LatinaLista — The U.S. Census reports that minority businesses grew faster at more than twice the national rate between 2002-2007, with women-owned businesses increasing at about 20 percent during the same period.
Yet, an interesting sidebar is that among all minority businesses in 2007 — all 5.8 million of them — 5 million of them had no paid employees! They were still able to bring in a grand total of $164.4 billion. And among the businesses that did have employees — 768,147 of them — their total revenue was $864.2 billion.
The moral of the story is it’s hard to make money by yourself.
Among other Census findings with minority-owned businesses was:
Increases in the number of minority-owned businesses ranged from 60.5 percent for black-owned businesses to 17.9 percent for American Indian- and Alaska Native-owned businesses. Hispanic-owned businesses increased by 43.6 percent.
In 2007, 30.0 percent of minority-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.
Minority-owned businesses accounted for 56.9 percent of businesses in Hawaii, which led the nation, followed by the District of Columbia, where 40.2 percent of businesses were minority-owned, and California, where 35.6 percent of businesses were minority-owned.
The number of women-owned businesses totaled 7.8 million in 2007, up 20.1 percent from 2002. By comparison, men-owned businesses totaled 13.9 million, up 5.5 percent from 2002.
In 2007, 31.9 percent of women-owned businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.
Hispanic-owned businesses accounted for 23.6 percent of businesses in New Mexico, 22.4 percent of businesses in Florida and 20.7 percent of businesses in Texas.