Women-owned small businesses have the potential to contribute trillions to the economy, but they are currently facing a funding gap that needs to be closed. According to Morgan Stanley, if women-owned businesses were funded at the same rate as white male-owned businesses, gross receipts could increase by $4.4 trillion. This gap has only been exacerbated by the pandemic, which disproportionately impacted women-owned businesses and women in the workforce.
In light of this, Lendio has identified several growth industries for 2023 that are in high demand for female entrepreneurs. These industries include cybersecurity, delivery services, education and e-learning, fintech, fitness, human resources, longevity services, mental health, online shopping, telehealth, and virtual conferences and event planning.
These industries have seen significant growth due to demographic changes, changes in consumer behavior, and the long-term impacts of the pandemic. For women looking to start a business from home, there are several options to consider, such as consulting services for nonprofits, cybersecurity consulting, e-learning, fintech franchises, fitness coaching, food-related services, human resource services, online stores, virtual assistants, affiliate marketing, freelance writing, social media consulting, and graphic design.
Starting a woman-owned business may require working harder to overcome gender biases when seeking financing and support, but by identifying unique abilities and passions, women entrepreneurs can launch successful businesses in these growth industries. The potential for future success is significant, and closing the funding gap for women-owned businesses could have a substantial positive impact on the economy.