If you’re a woman who is thinking about starting a business, now is the time. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, women entrepreneurs are fueling the U.S. economy in a meaningful way.

What’s more is Black and Latina women entrepreneurs have emerged from the pandemic stronger than ever. Between 2019 and 2023, Black women business owners increased their revenue by 32.7% while Latina women business owners increased theirs by 17.1%. 

Overall, women business owners saw a rise in revenue of 12.1%. As you can tell from this data, there are plenty of opportunities for women who are willing to put in the work to start (and grow) a business. 

Want to know more about the rise of the female entrepreneur? Here are seven key insights from the 2024 Wells Fargo Impact of Women-Owned Business Report.

1. Significant Growth of Women-Owned Businesses: Women-owned businesses with 50+ employees average $31.8 million in revenue while generating $1.3 trillion in aggregate revenue. In addition, they added 1.4 million jobs and $579.6 billion in revenue to the economy during the pandemic.

1. Concentration in Key Industries: There has been a diversification in the industries where women-owned businesses are concentrated. While previously limited to a few industries, now half of these businesses are spread across four key sectors: other services (including personal care and laundry services), professional and technical services, administrative support and healthcare and social assistance.

1. Economic Impact Across the Country: The economic impact of women-owned businesses varies significantly across the United States, with states such as New York, North Carolina, Georgia, Florida and California, and metropolitan areas such as Miami, Dallas, Boston, Los Angeles and Phoenix being identified as regions with the highest economic clout for women-owned businesses.

1. The Role of the Pandemic: The COVID-19 pandemic played a role in shaping the landscape for women-owned businesses. During this period, there was an increased support for small businesses, particularly from banks and community development financial institutions (CDFIs). This support helped women and minority business owners navigate through the challenging economic environment.

1. Potential for Greater Impact: While women business owners account for a significant portion of U.S. firms, there is still a substantial gap in terms of workforce and revenue contributions when compared to men-owned businesses. The report suggests that closing these gaps, particularly in average revenues, could generate trillions in additional revenue for the U.S. economy.

1. Support and Opportunities for Growth: The report emphasizes the importance of support mechanisms such as certification programs, women’s business centers and networking opportunities to help women-owned businesses grow and thrive. These resources can provide vital support in terms of capital, technical assistance and business opportunities.

1. Challenges and Future Opportunities: Despite the growth, women-owned businesses still face challenges, particularly in sectors with fewer women industry leaders. The report highlights the need for continued support and resources to address these challenges and harness future opportunities, particularly in emerging industries and sectors where women’s representation is growing.

The growth and resilience demonstrated by women-owned businesses, particularly during challenging times such as the pandemic, underscore their critical role in the economy. 

For more detailed information and insights, you can explore the full report here.