|A raise in 2013|
|Second generation study|
A study, commissioned by Arizona Hispanic Chamber of Commerce (AZHCC) and the Women’s Business Enterprise Council-West, revealed that nearly half of women-owned businesses in Arizona conduct business on a national level, and that the great majority rely on personal loans and/or profits from the business to finance expansion.
Released in March, this study also indicated that the majority of business owners surveyed were optimistic about the coming year.
“Given the state of Arizona’s rapidly improving economic recovery, it’s critically important that we understand how women-owned businesses survived the recession and how they feel about our state’s future prospects,” said Pamela Williamson, president and CEO of the Women’s Business Enterprises Council-West.
The study, funded by Arizona Public Service, also compiled the following statistics regarding women-owned businesses:
- Companies’ greatest needs were help with marketing (30 percent) and finding capital (14 percent)
- Two-fifths of the companies were sole proprietorships
- Median revenue in 2011 was $155,910
- Median age of companies was 16 years
- Customer bases include both retail (54 percent) and businesses (56 percent)
- 46 percent of the companies conduct business nationally
- 21 percent of the companies conduct business internationally
During the past 15 years, the number of women-owned businesses nationwide has grown more than 54 percent and revenues are up more than 58 percent. And, Latina entrepreneurs make up the fastest-growing single segment of small business enterprises, notes AZHCC president and CEO, Gonzalo de la Melena, Jr.
“When women-owned and minority-owned businesses do well, our entire economy does well,” he said. “Our goal with this study and the others we’ve authored is to gather research that provides decision-makers with the data and analysis they need to make informed choices about Arizona’s economic destiny.”