Women-owned small businesses are on the rise, boosting the economy and shaping the landscape of small businesses. From transforming industries to empowering communities, women business owners are leaving a lasting impact across America.

According to Guidant Financial’s 2023 Small Business Trends Study, women business owners are thriving in a variety of industries — from retail to health and fitness — and their businesses are becoming increasingly profitable. But starting a business as a woman is still no easy feat. Women entrepreneurs often face unique challenges that can make it even more difficult to succeed in small business.

Guidant’s Women in Business report dives into the challenges women-owned small businesses face, growing trends, and the latest insights from women business owners. In this blog, we’ll explore some of the top highlights from Guidant’s Women in Business segment in its 2023 Small Business Trends study — and explore the future of women-owned small businesses. 

Discover the latest insights and trends from Guidant’s 2023 Small Business Trends Study, which also includes in-depth reports on Women in Business, Entrepreneurs of Color, and Franchise Trends.

Top Trends for Women Business Owners

While our study has only seen a slight increase in women-owned small businesses this year, the National Women’s Business Council (NWBC) Annual Report for 2022 shows rapid growth and development for women business owners. Between 2012 and 2019, women-owned employer firms saw an impressive 16.7 percent increase compared to only 5.2 percent among companies owned by men, while gross receipts within that same period rocketed 51.9 percent. What’s more, the ten million+ workers employed by women-owned businesses increased by 28 percent — over double the expansion of male counterparts.

Despite some progress, the small business realm continues to be male-dominated, with women making up just a quarter of business owners, according to this year’s survey.

With its Women in Business series, Guidant aims to gain insight into the lives of women small-business owners across the country, exploring their motivations, challenges, and plans for growth and profitability. Let’s explore some of the key insights, trends, business prospects, and challenges among women business owners surveyed in Guidant’s 2023 Small Business Trends study, starting with a portrait of women in business.

Are you an inspiring or current woman business owner in need of financing? Explore the Top 7 Grants for Women Entrepreneurs.

A Portrait of 2023 Women Small Business Owners

Top Industries and Business Types

Challenges for Women-Owned Businesses

Women Business Owners’ Economic and Business Prospects

The Future of Women in Business

The rise of women-owned businesses is an exciting trend, both transforming the economy and shaping the world of small businesses as we know it. In Guidant’s Women in Business study, most women-owned small businesses reported profitability this year. On top of that, many women business owners seem fulfilled and satisfied in their roles, with a majority reporting feeling happy. The study also highlighted an increase in the number of younger and more diverse women business owners, which is a promising sign of progress toward a more inclusive business world.

Still, women entrepreneurs continue to encounter significant challenges, with funding being a major hurdle on top of recruitment, retention, and inflation issues. Women business owners in Guidant’s survey also expressed lower levels of confidence in the economy and were more likely to worry about the impact of a long-term recession on their businesses. Even so, a majority of women expect their businesses to survive and even thrive in the coming year — showing their strong determination and ambition. Get the in-depth Women in Business report here.

Read the inspiring stories and learn the secrets to success from five trail-blazing American women business owners in Breaking Barriers: 5 Women Entrepreneurs You Should Know.

Empowering All Entrepreneurs and Small Business Owners

At Guidant, we are committed to promoting success and equal opportunities for all small business owners, particularly those from underserved communities such as women in business, entrepreneurs of color, and other minority groups. We’re excited to see a more diverse business landscape emerge in the coming years, and we are proud to support and uplift women-owned businesses and their vital role in boosting our economy.

Since 2003, Guidant has helped over 30,000 American small businesses — including thousands of women entrepreneurs — get the funding and support they need to succeed. Our financial experts are here to create personalized funding strategies for your business that actually work. And we offer affordable Accounting & Tax and Payroll services to support all your business needs so you focus less on admin work and more on your business. Reach out to our team today at 425-289-3200 to learn more about how Guidant can support your business dreams!