Why Now is the Time For Moms to Start Their Own Business

 

Unlike the 2008 recession, where men were the most affected demographic, most jobs lost due to COVID-19 have been in female-dominated industries including hospitality, healthcare, and education. According to the Bureau of Labor Statistics, out of the nearly 20.5 millions jobs lost, 55 percent of those were held by women and are currently experiencing an employment rate of 15 percent in comparison to 13 percent in men.

Because of this, there have been a lot of conversations around the disproportionate effect this pandemic has had on the female workforce—the so-called ‘shecession’ by C. Nicole Mason, president and chief executive of the Institute for Women’s Policy Research. 

Although these statistics can be discouraging, a push for virtual work has also brought on a few positive changes to the workforce that many believe are here to stay. As more and more women and men are working remotely and independently, a study found a 27 percent increase in the share of small business owners who felt motivated to start a business. 

Another upside is that the pandemic has accelerated an awareness and push to action on diversity and inclusivity issues. This has led companies to adopt initiatives to boost the hiring and promotion of female leaders, improved maternity and paternity leave policies, as well as an increase of collaborations with other women-owned businesses. 

With that said, there is no better time for women, especially moms, to focus on starting their own business.  At this time, resources and opportunities have become more abundant than ever before. Whether it’s becoming a freelancer or selling products and services, owning your own business can help you create the lifestyle that works best for you and your family. 

From funding, to networking groups and coaching, aspiring women business owners should move forward with their goals knowing that support is out there and available. Continue reading this list of resources for women-owned businesses and additional encouraging data on the future of female wealth.