Women-Owned Businesses Face a Tougher Road to Recovery from COVID-19
In this report, FreshBooks shares how COVID-19 negatively affected U.S small business owners in 2020, with a specific focus on the disproportionate effect on women-owned businesses.
COVID-19 Continues to Widen the Gender Gap
In the last 20 years, the number of women-owned businesses increased by 114%. However, the pandemic shifted this picture significantly, with female entrepreneurs taking a bigger hit than their male counterparts. Here’s what the research found:
Women-Owned Businesses Are Taking Longer to Recover
At the onset of the pandemic, women-owned businesses took three times longer to rebound to normal levels than businesses run by men.
Women Face a Higher Risk of Burnout
44% of female entrepreneurs took on more child and elderly care responsibilities, compared to only 35% of men.
Female Dominated Industries Are the Hardest Hit
Education, administration, and social assistance businesses run by women took the longest to recover when compared to men.