The White Paper You MUST Read!
Minority and Female-Owned Businesses Help to Fuel the Economy, According to Poway Serving Wealth Management Firm, PART 1
According to a wealth management report done between the years of 2002 and 2007 by the Minority Business Development Agency, minority-owned businesses grew by a considerable 46% while non-minority-owned businesses only grew by 10%. Who are the minorities? Females are one of them and many of the businesses that flourished in Poway during this period were owned by women!
According to the SBA – Small Business Association – female-owned businesses in 2012 accounted for 36% of the small business activity in Poway, California. However, it would seem that these companies in particular face quite a few challenges that go past the traditional adversity faced by any business owner.
Small businesses in Poway tend to face greater obstacles with regards to accessing sufficient capital and struggle to make it past the five-year mark. In fact, only half (50%) of small businesses survive five years, while only a third do well enough to make it past the 10-year mark.
The problem says the SBA, is that businesses owned by women and other minority groups tend to be small and therefore less profitable, in spite of the fact that they are growing in economic significance. As such, these businesses tend to have a lesser chance of survival than businesses owned by men and other non-minorities.
This may sound very disappointing, but there are solutions at hand! With the right wealth management and strategy, there are few reasons why a good Poway business, no matter how small, can’t succeed and take its rightful place amongst the larger and higher earning non-minority-owned companies!
If you want to get started on your journey today or would like individualized investment/financial advice from LPL financial advisor, John Lohrenz, please contact JKL Wealth Management at:
Phone: (858) 535-1705
Fax: (858) 535-1701
Alternatively, fill out the Contact Form and we’ll get back to you shortly.
731 S. Hwy 101, Suite 2K, Solana Beach CA 92075
About Poway, California
Poway – located in San Diego California – lies at 32°58′12″N 117°2′19″W, south of Escondido and north of San Diego. Rancho Bernardo, Scripps Ranch and Sabre Springs are some of the communities close to Poway. Poway boasts a complete area space of 39.3 square miles, with 39.2 square miles being made up of land and 0.1 square miles being made up of water. Poway is a beautiful city with a myriad of parks, lakes and reserves for people to enjoy, including Aubrey Park, Lake Poway and Blue Sky Ecological Reserve. For hiking enthusiasts, hiking trails at the Sycamore Canyon Preserve and Goodan Ranch offers scenic walking adventures. Residents can also enjoy some sporting activities or a picnic at the Poway Recreation Area.