According to the Small Business Administration, there are around 11 million women-owned businesses in the United States. To break that down a little further, that’s 38% of all business, including nearly 9 million jobs and generating roughly 1.6 trillion annual revenue.
Based in Knoxville, Tennessee, L-S Industries proudly stands as a woman-owned business, with Lesley Rivers, Tracey Thompson, and Bonnie Finchum as the majority shareholders. While Leslie and Tracey are not involved in the day-to-day operations, they help guide the direction of the business and help set our corporate values. Bonnie Finchum is our CEO/COO leading our company’s day-to-day operations and giving L-S Industries strategic direction. Here are four ways you can support women-owned businesses.
- Know the facts.
According to The 2016 State of Women-Owned Businesses Report:
- Women-owned firms can be found in every single sector of the economy. In addition, over the past nine years, the number of women-owned firms have increased at a rate faster than all firms in every single industry. That said, 6 in 10 (61%) women-owned firms are found in four industry sectors: personal and home services; healthcare and social assistance; professional/scientific/technical services; and administrative, support, and waste management services.
- Since the recession, the greatest growth in the number of women-owned firms has been seen in the southern region of the United States. Eight of the top 10 fastest growing states and metro areas for women-owned firms are found in that region.
- Since 2007, there have been 1,072 new women-owned firms launched each and every day.
- Women-owned businesses now comprise 38% of the business population, employ 8% of the country’s private sector workforce and contribute 4% of the nation’s business revenues.
- Promote women-led businesses on social media.
With the persistent rise in social media, online platforms serve as the perfect place to share what you care about. By taking to outlets such as Facebook, Twitter, and Instagram, you can help promote women-led businesses. Try posting one business a week, or talk about an experience you had with a women-led business. Be sure to use the hashtag #WomeninBusiness in order to spread the message even further.
- Patronize women-led businesses.
When given the option, make a conscious effort to purchase products or services from a women-owned business. While exposure can feel great, it is only half of the puzzle. Hard-earned cash is the ultimate goal in order to keep the business afloat. You can find women-owned businesses through the SBA 8(a) online directory.
- Partner with a female-owned business
Take things to the next level and partner with a female-owned business. Reach out and discuss a mutually beneficial idea for each business. Whether it be cross-customer exposure or product distribution, women support women, right?
Let L-S Industries Return the Favor
Here at L-S Industries, we pride ourselves in operating as a women-led business and we appreciate the support our community and customers have given us. Now we’d like to return the favor! L-S Industries serves many industries including wire and cable, aluminum and steel, horticulture, document handling, warehousing, automotive, and material handling, to name a few. Our extensive experience helps our customers make the best choices for protecting their valuable products.