Most Women Business Owners Make Less Than $50K a Year: It’s Time for a Change Forbes
Women are shaking up the business world, launching ventures with fresh ideas and unstoppable energy. But here’s the hard truth: most women business owners are making less than $50,000 a year. This income gap is a major issue that needs fixing—fast.
Women-owned businesses are often stuck in the under $50,000 income bracket. While 12% of women entrepreneurs break six figures, most are struggling to keep their businesses afloat. This isn’t just a numbers game; it’s a wake-up call.
What’s Holding Us Back? 🚶🏽♀️
1. Lack of Access to Capital: Gender bias in lending and limited access to investment networks mean women often bootstrap their businesses. Without capital, growth is tough.
2. Undervaluing Their Services: Too many women underprice their offerings, thinking it will attract customers. This mindset keeps profits low and businesses small.
3. Balancing Act: Many women juggle business with family, which limits their time and energy. This double duty can slow down business growth and expansion.
4. Limited Networks: Without strong networks and mentorship, women miss out on key opportunities for growth and support.
5. Gender Bias: Bias in the marketplace means women often aren’t taken as seriously, affecting their bottom line.
Why We Need to Close the Gap 🔻
Economic Power: When women earn more, everyone benefits. Higher incomes mean more reinvestment in communities and more robust economic growth.
Breaking Barriers: Closing the income gap will inspire more women to start businesses, knowing they can succeed financially without unnecessary hurdles.
Unlocking Potential: Women entrepreneurs bring unique skills and innovation. Reducing income disparities means tapping into this full potential, leading to more diverse, dynamic businesses.
What Needs to Change
➡️ Increase Access to Capital: It’s time for investors and financial institutions to break the bias and open up funding opportunities for women.
➡️ Education and Pricing Strategy: Equip women with the skills to price their products and services confidently to boost their income.
➡️ Build Networks and Mentorships: Expand programs that connect women with mentors and peers who can offer guidance and support.
➡️ Challenge Bias: Continue pushing back against gender bias in the marketplace, making it clear that women entrepreneurs are here to stay and thrive.
The bottom line? Women business owners deserve more than survival—they deserve to thrive. Let’s close the income gap and unlock the full potential of women in business.
Who We Are
Michael Houlihan and Bonnie Harvey co-authored the New York Times bestselling business book, The Barefoot Spirit: How Hardship, Hustle, and Heart Built America’s #1 Wine Brand. The book has been selected as recommended reading in the CEO Library for CEO Forum, the C-Suite Book Club, and numerous university classes on business and entrepreneurship. It chronicles their humble beginnings from the laundry room of a rented Sonoma County farmhouse to the board room of E&J Gallo, who ultimately acquired their brand and engaged them as brand consultants. Barefoot is now the world’s largest wine brand.
Beginning with virtually no money and no wine industry experience, they employed innovative ideas to overcome obstacles, create new markets and forge strategic alliances. They pioneered Worthy Cause Marketing and performance-based compensation. They built an internationally bestselling brand and received their industry’s “Hot Brand” award for several consecutive years.
They offer their Guiding Principles for Success (GPS) to help entrepreneurs become successful. Their book, The Entrepreneurial Culture: 23 Ways To Engage and Empower Your People, helps corporations maximize the value of their human resources.
Currently they travel the world leading workshops, trainings, & keynoting at business schools, corporations, conferences. They are regular media guests and contributors to international publications and professional journals. They are C-Suite Network Advisors & Contributing Editors. Visit their popular brand building site at www.consumerbrandbuilders.com.
To make inquiries for keynote speaking, trainings or consulting, please contact sales@thebarefootspirit.com.
