Janey Velasco 2m 311 #womenbusiness
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
The current state of the economy and the unemployment rate have sparked talks about the disproportionate effect it’s had on working women. According to the Bureau of Labor Statistics, out of the nearly 20.5 millions jobs lost, 55 percent of those were held by women. The rate of unemployment for adult women also stands at 15 percent compared to 13 percent for men.
As a result, many have suggested calling this recession a female recession. C. Nicole Mason, president and chief executive of the Institute for Women’s Policy Research says, ““I think we should go ahead and call this a ‘shecession.’” Unlike in 2008, where men were the most affected demographic, most jobs lost due to COVID-19 were female-dominated industries including hospitality, healthcare, and education.
Although these statistics can be discouraging, the pandemic has also brought on a few silver-lining changes to the workforce that experts suggest are here to stay, including a 22 percent increase in freelancing.
As more and more people decide to work remotely and independently, a study also found a 27 percent increase in the share of small business owners who felt motivated to start a business.
Additionally, the pandemic has accelerated an awareness and push to action on diversity and inclusivity issues. This has led companies to adopt initiatives to boost hiring and the promotion of strong women leaders.
With that said, there is no better time for women to focus on starting their own business. Whether it’s becoming a freelancer or selling products and services, resources and opportunities are more abundant than ever before. From funding, to networking groups and coaching, aspiring women entrepreneurs and 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 to get your business started on the right track.