Business Booming for Women-Owned Companies
Survey shows significant growth for women’s businesses
Despite talk of a looming recession, women-owned businesses report that they expect significant growth this year, according to a recent survey by Paralelles Media Group. Paralelles states that 84% of the women business owners it surveyed said they foresee growth for their companies in 2008. Even more significantly, Paralelles details, 57% of respondents indicated they will hire additional staff this year to handle the increased workload.
“One in ten women owns her own business today,” says Linda Coughlin, CEO and founder of Paralelles Media Group in New York City. “Women-owned businesses are a vital part of the nation’s economy — and they are very optimistic about business in 2008.” According to Coughlin, women have been starting businesses at an unprecedented rate in the last few years, in part because they see greater opportunity in entrepreneurship.
Paralelles Media Group surveyed 16,000 women in business in recognition of International Women’s Day, which is March 8. Many of the women surveyed foresaw major boosts in business in 2008. Among them is Carol Curran, CEO of Tech Consultancy Phoenix Data Corp. of Indianapolis, Ind, who noted that she anticipated “strong results” this year, particularly from federal contracts.
Other results from the survey:
- 92% of respondents said they would make a purchase from a company that clearly demonstrates they support women in business
- 50% have an established line of credit for their businesses
- 70% would seek financial advice from a trusted resource, if available