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According to the Center for Women’s Business Research’s Women Owned Businesses in Washington, 2006: A Fact Sheet, 46 percent of privately held firms in Washington State — an estimated 234,197 businesses — were at least 50 percent owned by women. These firms generated nearly $44 billion in sales and employed 256,253 people. Around 158,881 of those firms were majority-owned by women (51 percent or more ownership), accounted for more than $20 billion in sales and employed 105,884 people.
Most women-owned firms are small businesses. The center also reports that, nationally, 81 percent of women-owned firms are without employees, and only three percent of women-owned firms have revenues of $1 million or more.
Functionally there is no difference between running a business if you are a woman or a man. Women entrepreneurs face the same challenges that men do. They have to create a business plan, market their products or services, maintain good customer relations, keep a close watch on the bottom line.
But women business owners do sometimes face additional challenges when it comes to perception. “The business world” is often still a male-dominated arena — the center’s statistics show that twice as many men-owned as women-owned firms have revenues over $1 million. Women entrepreneurs may feel at a disadvantage, particularly when it comes to obtaining financing or landing that lucrative client or contract.
Fortunately there are a number of organizations that specifically support women business owners. For example:
- The SBA’s Office of Women’s Business Ownership
The SBA’s Office of Women’s Business Ownership (OWBO) assists women start and run successful businesses, regardless of social or financial disadvantage, race, ethnicity or business background. Its Online Women’s Business Center provides a range of tools and resources for women entrepreneurs.
- Women’s Network for Entrepreneurial Training
Sponsored by the SBA, Women’s Network for Entrepreneurial Training provides networking and focused interactive training sessions in the Seattle area on a variety of small business management topics designed for small business owners and provides connections to other business resources for additional training and counseling.
- Northwest Women’s Business Centers (WBC)
Partially funded by the SBA, and sponsored by Community Capital Development, Women’s Business Centers focus on helping women entrepreneurs with training, promoting, and providing capital. Services include analyzing a new business idea, business plan development, marketing plan development and loan application preparation. There are local WBCs in Kitsap, Pierce and King counties.
- National Women Business Owner’s Corporation
NWBOC provides a national certification program for women-owned businesses. The certification, called “Woman Business Enterprise” (WBE) Certification, ensures that a private, for-profit company is truly owned and controlled by a woman or women. This certification can help firms obtain funding, contracts, and so on, that are reserved for women-owned businesses.
- The Small Business Development Center - Olympic College
Olympic College can provide women entrepreneurs in Kitsap and Mason counties with additional information and resources, including providing information on grants, loans, and financing programs for women-owned businesses, resources for finding government contract opportunities, assistance in filling out applications, as well as general business counseling.
Women-owned businesses are a crucial part of our economy, locally and nationally. If you are a woman business owner, take advantage of the myriad resources available to you designed to help you succeed. It’s good for you, your business and, ultimately, your community.
(Editor’s Note: For SBDC counseling services and workshops contact Rand Riedrich at 360-307-4220, rriedrich@olympic.edu. For partnership opportunities, contact Wendy Miles, Director of Customized Training and Military Education at Olympic College at 360-475-7786, who oversees the operation of the SBDC.)
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