Need motivation to get your side hustle on? New study shows black women making major strides
Article By LaTisha Harvey // EEW Magazine // Business & Motivation
Get your hustle on! Write that book, start that small biz, and launch that burning vision in your heart—even if you can only focus on it part-time.
A new report shows that part-time entrepreneurship, often referred to as “sidepreneurship,” is on the rise.
In fact, over the last five years, the number of women sidepreneurs has grown at a rate that is nearly double the overall growth in female entrepreneurship.
“This is exciting to see, because it shows that there are options for women hoping to tap into nontraditional employment and entrepreneurship,” said Georgia Westin, a New York-based business analyst. “Cooler yet is the fact that black women are leading the way.”
According to the annual State of Women-Owned Businesses Report, from the years 2014-2019 sidepreneurship’s greatest representation came from minority women-owned businesses. Their growth is two times higher than all businesses: 65 percent compared to 32 percent, respectively.
When looking at specific minority groups over the last five years, growth in side entrepreneurship is up 99 percent among African American women.
“Sisters will do what we’ve got to do and don’t use excuses to ignore our dreams,” said Westin, 42, who owns a small business consulting firm.
“We are serious, focused, and efficient, and will devote whatever time we have to making our divinely-implanted entrepreneurial dreams come true.”
Overall, women of color are starting businesses at a remarkable 4.5 times the rate of all businesses. In almost every category, black women lead the women-owned business charge.
Remarkably, women of color may represent only 39 percent of the total female population in the US, but they account for 89 percent of new women-owned businesses—a total of 1,625 new businesses over the past year.
While the number of women-owned businesses grew 21 percent from 2014 to 2019, African American women-owned firms grew even faster at 50 percent.
“The face of entrepreneurship is evolving to include all women, regardless of demographics. Even more impressive is that women are starting businesses on their own terms – whether it be their full-time focus or a part time activity,” said Courtney Kelso, Senior Vice President of American Express.
The most popular industries are: hair and nail salons and pet care businesses (22%); child daycare, home healthcare, and social assistance (15%); professional, scientific, or technical services including lawyers, bookkeepers, architects, public relations firms and consultants (13%).
If you are feeling hesitant about launching, let this research be your motivation. Just get started. You’re in good company.