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MetLife reveals female-owned businesses are surging in growth
Over the past 11 years, female-owned businesses have outpaced all other firms when it comes to overall growth, revenue increases and employment.
The MetLife & U.S. Chamber of Commerce Small Business Index indicates that the women behind the 12.3 million businesses are making an impact.
The Small Business Index examines what small business owners think about current economic and societal trends. The Index shows that despite a drop in small business owners’ confidence, the owners continue to be positive about the state of their companies.
Female-owned businesses seeing significant growth
The Index offers some interesting female-specific insight to overlay against other research data, including the fact that the number of women-owned businesses has increased. Total employment by female-owned businesses has risen by 21%, while for all businesses it has declined 0.8%. Index findings include:
- A total of 57% of female-owned businesses are reporting they are in good overall health.
- Total revenue of women-owned businesses has risen by 46%, while revenue for all businesses has increased by 36%.
- Female-owned small businesses are naturally optimistic about the future. In fact, 61% expect revenue to increase and a majority (57%) plan to keep their investment levels the same, though 28% report plans to increase investment.
- Thinking about the future of their staffing, nearly one in three (31%) female-owned small businesses report plans to increase staff in the near future, while 63% anticipate retaining the same size staff.
Environment and healthy competition
Female-owned businesses are optimistic about the health of their local economy as well as the U.S. economy. Nearly half reported feeling like their local economy (46%) and America’s economy (48%) were in good health in 2018.
Three-quarters (74%) of female-owned small businesses report steady levels of competition, while 17% had more competition over the second six months of the period. Less than 1 in 10 (8%) female-owned businesses reported less competition, compared to the six months prior.
Female-owned small businesses are optimistic about the future. In fact, 61% expect revenue to increase and a majority (57%) plan to keep their investment levels the same, though 28% report plans to increase investment. However, in Q4 2018, a majority still shared a belief that revenue would increase. It certainly seems that there is a feeling of positivity for the future.
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