Number of women-owned businesses has jumped considerably

4/3/2011

Women are taking the business scene by storm, with a recent report from the American Express OPEN Forum indicating that the number of female-owned companies has jumped from 5.4 million in 1997 to 8.1 million in 2011.

In 1997, women accounted for only about 25 percent of all American business owners. By the end of this year, they are set to make up close to 29 percent. To top that off, women-run businesses are expected to account for $1.2 billion of revenue during 2011 as well.

Now is as good a time as any to start a small business, with the economy slowly but surely recovering and small business lending practices starting to ease up. In fact, many women are taking advantage of the economic climate to start a new company, says business coach Karen Terry.

"Many women are getting severance packages, or unemployment benefits, due to the recession. They can use those unexpected windfalls to finance their own business," suggests Terry. "Getting fired or laid off could actually be a blessing in disguise."