In the third quarter of 2023, Truist surveyed 502 women who own small businesses.Disclosure 1 Our findings shed light onto their economic outlook, stress levels, and concerns. Plus, they talk about where they turn for guidance—from personal connections to online information.
Compared with the responses to Truist’s surveys of 279 women owners in Q1 2022 and of 262 in Q1 2023, surveyed business owners said their confidence in their own businesses and the overall business climate has fallen sharply over the last year.Disclosure 2 The women surveyed rate the strength of their own businesses highest but are less optimistic in their assessment of local, U.S., and global economies.Disclosure 1
Percentage of women small business owners reporting somewhat to extremely strong conﬁdence in:
The primary goal of most women owners who responded to our survey is to provide for themselves and their families. Profits and customer satisfaction are the top metrics used to measure performance.
Percentage of women small business owners who said their primary goal for their business is:
According to results of our survey, women business owners are looking for resources to address their top three concerns of inflation, rising costs, and finding new customers. Half of respondents cited marketing and sales strategies as helpful resources to grow their businesses.
Percentage of women small business owners who said one of their top concerns is:
Percentage of women small business owners who want resources to help with:
Women business owners often acquire needed skills through self-learning and on-the-job experience. Many of the respondents report first seeking help through personal connections, including entrepreneurs, networking group participants, and mentors. They also look online for information and training.
Percentage of women small business owners who report acquiring business management skills through:
Women business owners responding to our survey cited access to capital and support from local government and community as their greatest challenges.
“I think the biggest challenge I face as a young, female, minority, small business owner is access to people with more experience in business.”
“As a minority/female business owner, the biggest challenge that I face is funding.”
“Financial backing is the single-most challenging aspect of running a Black woman-owned business.”
Percentage of women small business owners who reported a significant challenge in: