More women becoming business owners
Over a 10-year period, the number of women-owned businesses in the U.S. grew by 44 percent, twice as fast as men-owned businesses, a new study shows. Over that same period, women-owned businesses added 500,000 new jobs. The findings of the PNC Women Business Owners Outlook shed some light on women-owned companies and show women owners are satisfied with their overall business performance. Six out of 10 say their businesses are meeting or exceeding expectations. However, women owners show a reluctance to take on long-term financing or make capital investments in the months ahead.
The survey found that most women business owners are funding their businesses with credit cards and personal savings in lieu of long-term bank financing. Nearly 59 percent use a business credit card and 44 percent rely on personal or family savings to fund their businesses.
Other highlights from the survey include:
> Eleven percent of female business owners say their business is exceeding expectations and 50 percent say it’s meeting expectations.
> More than half expect their sales to increase, and 31 percent expect them to remain the same. Only 14 percent expect sales to decrease. Meanwhile, 41 percent expect to see higher profits, and 32 percent expect them to remain the same.
> Three out of four have no plans to hire full-time employees. Sixty-three percent expect no change in the number of part-time employees.
> Eight out of 10 women business owners are optimistic about their businesses, but only 41 percent intend to make a capital investment. Their outlook for the larger economy is gloomy—49 percent are pessimistic about the prospects for the U.S. economy and 37 percent are pessimistic about their local economy.
For more on women in the workplace, see the related links below.