Today, women own an estimated 11.6 million businesses in the United States, and that number continues to grow every year. However, these female-owned businesses only account for 31% of all businesses in the country.

In a 2020 survey of 2,400 female small business owners, 29% said that they started their business because they wanted to be their own boss.

This pattern doesn’t just exist within male-dominated industries. Even in real estate, where women account for 63% of realtors, more leadership positions are held by men.

Here are six ways you can support women-owned businesses:

Share your network

Help women-owned businesses in your community get seen and heard.

For example, you could partner with a woman-led business for your next corporate event. If possible, make it a point to invite more women as keynote speakers and panelists.

Promote their business on social media

A big part of business is “who you know.” If you’ve got the connections, use them! Hashtags like #BuyWomenOwned and #NWSBM create more awareness about these causes, and tagging an entrepreneur or their business in your post is a great way to help them bring in new customers.

Invest in women-owned companies

The good news is that female entrepreneurship is on the rise — women-owned businesses have grown 21% from 2014 to 2019. But the bad news is that without financial support, COVID-19 threatens to close many of these companies. Donate or become an investor.

Donate or become an investor

Women-led companies struggle to get the funding they need to survive. While several factors impact this trend, women receive less than half the average investment amount of companies owned by men. Also, those loans tend to be shorter-term and have higher interest rates, making it more likely for women to have to self-finance their companies.

Give a review for your favorite women-owned businesses. 

Head over to Google, Yelp, Facebook, and leave a positive review on their businesses and share all the reasons why others should support the business as well. Leave detailed reasons why you are leaving five stars. It may just be your review that makes the purchasing decision for others contemplating that business.

Host a gathering of women entrepreneurs. 

Whether you host a small coffee chat on a virtual platform or a more business-centered luncheon or casual gathering, seek to bring women together with the intention of connecting, collaborating, and supporting each other.

Set goals for intentional shopping

As more and more consumers are influenced by brand values and social responsibility, consider setting a goal to intentionally shop with businesses owned by women and women of color.

Share Your Advice and Experiences with Women Business Owners.

While there are hundreds of training resources and educational opportunities available to women entrepreneurs, sometimes the advice of others who offer a “been there, done that” mentality can put a struggling business back on track.

We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.