According to Women and Diversity, WOW Facts 2001 – Business Women’s Network, women in the U.S. spend more than $3.3 trillion annually (purchasing power) and 95% of the financial decisions in the household are made by women. Never mind the fact that the U.S. has a gross domestic product of $17 trillion. Let’s face it, if you are pondering about a start-up and do not know what to create or sell, I know for a fact that it has to involve women.
Women buy over 50% of men’s products. We are always thinking of so and so in the family be it mother, father, aunt, uncle, cousin and definitely kids. We do not forget birthdays, anniversaries, bar mitzvahs, graduations or weddings or the annual gardening party. We love to receive gifts, love to give gifts and compliment on our girlfriends’ shoes or purse and then go out and buy a replica of them.
We hold up half the sky! Sure this is an ancient Chinese proverb, but I recognize this as a fact. Without women, there would not be grocery shopping, taking pictures of special moments of our children and yes, we love sports, too. We love fashion, magazines, fitness, cooking, cars, technology, travel and trying new innovations that makes moms’ lives easier such as cheap meals and portable play yards for our infants.
We are health conscious and will participate in marathons and walk-a-thons for breast cancer, diabetes, heart failure and diseases that people have never heard of. Women are bold when it comes to speaking out against something that is wrong such as domestic violence or sexual abuse and please believe one of us will experience these things, thus creating a need-to-know and how do I find out more about this type of attitude. But in a good way.
Women want simplicity. Women want fun. Women want to be understood when we are emotional. As a woman myself, I know hands on what women domestically and internationally go purchase, need and want!
Women are starting businesses left and right. I aim to be a contributor to women (and men) who have the desire to start their own business. Yes, it is a lot of work, but if you have a good niche, involve women, do market research, plan, plan, and plan some more, you will be in business for the long haul.
Women love longevity in products and services, because we do not have time to search for something else! So get out there, make a plan, start your business, and make sure you target women. We buy stuff all the time!