It has been reported that the number of businesses owned by women has increased at nearly double the rate of those owned by men. According to the National Women's Business Council's (NWBC) 2023 Annual Report, women-owned firms are responsible for creating approximately half of all new businesses for the third consecutive year. As of 2023, the most recent statistics indicate that women own and operate 1.4 million enterprises with employees. As we celebrate Women's History Month, it's essential to continue supporting women-owned small businesses.
Shopping at women-owned businesses is a direct and effective way to support them. According to Entrepreneur.com, there are more than 11 million women-owned businesses in the U.S. today, representing a 26 percent increase from a decade ago. By patronizing women-owned businesses, you are not only helping the owners but also supporting their staff, suppliers, and the local community. These businesses create job opportunities and contribute to economic growth by expanding the tax base. By choosing to spend your money at women-owned businesses, you are also affirming the importance of gender diversity in the marketplace.
Leaving positive reviews after shopping online and sharing them on review platforms like Yelp, Google, or Trustpilot, or on social media, is an excellent way to support women-owned businesses. According to luisazhou.com, products with at least five reviews are four times more likely to be purchased than those without, resulting in a 270% increase in conversions. Reviews can influence potential customers' purchasing decisions, enhance the business's online visibility, and encourage others to support these enterprises. By leaving a positive review, you are supporting the owner, employees, and other stakeholders.
Spreading the word about women-owned businesses is another effective way to support and empower them. When you use your social media channels or personal networks to share information about the women-owned businesses you patronize, you help build knowledge and increase awareness of these enterprises. Additionally, you highlight the diverse choices available in the marketplace. According to a report by McKinsey & Co., word of mouth influences 20-50% of all purchasing decisions, making it one of the most potent ways for any business to gain traction. By promoting women-owned businesses through your personal and professional networks, you can help drive immediate revenue and create a positive impact on women entrepreneurs.
Collaborating with a woman-owned business through strategic partnerships can be beneficial for your business in many ways. Not only can it help you reach new customers and expand your business, but it can also support another entrepreneur. According to a report by Mayfield Consulting, strategic partnerships accounted for 28% of revenue, whereas Paid Search delivered an average of only 18%. Partnering with a women-owned business allows you to share resources and expertise to help each other succeed. This collaboration sends a strong message and fosters community and support that can benefit both enterprises.
Attending events for networking can greatly increase your company's visibility to potential partners. According to Forbes.com, networking is vital to entrepreneurial success, and 78% of startups agree. By engaging with other attendees, you can promote your business and make valuable connections. This can lead to referrals, new business opportunities, and partnerships. Many women-owned businesses host events like pop-up shops, networking events, and workshops. These events provide an excellent opportunity to meet the owner, connect with other supporters, and gain insight into the business's offerings.
We invite you to join us at our next CEO Club event on March 27, 2024. This event promises valuable insights, networking opportunities, and the chance to connect with fellow entrepreneurs and business leaders. Don't miss out on this exciting opportunity to empower women entrepreneurs and grow your network. Click the link down below to sign up today!
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