The Power of Women Supporting Women
by JOANNA SMITH
A seldom discussed secret, that is quickly coming to light, is the fact that women are “economic powerhouses” in Utah. Since the financial crisis, this is realized now more than ever before. Many larger businesses throughout the state, that are typically owned and managed by men, have not reached the rebounded growth that they previously enjoyed. However, small businesses that are increasingly owned and managed by women have opened and grown faster than any other segment. Women bring a unique and valuable skill set to an economy that historically had very limited access to them. Utah only has 7,300 women-owned businesses, but 30% of its small companies are owned by women. In the United States, women-owned businesses contribute $1.4 trillion in sales to the national economy. Worldwide, the numbers indicate that women-owned businesses employ more women. They hire women, train women, and promote women! Communities are improved and Utah families are elevated when women run their businesses the way they want to.
Although 30% of small companies in Utah are women-owned businesses, they only receive 4.4% of conventional small-business loans. Let’s think about that. That means that for every $23 a man receives to start a business, his female counterpart receives $1. Women have to accomplish a lot more with their pennies, compared to men. Women are working hard to accomplish more with a lot less, and they need all the support they can get. But, are we consciously supporting them?
The power of being a conscious consumer is transformational. A large part of being an “economic powerhouse” is recognizing how, where, and why you spend your own money. It’s been 5 months since I’ve intentionally decided to support women-owned businesses when choosing where to eat, shop, or who to hire. I now take the time to seek these businesses out and, I have to say, an unexpected side effect is realizing the huge impact it has on me, personally. My kids see more women active in their communities and building powerful things. I have found amazing treasures around Utah that elevated my feelings for my area. The best food I’ve ever had while traveling is from women-owned restaurants. When you go to lunch do you know who owns the restaurant you’re patronizing? Do you know the women-owned businesses in your neighborhood? Do you visit them often? When you need a new shirt, are you searching online for women-owned businesses or stopping at a local women-owned shop? A little search for the product you want and women-owned businesses turns up great finds. A few of my go-to sites are: Women Owned Logo for online businesses and BizHwy for Utah businesses.
When you shop, ask about the owner. Ask your friends about their favorite women-owned businesses. And, when you need something, look for women-owned companies first! You might not always choose women, but being aware of where your money is going is a big step toward recognizing your individual economic power in Utah’s economy. Money makes a difference and we all have the individual power to create a positive impact in every area.