New data released by American Express OPEN and Womenable reveals some of the impressive achievements of million-dollar women-owned businesses over the past 10 years. Using U.S. census data, the report was authored by American Express OPEN research advisor Julia Weeks.
Taking a look at million-dollar women-owned firms by industry as reported by this research, wholesale trade is the industry with the largest share of women-owned $10 million+ firms (20%) followed by finance/insurance (12%), transportation/warehousing (11%), and arts/entertainment/recreation (10%).
Some of the key findings in the report include the following growth trends over the past decade:
- The growth in the number of women-owned firms with $10 million or more in revenues has increased by 56.6%, a rate 47% faster than the rate of growth of all $10M+ firms and nearly twice (+98%) the rate of growth of all women-owned firms.
- The number of all women-owned firms has grown by 28.6%, slightly more than the 24.4% increase in all U.S. businesses. Similarly, the number of $1M+ women-owned firms has grown by 30.7%, just over the 28.9% increase in all million-dollar firms. But, at the highest end of sales achievement, the number of $10M+ women-owned firms has grown by 56.6% – fully 47% higher than the 38.4% increase among all $10M+ firms.
- The number of women-owned firms overall has slightly outperformed all U.S. businesses in growth (28.6% versus 24.4% respectively). This trend continues when comparing $1 million women-owned firms to all million-dollar businesses (30.7% versus 28.9% respectively).
The future is bright for women business owners!
Susan Gunelius
Susan Gunelius is the Founder and Editor-in-Chief of Women on Business. She is a 30-year veteran of the marketing field and has authored a dozen books about marketing, branding, and social media, including the highly popular Ultimate Guide to Email Marketing, 30-Minute Social Media Marketing, Content Marketing for Dummies, Blogging All-in-One for Dummies and Kick-ass Copywriting in 10 Easy Steps. Susan’s marketing-related content can be found on Entrepreneur.com, Forbes.com, MSNBC.com, BusinessWeek.com, and more. Susan is President & CEO of KeySplash Creative, Inc., a marketing communications company. She has worked in corporate marketing roles and through client relationships with AT&T, HSBC, Citibank, Intuit, The New York Times, Cox Communications, and many more large and small companies around the world. Susan also speaks about marketing, branding and social media at events around the world and is frequently interviewed by television, online, radio, and print media organizations about these topics. She holds an MBA in Management and Strategy and a Bachelor of Science degree in Marketing and is a Certified Professional Career Coach (CPCC).
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