Challenges & Opportunities
Florida remains the top 2 state for women-owned businesses, according to the Florida Chamber of Commerce.
Sheila Torres is a Senior Vice President and Small Business Region Performance Manager for Bank of America Central Florida. She works with a variety of local small businesses across Central Florida.
She said that with 2024 being an election year, not surprisingly some women business owners are feeling uncertain about the future and their access to capital, said Torres.
Bank of America’s Women and Minority Business Owner report shows the top economic concerns for women business owners surveyed are inflation, interest rates, commodities prices, political government, and recession.
“(The report) says that more than 70% of our women business owners are looking for their business to grow in the future,” said Torres. “So even in 2024 (with) what we have going on, there's still opportunity for growth.”
As those businesses grow, Torres said it’s important to ask for help and an easy way to do that is through local business organizations.
“NAWBO is the National Association of Women Business Owners. It is a national foundation, we have a local chapter here in Central Florida,” she said. “These are business owners, they're women, they come together and network. You meet entrepreneurs, you see the ideas, you get a chance to expand with them.”
Other Findings in the Report
Bank of America’s Women and Minority Business Owner report shows that 49% of those surveyed say they have a better work life balance now as a business owner compared to past work experiences.
“Women Business Owners are making it happen and the studies show that they're actually able and feel that it is easier for them because of their flexibility,” said Torres. “They're not stuck behind a desk, for example, they're their own boss. So they have flexibility to be a caretaker or take care of the children.”
The report also finds that 53% of women business owners say they have strong mental health.
