By Trevor Metcalfe
The Virginian-Pilot
WWR Article Summary (tl;dr) As Trevor Metcalfe reports, Women entrepreneurs in Hampton Roads are applauding the advances made in the region but say there’s still much more to be done to support female business leaders.
Hampton Roads
Women-owned businesses are expanding and making more money across the country, but Hampton Roads still lags behind Richmond and Virginia as a whole, according to the results of a new study.
The number of women-owned firms in the U.S. has grown 21% from 2014 to 2019, according to a study of U.S. Census data commissioned by American Express. Women entrepreneurs in Hampton Roads applauded the advances but said there’s still much more to be done to support female business leaders.
“I think the growth overall in woman-owned businesses is really exciting,” said Jean Rushby, owner of the Five 9s Company.
The number of women-owned businesses in Hampton Roads increased 9.7% from 2014 to 2019, and the region was ranked 37th in growth among the top 50 metropolitan areas. That growth is still several percentage points below Richmond (19.9%) and the Washington, D.C., area (11.5%).
It’s a similar story with both job creation and revenue increases for women-owned firms. Employment from 2014 to 2019 in Hampton Roads increased 6%, compared with 10.4% in Richmond and 10.1% in Washington. Sales increased 12.6% in Hampton Roads, as opposed to 29.1% in Richmond and 15.1% in D.C.
Rushby expressed concern that Virginia as a whole was lagging behind other states in the study. However, she was encouraged by the state’s employment numbers. Virginia is tied for fourth in a ranking of employment vitality, which factors in both the state’s employment growth rate of 6.9% and the average number of employees between 2014 and 2019.
While she’s certainly experienced gender inequality, Rushby said the growth of her niche industry and her competition have been two of her biggest challenges. Five 9s works with building owners and construction companies to make sure projects get completed with adequate plumbing, electricity and other services.
Shira Itzhak purchased her Virginia Beach business, the accounting recruitment firm Remedy Professional Placement, in 1998 and has been growing it ever since. Itzhak said although Hampton Roads has both successful businesses and great career opportunities, “we still have a lower pay scale than other areas, which causes people to choose other areas over our area.”
She also criticized the lack of a regional identity in the area, noting region names that have been proposed such as Tidewater, Coastal Virginia and the 757. Itzhak also worried about a lack of regionalism in general and its ability to attract economic development.
“Even though some companies have come to our area, we still miss a lot of opportunities for growth,” Itzhak said.
For her staffing firm, Itzhak said a hunt for skilled workers is one of her biggest issues.
“We need to promote skilled trades to meet the demand of our local employers, particularly as many skilled employees are retiring and those positions need to (be) filled for companies to meet their growth goals,” she added.
All the local business owners said the region has a robust support network of organizations and fellow entrepreneurs. Nicole Stuart founded Top Guard Security in Hampton in 1996 and moved the headquarters to Norfolk in 2014.
“I have found both economic development departments to be helpful and growth-oriented,” Stuart said.
When Rushby needs to hire a contractor herself, she said she often looks for another woman-owned business.
“We’re a lot more prone to collaboration and teaming with each other,” she said. “That’s been a great support.”
Rushby said policymakers should make it easier for entrepreneurs to earn their small business certification at a state and federal level. Communities should also try to hold more training courses and other developmental opportunities for startups, Itzhak said.
___
Distributed by Tribune Content Agency, LLC.
