Business Ownership Increases for Minority Women
When sources of traditional employment dry up, minority women turn to building their own successful businesses.
Nearly 10 years after the Great Recession rocked the world, the global economy is still unsettled. Unemployment has declined, but people have found very different types of work situations rising in its place. There are the underemployed – people working in jobs for less pay than they previously were paid and in positions far below their skill levels – and the contract laborers – people working in jobs with a finite timeframe and without benefits.
Is it any wonder that Americans, especially minority women, are turning to starting their own businesses to meet their financial needs now and for the future?
Entrepreneurialism has been on the rise since 2008. Nowhere is that more evident than with minority women business owners. The Center for Women’s Business Research found that the number of Hispanic and African-American female entrepreneurs is growing at rates of 133.3% and 191.4% respectively across the country.1 While Asian-American women have not seen the growth rates of their counterparts, they still experienced a “44% increase in business ownership from 2007 to 2012, particularly in California.”2
First Financial Security’s empowering entrepreneurial opportunity has helped hundreds of minority women, including African-Americans, Asian-Americans and Latinas, start their own successful FFS businesses. These new entrepreneurs value the importance of providing clients not just with products, but also with the financial education to understand how money works.
These First Financial Security associates are leveraging LiSA Initiative’s financial literacy curriculum to bring financial education to their communities. LiSA Initiative, created and sponsored by First Financial Security, seeks to inform, educate and empower all women to take control of their financial futures and build successful businesses that will help them achieve financial security.
First Financial Security’s business model is a good fit for women without the means to purchase a franchise or sustain a small business. An FFS entrepreneurial business requires nominal, upfront capital, and there’s no inventory to buy or stock.
Through its campaign to change the face of insurance, First Financial Security, Inc., is dedicated to bringing diversity and innovation to the financial services industry. First Financial Security has found that the best way to get financial education and innovative products to underserved communities is through women and men reaching out and connecting with their families, friends and neighbors – in their own communities. At the same time they’re helping other families achieve financial security and peace of mind, they’re doing the same for their own families.
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1 Meghan Casserly. “Minority Women Entrepreneurs: Go-getters without Resources.” Forbes.com > Entrepreneurs. Aug. 28, 2013. http://www.forbes.com/sites/meghancasserly/2013/08/28/minority-women-entrepreneurs-go-getters-without-resources/#5f77e1d84a22
2 Tanzina Vega. “U.S. Sees Big Spike in Black and Hispanic Women Entrepreneurs.” CNNMoney > American Opportunity. Aug. 29, 2015. http://money.cnn.com/2015/08/19/smallbusiness/minority-women-entrepreneur/