As I shuffle down the aisles of my local convenience store, I’ve always done my best to pick out products made by women owned businesses. As a female entrepreneur, I felt that it was important to show my solidarity. After all, it’s no secret that minority-owned businesses have less access to resources, such as investment capital, as other businesses. However, I recently learned that promoting equality barely scratches the surface of the impact I am making by shopping women owned.
Thriving Families & Communities
Women invest up to 90% of their income in their families and their communities, compared to 40% of men. In the midst of a pandemic and shaky economy, our local communities are in dire need of this support. With one in six parents struggling to put food on the table and nearly half of all US children participating in distance learning, families and communities are strained. By shopping women-owned, we are putting our hard-earned money in the hands of those doing the most to help communities and families thrive.
By shopping women-owned, we are putting our hard-earned money in the hands of those doing the most to help communities and families thrive.
Supporting Businesses in Need
During a tumultuous year, most of us have experienced the deep sadness that comes with the news that one of our favorite local businesses has closed down for good. According to a recent survey by the Chamber of Commerce, women-owned businesses are 15% more likely than their counterpart to be concerned about their business’s health due to the pandemic. While women have been financially investing in their communities, their businesses have been struggling. By shopping women-owned, we are helping more businesses stay afloat during these trying times.
Supports Global Economic Growth
According to McKinsey, advancing women’s equality could add $12 trillion to global growth by 2025, while achieving gender parity would more than double that estimate. That would be a pretty major advancement considering the difficulties our global economy is facing right now. Every time we purchase a good or service from a women-owned business, we help a woman realize her full economic potential, helping our entire economy grow.
The next time you are casually debating which bar of soap to purchase, choose women owned. If you don’t know which company to support, get the Consciously browser extension and instantly discover products made by women-owned companies. Your support is likely to come back to you in the form of thriving communities, families, and our economy. I think that’s something we can all agree on.
Sources: Forbes / CNBC / CBPP / USChamber / McKinsey