Owning and starting a business may be a dream many women several decades ago did not think was possible. Today, women are rapidly starting businesses. In the U.S., from 1997 to 2014, the number of businesses owned by women rose 68%. The growth rate was twice that for men.
Women are starting an estimated 1,288 businesses per day. That figure is double the number from 2011 to 2012. Women also have a positive outlook on their business. According to one survey, 70% of women owners who were part of the survey expect revenues to rise during the coming year, and 56% of women expect to hire in the next year.
Additionally, 68% of women intend to expand their companies. Men surveyed about these same issues were somewhat less optimistic about their businesses. Women also noted facing different challenges in men in the survey. Of the women surveyed, 29% believed men have greater opportunities to access to money. Moreover, 32% of women reported lowered access to new business opportunities.
Starting a business and expanding a new business can bring excitement, but may also bring various challenges. Whether a growing business owner is facing issues related to hiring and employment contracts, expansion of the business or handling investors, thoroughly understanding each aspect of the business and how business formation can impact growth and expansion decisions, can be invaluable.
Business ownership can be incredibly rewarding. Armed with strong understanding of the challenges a growing business may face, and the legal implications of each of those challenges, a business owner is in a better position to successfully meet those challenges.
Source: ABC News, “Women Starting Small Businesses at Torrid Pace,” Joyce M. Rosenberg, May 15, 2014