The Million Woman March

But while it's easier to get the funding to start or expand a business, the types of businesses that many women launch may limit their growth potential. In a report released in 2006, the U.S. Census Bureau found that more than half of all women-owned firms provided health care, social assistance, administrative, technical or other services. Just 15 percent were in the retail business; 8 percent were in real estate. "Some industries have a higher growth potential than others," says Schick. "And women have typically started businesses in fields you'd look at as female-based; they sometimes focus on a very localized, specialized market with finite potential." A woman who opens a hair salon in her neighborhood, for example, may be limited to a local clientele. Unless she plans to franchise the salon, her revenue growth is limited.

Also, unlike their male counterparts, female business owners tend to believe—often mistakenly—that a bigger business translates into spending even more time with it, and less at home with their families. (In reality, experts say, a bigger business means you can hire employees, delegate responsibilities, and actually spend less time in the office.) Or they fear they don't have the financial skills to build their businesses. "Women don't only need access to money but a greater understanding of it, and the confidence to feel more comfortable with the financial aspects of their business," says Merlino. Many women weren't raised to focus on money the way men were. Indeed, many female entrepreneurs start a business not necessarily just to make more money but to have more flexibility in their lives. They may even consider it a temporary sideline occupation, something to bring in a little cash while their kids are young, for example. "Women start a business for a variety of reasons and with a variety of goals. Not all of them want to grow their business that big," says Schick.

But for those who do, there is an expanding list of resources to help them: not just groups like Count Me In, or the more than 100 SBA Women's Business Centers located around the country, but individual women who have already launched successful businesses. At Count Me In, for example, about 50,000 female business owners have already joined the community, where they can serve as resources or seek help themselves from other members. "There has always been the old boys network; now there's a growing women's network too," says member Lynne Lambert, who founded Prak Productions, which has an exclusive license to make and market clothing and accessories with New York City subway logos and maps. (Her company passed the $1 million mark in sales last year.) "Before, when things went wrong, it could easily become a crisis. Now I can make a call and tap into this amazing knowledge base."

And that base of successful women business owners is expected only to grow—in numbers, revenues and range of expertise. Merlino is confident that the number of $1 million women-owned businesses will soon match that of businesses owned by men. "We're still catching up," she says. "But I have no doubt that we will get there." One arepa at a time.

© 2008