To love what you do and feel like it matters , how could anything be more fun?—Katharine Graham

The number of women-owned businesses is surging. The National Association of Women Business Owners (NAWBO) estimates that in 2024, a staggering 43.2% of all businesses in the US will be women-owned, translating to over 33 million small businesses. This represents a 21% increase over the past five years.

The increase in women-owned businesses from 2019 to 2023 by 94.3% compared to men-owned businesses reflects a numerical growth and a transformation in the entrepreneurial landscape. Women entrepreneurs are not only starting businesses at a faster rate but are also breaking traditional boundaries across various industries. This surge in women entrepreneurship not only empowers individual women but also contributes significantly to economic development and societal progress as a whole.

Small Business Week is pivotal to recognizing and elevating the importance of women-owned small businesses in our economy and society. Read on to learn how to support, empower, and promote your community’s locally-owned small businesses.

CELEBRATE WOMEN-OWNED SMALL BUSINESSES

Small Business Week is a dedicated time to celebrate the achievements and contributions of all small businesses, especially women-owned businesses. Data suggests that women-owned businesses are 7% more likely to close than their male counterparts.

Did you know that all of our FIT4MOM franchises are women-owned? These women are fostering communities nationwide by providing job opportunities and support systems for women. By spotlighting these businesses, we honor their resilience, creativity, and significant impact on local communities. We encourage you to share the love with your local FIT4MOM franchise owner by supporting her Village through class attendance, playgroup participation, and partnership opportunities.

ENCOURAGE ECONOMIC DIVERSITY AND RESILIENCE

Small businesses add to economic diversity with their distinct offerings and viewpoints. It's crucial to highlight the significance of having a diverse and adaptable business environment that can handle market changes, economic hurdles, and global uncertainties.

Women-owned businesses are a great example of how diversity boosts economic resilience. Their unique perspectives often lead to innovative products and services, especially in underserved markets.

When there is a wider range of businesses, the ecosystem becomes better at adapting to market shifts, economic challenges, and unexpected global events. By supporting and fostering the growth of women-owned businesses, we strengthen the overall economy, make it more responsive, and better equip it to navigate a complex and ever-changing world.

SUPPORT JOB OPPORTUNITY EXPANSION

Women-owned small businesses significantly contribute to local job creation, particularly for other women. We recognize the vital role of these enterprises in providing employment opportunities, skills training, and career pathways for individuals, promoting economic inclusivity and empowering women to pursue meaningful work and professional advancement.

For example, our FIT4MOM franchisees hire instructors and coaches to lead programs like Stroller Strides, Body Well, and FIT4BABY. These instructors are trained in prenatal and postnatal fitness education and learn the secret sauce of teaching each of our signature programs.

To help women-owned businesses expand, consider not only supporting them financially but also sharing their information on social media and with your friends and family. The more people know about a locally owned business, the more likely it will be to expand and offer more job opportunities.

Next Steps

Small Business Week is a multifaceted platform celebrating small businesses' resilience, innovation, and contributions while providing essential support, promoting collaboration, and fostering economic diversity and resilience. It underscores the vital role of entrepreneurs in driving economic prosperity, job creation, and sustainable development, shaping a brighter future for all.

But don’t stop there with your support. Try to support more locally-owned businesses year-round. To find more women-owned businesses, use resources such as the National Association of Women Business Owners and your local Chamber of Commerce. Contact locally-owned businesses for partnership and sponsorship opportunities. Share information about these businesses on social media and with your friends and family.

Support your local FIT4MOM and try your first class free today :)