By Jessica Barrand, the Boulevard Bottle Shop
October marks National Women’s Small Business Month, a celebration of the women-owned small business community and their lasting impact on the economy. However, widespread support for female entrepreneurship hasn’t always existed. In fact, it wasn’t long ago that women-owned businesses were a rarity, and a woman needed a male relative to co-sign if they wanted to apply for a business loan.
Now, just a few decades later, women-owned businesses represent:
• 42% of all U.S. businesses and
• $1.9 trillion worth of revenue.
•Here in Colorado, women-owned businesses account for 45% of all businesses in the state.
While women-owned small businesses are on the rise, it is no secret that these businesses face unique challenges and are struggling to thrive in a difficult post-pandemic economy.
Not only did the COVID-19 pandemic disproportionately drive women out of entrepreneurship and the labor force, but many women-owned businesses saw negative sales growth and temporary closures of businesses at higher rates than other enterprises.
This National Women’s Small Business Month – and every month – it is time for consumers and businesses alike to uplift women-owned small businesses and invest in their futures. Ultimately, when these businesses succeed, the entire economy succeeds.
Women-owned small businesses face barriers that are unique to female entrepreneurship. Women in the business community are often forced to balance their work life with the added responsibilities of family caregiving, a role that society expects women to fulfill more predominantly than males.
This struggle for a work-life balance is only compounded by the recent childcare crisis in the United States, making it even more difficult for working mothers to focus on running their business. There is also the unfortunate fact that many women in business face gender-based discrimination and stereotyping that their male counterparts don’t experience.
While consumers can support their local women-owned small business monetarily, small business owners can also do their part by promoting other women-owned businesses and brands. At my small business, Boulevard Bottle Shop, we pride ourselves in being able to source and recommend products from women-owned wineries, distilleries, and breweries to our customers.
By working with independent, women-owned brands outside of the ones commonly found in grocery stores, we can provide our customers with curated, better-quality products while also educating them about the people who make their wines, craft beers, and spirits.
Small business owners can also support female entrepreneurship by sharing with them their expertise and recommendations for long-term business success. This can include advice on reducing margins, working with vendors, and improving customer service. Small business owners can also raise awareness around the technology they use to streamline operations and manage their finances.
For example, I often recommend that small businesses embrace free online payments platforms like Melio to automate payments and other back-office responsibilities. Free online tools can make a big difference by saving small business owners’ time and money, but many entrepreneurs do not know about all the free tools available to them.
The women-owned small business community is a vital part of the U.S. economy, creating millions of jobs and contributing trillions of dollars in revenue to our country every year.
That is why it is crucial for women-owned small businesses to receive support from both consumers and other small businesses throughout their communities. During National Women’s Small Business Month and beyond, we all need to do our part to ensure women-owned businesses have the awareness, expertise, and tools necessary to find lasting success.
Jessica Barrand is the co-founder of Boulevard Bottle Shop, a small business on the border of Lakewood and Denver that sells natural wines, local craft beers, and small batch spirits.