My Mind, My Body, My Journey™ 

Financial health is an important part of wellness. Many of us receive financial benefits from employment sources.  Some people pursue entrepreneurship to work for their passion or work independently. The number of women owned businesses have continued to increase over time. In 2018, 40% of businesses in the United States were owned by women.  During that year 64% of new women owned businesses were started by women of color. There has been an increase in the number of women owned businesses in the last 20 years; however, women owned businesses face many challenges. According to Forbes, these are the top 8 challenges that women owned businesses experience¹:  

1. Limited Funding  

2. Balancing Responsibilities 

3. Fear of Failure 

4. Inadequate Support System 

5. Gender inequality  

6. Limited Knowledge 

7. Unfavorable Business Environment 

8. Timidity  

Black women owned businesses make up 20% of all women owned businesses and nearly 60% of all Black owned businesses². The top challenges for Black women owned businesses include lack of funding, limited revenue, lack of education and mentorship about business practices². Black women business owners often report not knowing the resources available to support their small business. To help support Black women businesses with limited funding and revenue, try to support their businesses when possible. Research local companies or use one of these directories to find Black women owned businesses: 

• Buy From a Black Woman https://www.buyfromablackwomandirectory.org/ 
• Black Women Hustle https://blkwomenhustle.com/businessdirectory/ 

If your social network does not include, other business owners, there are a few organizations designed to support Black Women or Black Businesses:  

• Enterprising Women of Color https://www.mbda.gov/enterprising-women-of-color 
• Black Chambers https://usblackchambers.org/ 
• Black Professionals Network https://mybpn.org/ 
• Meta Elevate https://www.facebook.com/fbelevate/ 
• Black Connect https://www.blackconnect.org/ 
• Black Business Network https://www.blackbusinessnetwork.online/ 

There is still enough time to make business plans for this year. Research your target market, sector, and competitors. You can start small and slowly build as your revenue increases.  

Wishing you health and happiness  

Reference 

1. 8 Major Challenges Women Face in Business. Forbes Website. https://www.forbes.com/sites/margueritacheng/2018/10/31/8-major-challenges-women-face-in-business/?sh=60b2aaa16461. Published October 31, 2018. Accessed February 19, 2023.  

2. The Struggle for Black Women Entrepreneurs Continues. Black Enterprise Website. https://www.blackenterprise.com/struggle-black-women-entrepreneurs/. Published September 13, 2018. Accessed February 19, 2023.