In recent decades, the landscape of entrepreneurship in the United States has undergone a significant transformation, with women-owned businesses emerging as a driving force of economic growth and innovation. From startups to established enterprises, women entrepreneurs are making their mark across diverse industries, reshaping traditional business models, and inspiring future generations.
Of the 33.2 million small businesses in the United States, nearly 13 million of them are women-owned.1 These businesses generate nearly $1.8 trillion in revenue and employ almost 10 million people.2
Women represent more than half of the United States population and make significant contributions across all industries and sectors, driving innovation, fostering competition, championing sustainability, and addressing unmet needs in the market.
Americans filed about 5.1 million business applications in 2022, nearly 14,000 a day, up from 3.5 million in 2019.3 Women in particular have been the driving force behind America’s economic rebound from the COVID-19 pandemic, creating about half of new businesses for the third year in a row. That compares to just 29% of all business filings pre-pandemic.4
Minority women-owned businesses represent a growing segment of the entrepreneurial landscape and women of color have had a tremendous impact on the US economy over the years. Since 1997, firms owned by women of color have seen faster growth in terms of total number of firms, employees, and revenue compared with all women-owned firms. Comprising just 17% of women-owned firms 17 years ago, firms owned by women of color now account for one in three of women-owned firms in the United States.5
One such businesswoman who I have had the pleasure of knowing and assisting in her entrepreneurial journey is Aari Zaveri. Raised in Gujarat (India), Aari moved to New York to pursue her MBA as the new millennium was dawning. She and her husband are blessed with two wonderful daughters and a spirited Labrador, who amusingly believes she is their third child. After the completion of her MBA, Aari’s professional journey comprising business analysis and project management spanned various sectors, including financial institutions, investment banks, and the semiconductor industry.
However, Aari grew up in a business minded family and her entrepreneurial roots kept tugging at her. The global pause brought on by the Covid pandemic provided an opportunity for introspection. During the same time, they were also moving to Texas after spending two decades in the Northeast. The pandemic and the relocation were the perfect catalysts for her to deeply consider her passions and start afresh by embracing new opportunities.
Today Aari is the proud owner of a franchise called Schooley Mitchell®, recognized as North America’s leading Cost Reduction consultancy. On average, Aari delivers a 28% reduction in business overhead expenses for her clients across 13 cost categories. She makes this possible through Schooley’s state-of-the-art benchmarking tools, bespoke software, established vendor relationships, and a dedicated team of specialists. Their unique fee structure is entirely self-funded by the savings Aari generates for her clients, ensuring that if no savings are identified, her clients incur no charges! This creates a risk-free, mutually advantageous partnership.
What does she like about owning a business? “The foremost advantage that springs to mind is the freedom and the capacity to safeguard the most valuable asset in life – TIME”, says Aari. Obviously, there is also the allure of unlimited income potential. “Investing in a franchise business significantly reduces risk because it is an established business model. The comprehensive training and support provided, along with the advantages of marketing and product development, allows you to concentrate on expanding your business without having to start from scratch”, she says.
Aari also highlights some inherent challenges of business ownership. “The absence of external accountability means you must be internally motivated”, she says. She also talks about preparing to face rejection, as you will likely hear “NO” more often than “YES”. Having the resilience to withstand this aspect of the journey is essential, according to Aari.
Her advice to people looking to jump into business ownership – “When contemplating entrepreneurship : envision your ideal daily routine, assess whether the business aligns with your goals and personality, and critically evaluate your tolerance for risk. These are crucial in determining whether the entrepreneurial path is well-suited to your aspirations and lifestyle preferences”.
If you are a business owner looking to cut costs and drive efficiency, I urge you to reach out to Aari for exemplary results. You’ll be glad you did.
I wish Aari continued success in her business venture. Her story is a great motivation to budding entrepreneurs.
The rise of women-owned businesses in the United States signifies a profound shift in the entrepreneurial landscape, characterized by diversity, creativity, and resilience. As women continue to break barriers and defy expectations, their impact on the economy and society will only continue to grow, paving the way for a more equitable and prosperous future.
About the Author
Kapil Manocha is a leading Franchise Coach and a multi-unit franchise owner. He has helped hundreds of people gain personal and financial independence through franchising. Using his knowledge and experience of the industry he helps match clients with the perfect franchise opportunity. Contact Kapil at kapil@thefranchiseconsultingcompany.com
1. Maryam Mohsin, 10 Small Business Statistics You Need To Know For 2023, Oberlo, (Jan. 28, 2023), https://www.oberlo.com/blog/small-business-statistics
2. Rohit Arora, Women-Owned Businesses Thrived in 2022, Forbes, (Mar. 8, 2023), https://www.forbes.com/sites/rohitarora/2023/03/08/women-owned-businesses-thrived-in-2022
3. Alex Tanzi, Women Are Still the Driving Force of US Post-Covid Entrepreneurs, Washington Post, (March 31, 2023), https://www.washingtonpost.com/business/on-small-business/women-are-still-thedriving-force-of-us-post-covid-entrepreneurs/
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