According to American Express, about 42% of all businesses in the US are owned by women. This staggering statistic is a testament to the ever-increasing opportunities available for female entrepreneurs. In fact, Latina entrepreneurs make up one of the fastest-growing entrepreneurial segments in the U.S. According to the National Women’s Business Council, if revenue generated by Latina-owned businesses ere proportional to those generated by other women-owned businesses, they could add $155 billion in revenue and create 80,000 new jobs to the economy.
Latinas typically earn only 55 cents for every dollar earned by white, non-Hispanic men and must work nearly 23 months to earn what white men earn in 12 months.
Hence why becoming an entrepreneur offers many advantages, but chief among these is the potential to achieve financial freedom. But what exactly is financial freedom, and how can launching your own business help you get there? I share a bit about my personal story HERE.
Gaining Financial Freedom Through Female Entrepreneurship
The vast majority of entrepreneurs will agree that financial freedom is the ultimate goal. In simplest terms, financial freedom is the ability to make choices about your life and finances without worrying about money. It’s being able to pay for things you need or want without having to worry about dipping into savings or using credit cards. It means not having to work a job just for the paycheck.
Here are three ways launching your own business can give you a sense of financial freedom:
1) Work From Anywhere – With their own business, women are no longer tied to a specific office or location. With the help of modern technology, they can work from anywhere with an internet connection. This offers the benefit of being able to work from home and have more control over their daily schedule.
2) Make Your Own Hours – Another great benefit of entrepreneurship is the ability to create a schedule that works for you. Women can take control of their own time and prioritize their personal needs without the limitations of a regular job. This flexibility allows them to explore different opportunities and set their own hours so that they can find balance between their professional and personal lives.
3) Unlimited Earning Potential – Finally, owning your own business gives you unlimited earning potential. With the right strategies, you can create a successful business that allows you to make money on your own terms. This means increased earning potential and long-term financial stability as you continue to grow your business and increase profits.
The Way Forward
Women today have greater need for resources, funding and networking opportunities that will allow them to launch their own businesses and take hold of their financial destiny. Unfortunately, government funding schemes and funding opportunities often do not reach the women who need them most. According to Fundera, women receive 80% of the capital men do when searching for funding and receive just 16% of all conventional small business loans made each year. Many Latina-owned businesses receive help from friends and family when launching. It’s no news that these grants are often awarded to select businesses or research projects that may or may not benefit women in any way.
Moving forward, It is essential for governments, financial institutions and private investors to make concerted efforts towards supporting female entrepreneurs. This can be done by providing access to capital, mentorship programs and networking opportunities specifically designed for female business owners.
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