The Unstoppable Rise of Mom-Owned Businesses | INVESTEDMOM
As adults, we all face responsibilities and challenges, but remember the power of dreams? Just like we nurture our children's aspirations, our goals and ambitions deserve attention and pursuit. That's the essence of mom-owned businesses – women fearlessly reimagining their destinies and making their mark in the business world. Step into the extraordinary world of mom-owned companies, where determination, passion, and love weave together to create an unstoppable force of change.
Together, we'll navigate the complexities of entrepreneurship and financial literacy, empowering you to pursue your passions confidently and gracefully. Whether you're a mom determined to carve your path in the business landscape while raising your family or a young adult seeking guidance on your financial voyage, this article will help you understand the rise, associated challenges, and anticipated future of women-owned businesses.
The Emergence of Women-Owned Businesses
In a world once dominated by men, the tides of change are surging, and the rise of women-owned businesses has become an unstoppable force, reshaping the entrepreneurial landscape. Women entrepreneurs are breaking free from traditional constraints, making their mark across industries, and inspiring a new generation of go-getters! To appreciate where we are now, women must understand the history of working mothers in the United States.
Historical Perspective
Women-owned businesses have been prevalent since colonial settlements, with the first female entrepreneur being Eliza Lucas Pinckney. Eliza began working in 1739 in South Carolina on her family's plantations. While working, she became fascinated with botany, specifically growing indigo. Long after her death, she was inducted into the South Carolina Business Hall of Fame in 1989 for her agricultural contributions. Not only was Pinckney a fierce entrepreneur, but she was also a working mother, a loving mom to three children. Eliza Pinckney defied societal norms of the time, successfully managing vast plantations and transforming the indigo industry in colonial America.
By the turn of the 18th century, women became more interested in owning small businesses. Working mothers often owned small taverns, which unfortunately held poor reputations as women were seen as weak at the time. Other popular sources of income for women without a breadwinning husband were alehouses, brothels, and hotels.
By 1920, Congress ratified the 19th Amendment and granted women the long-overdue right to vote. This led to more flexibility and the furthering of professional pursuits for mothers. Progressivism, feminism, and consumerism are all crucial factors aiding mom entrepreneurs. Throughout the 50s, 60s, and 70s, the working mom faced many challenges as the role of women in the workforce was (and still is) continuously challenged. In 1988, Congress passed the Women's Business Ownership Act, which provided a basis for policies and programs for women entrepreneurs.
Today, women own about 43% of small businesses in the United States, generating about $1.9 trillion worth of economic income. That's quite a big part we're doing! The top three categories of businesses owned by women and working moms include the service industry, healthcare and social assistance, and professional, scientific, or technical services. About one out of every three of these women-started small businesses is operated by a mom, translating to roughly 4.7 million successful companies! Let's go, moms!
Challenges Faced by Mom Business Owners
While the rise of mother-owned businesses is an inspiring testament to women's empowerment, it doesn't come without its share of challenges. Balancing the demands of running a company with the responsibilities of motherhood is a strenuous tightrope walk that requires exceptional grit and resilience. Let's discover the challenges moms face as they break societal barriers and gain additional revenue to support their community at home.
Work-life Balance
The quest for work-life balance is a profound challenge that looms large for mom-owned businesses. For most working moms, every day presents a delicate dance between tending to customers, managing marketing features, and ensuring that the needs of their families are met with love and attention.
At the heart of this challenge lies the constant negotiation between time commitments. Moms often multitask regularly, toggling between business calls, school pick-ups, customer inquiries, and bedtime stories. The boundaries between work and family life tend to blur, making it impossible to carve out dedicated moments for each sphere.
Amid this balancing act, a mom must also recognize the significance of self-care. Resting, rejuvenating, and pursuing hobbies and passions outside their entrepreneurial pursuits replenishes their energy. It boosts overall well-being, enabling them to be more present and effective in their business and family roles.
Despite its share of trials, moms who have decided to start their small businesses serve as shining examples to parents looking for educational content for their small businesses. Embracing the mission of motherhood and entrepreneurship helps to demonstrate to other moms that it is possible to flourish as a caregiver and business owner.
Funding Your Own Business
Amidst the excitement of launching a business venture, mompreneurs encounter a defining challenge that sets their entrepreneurial spirit to the test – funding their businesses. Unlike traditional entrepreneurs with access to extensive financial resources, many mother-owned companies start with limited capital, calling for extra resourcefulness and determination.
Conventional avenues like bank loans may prove challenging due to the perceived risks of new and untested ventures. As a result, moms often find themselves embracing the bootstrapping approach – utilizing personal savings, contributions from loved ones, or income from side gigs to breathe life into their businesses.
Unfortunately, 29% of women small business owners believe they have unequal access to capital. Thankfully, there are plenty of grants women can apply for online to help them fund their small business ideas. One example is the Amber Grant Program, named after a young girl who passed away before realizing her business-related dreams.
Despite the financial constraints, businesses owned by a mother thrive on a deep sense of purpose and unwavering determination. Through strategic planning, creativity, and the strength of their supportive networks, they redefine what it means to be a successful entrepreneur for other women.
Overcoming Societal Stereotypes
Despite the significant strides made toward gender equality, deep-rooted biases and misconceptions persist, often undermining the potential of these women. The traditional idea that women's primary roles are caregivers and homemakers can create an unconscious bias against our success in managing a business. Society's expectations might push us towards more conventional roles, downplaying their ambitions.
Thanks to the success of businesses owned by mothers, these companies demonstrate that entrepreneurship and motherhood can exist hand-in-hand rather than serve as exclusive roles. We are more than capable of thriving as caregivers and business leaders!
Impact and Future of the Women-led Industry
As visionary women continue to challenge the status quo and redefine the face of industries, their impact resonates deeply in empowering communities, driving significant economic contributions, and shaping the future business landscape. The relentless pursuit of dreams and the spirit of collaboration that permeates the women-led industry have opened doors to boundless possibilities, igniting a positive ripple effect that touches lives worldwide.
Empowering Communities
At the heart of the women-led industry lies a powerful drive to empower communities and create meaningful change. Mom-owned businesses, in particular, often emerge as beacons of support, offering products and services and fostering a sense of unity and compassion within their community. By weaving social responsibility into their business ethos, these women champion causes, support local initiatives and make conscious efforts to give back to society.
The impact of these endeavors goes far beyond transactional exchanges. This business helps foster a profound relationship between mothers and the community. As clients recognize these businesses' values, they become ardent advocates, further fueling the positive impact these ventures have on the communities they serve. Sometimes, a company can empower its community by creating job opportunities. Between 1995 and 2020, small businesses made up 64% of private-sector jobs on the market.
Economic Contributions
Beyond empowering communities, women-led businesses play a significant role in driving economic growth and prosperity. As previously mentioned, not only do small businesses contribute to job creation, but they also stimulate innovation and inject vitality into the economy. The money gained from small businesses stays within the local community and leads to more inspired women. If your neighbor can do it, why not you?
By providing opportunities to women across different backgrounds and experiences, mompreneurs create an ecosystem that celebrates the richness of perspectives and talents. In doing so, we foster an environment where diverse voices are heard and nurtured, leading to breakthrough ideas and sustainable economic growth.
Forecasting Trends
As the impact of women-led businesses continues to reverberate through communities and economies, their tenacity and vision set the stage for a future that thrives on diversity, innovation, and empathy. The trail they blaze inspires generations to come, assuring that the women-led industry will be a driving force in shaping the future of global business for years down the line.
About 1,800 women-owned businesses are created daily. Join this unstoppable wave of empowerment, and let your dreams take flight. Whether you have the support of your family and friends or are riding solo, drive the force of change in your own life.
Conclusion
As a fellow entrepreneur who embarked on this incredible journey, I've witnessed firsthand the transformative power of starting your own business. My own mom-owned business, Invested Mom, is a living testament to the possibilities that await those who dare to dream and seize opportunities. Through dedication, perseverance, and the support of a vibrant community, I've witnessed my business grow beyond my wildest imagination.
At Invested Mom, I celebrate the strength of motherhood and entrepreneurship, providing guidance and mentorship to help you navigate the complexities of starting and scaling your business. My thriving community is ready to welcome you with open arms, offering support, encouragement, and a space to share your dreams and challenges.
As a mother who's experienced the highs and lows of this transformative journey, I'm eager to be your ally, offering invaluable insights, strategies, and motivation to help you succeed. Embrace the empowering possibilities that lie ahead, and let's carve a path that celebrates your entrepreneurial dreams while cherishing the joys of motherhood.
Together, we'll make a difference in our lives, our communities, and the world of business – one fearless woman at a time. Work with me and unlock the knowledge needed to thrive as a mom running your side hustle. As women, we will work to prove that the strength of a mother's love is matched only by the tenacity of her entrepreneurial spirit.
Meet the Author:
Inge was born and raised in Cape Town, South Africa, and moved to Canada in 2010 looking for a better life. She always had an entrepreneurial spirit and started her first side hustle when she was 9 years old – selling fudge at school during lunch breaks.
It wasn’t until much later that she realized that saving isn’t enough to get ahead. She was always very interested in real estate, but saving up for a down payment was grueling and slow, and the demands of life kept getting in the way.
She started investing in herself and upgrading her skills while learning how to invest. She quickly became debt free and compounded her money at a staggering rate.
It wasn’t until she became a coach that she realized how significant an impact she can make in people’s lives by sharing her journey, learnings, and processes.
So here she is, advocating for everyone who is invested and wants to build their wealth, especially the mommas!