As a women-owned business for over 38 years, Emerald Financial Partners knows what it takes to start-up and run a successful business! And, we know that women business owners face unique challenges and even have unique opportunities.
According to the ACA International white paper “Small Businesses in the Collection Industry: An Overview of Collection Size and Employment", there were more than one million women-owned firms as of 2015 and they accounted for over 20 percent of all U.S. firms, according to the survey.
Among the findings:
- Women-owned firms are more likely to remain small in terms of their profits and staff; for example, 22 percent brought in at least $1 million in annual revenues in 2016, compared to 36 percent of men-owned companies.
- Women-owned firms are more likely to have financial challenges and growth restrictions than their male counterparts, especially when just starting out. Fifty-three percent of women-owned firms had medium/high credit risk early on compared to 40 percent men-owned firms. However, the differences balance out over time. Among firms in business for six or more years, 33 percent owned by women had medium/high credit risk compared to 29 percent owned by men.
- Firms owned by women have fewer types of debt and equity than men-owned firms and rely primarily on credit cards and financing products from the U.S. Small Business Administration.
At Emerald Financial Partners, we also work with a large number of government contractors, so we can help you with DCAA compliance and guide you toward WOSB certification. Our business start-up packages help get your business off and running in the right direction!