How can the SBA help my woman-owned business succeed?
Data recently released by the Texas comptroller reveals that the number of women-owned businesses is at an all-time high in Texas. Between the years 2007 and 2016, the number of women-owned businesses in the United States increased five times as fast as the total number of companies. While this trend represents great news for women entrepreneurs, many female small business owners still find it tough to break into traditionally male dominated fields. Our Austin, Texas business law lawyers at the Kumar Law Firm PLLC discuss the rise of woman-owned businesses in Texas and how the Small Business Administration may be able to help you launch your new business.
Women-owned Businesses Grow in Number and Strength
Women now account for nearly half of the United States labor force, and the number of female owners has rapidly risen. Women-owned businesses now comprise 38 percent of all United States firms and employ eight percent of the private sector workforce. Texas is second in the nation for the highest number of women controlled businesses, with only California ranking higher.
While the numbers depict a definite increase in the number of female business owners, data and personal accounts still indicate that women continue to experience a certain amount of discrimination in the workplace. Women today earn just 80 cents on average for every dollar earned by men.
In an effort to continue to level the playing field, the United States Small Business Administration offers an Office of Women’s Business Ownership. The division helps female entrepreneurs through programs coordinated with local SBA offices. Programs vary, but include business training, federal contracts, counseling, and access to credit or capital. Studies show that businesses receiving assistance through the SBA have significantly higher success rates, as the program can help female entrepreneurs conquer the unique obstacles they face.
Any woman seeking to start or take over an existing small business in Texas should consult with a business law attorney as soon as possible. Your attorney can help to ensure your business gets off to a strong start by evaluating what programs you may qualify for as a female business owner and ensuring your business meets all legal requirements. With the help of your business law lawyer, you can launch a successful woman-owned business in Texas.