Moms In Business Know How To Multiply Money
Moms In Business…. from “cute” to crafty.
In recognition of Moms In Business Week, the ladies of RECESS recently attended the Moms In Business Multiply Your Money Conference hosted by the InNEVation Center. Richelle Shaw relayed during the conference a conversation where her role as the President of National Association For Moms In Business (NAFIM) was described as “cute”. “Cute?” rebutted Shaw. “Do you think it’s cute that 15.6 milion moms currently own businesses in the U.S. and are starting businesses at a rate twice that of men?”
I didn’t think so either.
Additionally, 64% of women in corporate leadership also have children.
Among the many tenacious speakers was Tammy Starring, a multi-preneur who has founded and owned several successful businesses including Marley Coffee Kiosks. As both a single mom and entrepreneur,and someone who has reached a level that only 1.9% of women in business have achieved, Tammy urged other moms in business to never settle or compromise in either business or personal life.
Kat Bellucci is a leading expert on money, especially as it relates to women. Well known for her role in the annual Womens Money Conference, Bellucci has an upcoming book that I am particularly excited about. When Kat took the microphone at Moms In Business, moms listened closely.
— RecessLV (@recesslv) October 3, 2013
Are You the 96%?
Here are some interesting facts about moms in business:
- There are over 600,000 women-owned microbusinesses (defined as having fewer than five employees). That’s two-thirds of all women-owned firms with employees.
- These firms earned over $150 billion in receipts, and employed nearly one million people, paying them a total of $30 billion, in 2007 (the last year for which we have reliable data).
- The four most common industries for women-owned microbusinesses are retail trade, real estate and rental and leasing, health care and social assistance, and professional, scientific, and technical services. Over half of all women-owned microbusinesses are in these industries.
- 16% of women-owned microbusinesses are owned and operated jointly by a married couple, compared to 22% of their larger counterparts with 5 or more employees.
- The four most common types are of capital in general are: personal savings, followed by credit cards, bank loans, and business profits (for existing businesses). Women-owned microbusinesses generally follow these trends, although they are somewhat less likely to use bank loans.
- Self-employed Women (the 88%):
- There are nearly 7 million women-owned firms without paid employees. In 2007 they had total receipts of $182 billion.
- Nearly 50% of these firms are in: personal and laundry services; professional, scientific, and technical services; administrative and support services, and social assistance.
- About 8% of women in the workforce are self-employed as their primary occupation (this includes firms with or without employees). 13% of men are self-employed.
If you’re part of the 96% or want to learn more, check out Moms In Business Website.
The National Association For Moms In Business (NAFMIB) is the voice for 15 million* Entrepreneurial, Executive and CEO moms. NAFMIB provides opportunities, education and advocacy for moms in business to cultivate leadership, foster social justice and develop greater economic growth potential.