
Here I am following in my family’s entrepreneurial footsteps. I’m selling sleep masks that I designed to help busy moms maximize their rest.
HERE’S HOW TO SUPPORT WOMEN-OWNED SMALL BUSINESSES:
Support your family and friends' businesses! Real talk—you're gonna buy that thing or pay for that service anyways. Why not buy it from someone that you know and trust?
Maximize exposure: You don’t have to purchase from a small woman-owned business to show them love. Support them with marketing. Help them draw more eyeballs to their brand. Sign up for their email lists to learn more about their mission, service or product offerings. Encourage friends to do the same. Share their social media posts. Let your favorite entrepreneurs know that you see them, and help others see them too!
Pay it forward: Have you ever taken a class or purchased a product that you loved and wished that more people could enjoy it? Pay it forward by making a donation to your favorite brand, in support of the next person who purchases from them. In addition to purchasing a product, you can offer to provide a scholarship or offer a monetary gift to the business owner for future supplies or operating costs. Many new women-owned businesses are seeking funding and powered by women who are also momming and/or juggling side hustles to fund their dreams.
Support grants that support women owned businesses or create your own: Research grants for women owned businesses, and donate to them to help increase their funding pool. This includes organizations like Grants for Women, IFund Women, and The Amber Grant. You can also do the same with investor firms that support women-led ventures, or financial management companies for women, like Elle Vest.
Give what you wish to receive: One mistake small business owners make is expecting fellow women to support them, but not returning the support. If you are a small business owner, champion other women-owned small businesses who sell products that you believe in. Supporting the ecosystem is key. It may sound generic, but it’s true: When one woman rises it creates space for us all to rise. Adopt a community mindset.
Think outside of the traditional box! In addition to supporting product based women-owned businesses, don’t forget about service oriented businesses, especially in male-dominated industries. This includes industries like farming, mental health, fitness, leadership, and business coaching.
Shop local: When you shop local it benefits the environment by helping reduce transportation costs and environmental pollutants. It also helps local women-owned businesses grow. When more women can support their dreams and their families, it makes for a vibrant community. If you don’t know which businesses are women-owned in your neighborhood, Google it! Check out this article which is helpful, or ask a nearby hair salon or church. They’re always in the know!
“If you are a small business owner, support other women-owned small businesses who sell products that you believe in. Supporting the ecosystem is key. It may sound generic, but it’s true: When one woman rises it creates space for us all to rise.”
What's your favorite woman-owned small business? Drop your favorite one in the comments! (It’s ok to say you!) Let’s love on each other and show folks that our businesses matter!
Mommafied is my business! It is a blog filled with health, wellness, and self-care tips and articles for busy moms. Visit the SHOP section of my blog to see wellness products made by women, including my NEW sleep masks, designed to help mamas maximize their rest.
Thanks for reading! For more resources and good energy for busy moms who want to lead healthier lives: Follow me @getmommafied on Instagram, and subscribe to my bimonthly Mommafied Note.