Women currently boast ownership of 30 percent of all businesses, according to the SBA. Of those, 90 percent are small businesses. According American Express OPEN’s 2013 State of Women-Owned Businesses Report: A Summary of Important Trends, 1997-2013 more than 8.6 million women-owned businesses in the US, employing 7.8 million people.
Two years ago Chef Sherie Hamilton-Joseph ventured into entrepreneurship launching her brand, YuKosh Catering- known by its flair for combining old world flavors with new world delicacies. Since, Chef Sherie has enjoyed the benefits of both time and revenue found in self-employment. "I can pick up and drop off my kids at my leisure and run a quick errand in the middle of the day." she says. The report showed that women generate more than $1.3 trillion in revenue each year. "Those are some astounding numbers"- Chef Sherie said "We are definitely seeing growth, especially as we focus on healthy cuisine."
There is however a downside; women owned businesses are still lagging in areas of funding, revenue, and meeting staffing needs. "I can say that this is true from my recent experiences." the Chef said. "Start-up came from savings and we have to keep an eye on our balance sheets to maximize revenues and most of our staff are contracted. - though our strategic plans are to add part-time staff by late 2014."
A compilation of findings from the AMEX report by Forbes noted that "a woman-owned business employs, on average, just one person in addition to the owner and women-owned businesses have average annual revenues of just under $155,000, far less than the $400,000 figure of the typical privately held business." While we have certainly made marked progress, women still have some entrepreneurial hurdles to jump.
"I keep creating culinary delights, blogging, sharing recipes, encouraging healthy eating and providing exceptional services." said Chef Sherie referring to her strategies for entrepreneurial success.