The Rise of Women Businesses in Canada

The terms women and business have become synonymous. With over 2M businesses funded by women all over the world, generating profits of over $6B in sales per annum, it is no surprise that women have built their own tables, and no longer care to sit at any corporate ones.

According to Statistics Canada, businesses majority-owned by women accounted for 17.5% of all private-sector businesses in the second quarter of 2022. These are increasing year by year at a rate of 20-30%.Women are known to be better multitaskers, and it’s been proven scientifically as their brains just function differently than men do. Now, there is proof that as they increase in business ventures, this could mean more and more women will launch themselves as business owners creating a shorter gap in the marketplace as well as pay differences. After years of fighting, the fight can come to an end and we can finally see gender equality for all.

Let’s take a look at what women have been able to do in the last 100 years (since they’ve been allowed to vote). According to Legal Jobs :

• More than 46% of private businesses in Ghana are women-owned.

• Women own 36% of small businesses worldwide.

• California has the highest proportion of women-owned firms in the US at 1.3 million. Texas has more than 860,000 women-owned firms.

• Women launch more than 1,200 new businesses every single day in the US. Women-owned businesses generate around 1.9 trillion dollars in revenue.

• The growing rate of women-owned businesses is 5%.

• Uganda and Vietnam are home to over 30% of women-owned companies.

When it comes to Women in Business :

• 47% of women started a business in the last year, compared to 44% of men.

• 62% of women business owners are between 40 and 59 years old.

• Women own 12.3 million businesses in the US.

• More than 9 million people are employed by women-owned companies.

• Women of color are responsible for 89% of newly created businesses in 2019.

• Hispanic women-owned businesses grew by 172%, in the last 10 years.

• 10% of females launched a business in the health care sector.

• 62% of female owners stated that their business is their main source of income.

• 88% of all women-owned businesses generate less than $100,000 yearly.

• In the first half of 2019, 10 companies with women owners became unicorns. (Made more than $1B in revenue).

• 12.6% of businesses in the United Arab Emirates are owned by women.

Help raise women everywhere, starting with your own community and local brands. This is how we change the future, and create a better world for all.

Written by Janice Young, Articling Lawyer at Hathaway Legal.