Nationwide, women-owned businesses now make up 38 percent of all businesses. Women-owned businesses are on the rise throughout the United States, but Texas is leading the charge. Texas is second only to California in terms of number of women-owned businesses.
It’s Not Just About The Number Of Women-Owned Businesses
While the sheer number of women-owned businesses in Texas is impressive, it is important to look at how well these businesses are faring.
According to an article from the state comptroller, Texas came in first, tying with the Dakotas, in a ranking of the economic clout of women-owned businesses. Economic clout takes into account not only the growth in number of women-owned businesses, but also their growth in employment and revenues from 2007 to 2016.
When looking at the specific cities where women-owned businesses had the most economic clout, Dallas actually led the pack.
There Are Still Barriers To Break Down
Despite the growth, women-owned businesses still face unique hurdles. According to the article, women get much less financial support for launching and growing their businesses than men. Women-owned businesses get less than five percent of government funding and less than five percent of venture capital funding. To make matters even more challenging, women report less favorable business loan terms than men.
Day-by-day though, the barriers are being broken down. Women are creating successful businesses throughout Texas. In the process, they are serving as role models for other women to do the same. They are becoming mentors and sharing tools to set the stage for success for future generations of female business owners.