Celebrating the Growth of Women-Owned Businesses in Atlantic Canada

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📊 Women-Owned Businesses on the Rise in Atlantic Canada
Recently the Atlantic Economic Council released a report with statistics showing that the number of women-owned businesses in Atlantic Canada is growing, and the ownership of businesses is becoming more diverse.

Women entrepreneurs are making remarkable strides in Atlantic Canada, driving growth and innovation in the region’s economy. Yet, their journey is far from complete, as challenges persist and opportunities for support remain vast.

Steady Growth Over Two Decades
Between 2005 and 2020, the number of women-owned businesses in Atlantic Canada grew by 30%, reaching over 8,200 firms. This increase significantly outpaced the stagnation seen in male-owned businesses during the same period. Despite this progress, women-owned companies still accounted for only 20% of all businesses in the region by 2020, highlighting a need for continued efforts to bridge the gap with their population share of 50%.

Businesses owned by diverse groups are key drivers of economic growth in the region. Collaboration between governments and the private sector is essential to expand support, grow new partnerships, and create supply chain opportunities for these businesses. A highlight from the report shares that “Women-owned businesses in the Atlantic region directly employed almost 53,000 people and paid over $1.2 billion in wages.” As well, total revenues from these women-owned businesses is $4.9 million.

However, women-owned businesses face unique challenges, including:

• Lower average payrolls per employee ($23,000 compared to $29,000 for male-owned firms).
• A lower propensity to export (4% of sales versus 5% for male-owned firms).

Women entrepreneurs are more likely to operate businesses in retail, professional services, and hospitality, sectors that were disproportionately affected by the COVID-19 pandemic.

Barriers and the Path Ahead
In 2024, women business owners identified rising inflation, increasing input costs, and difficulties recruiting skilled employees as their largest challenges. Succession planning is also becoming increasingly important, as over 40% of women business owners in the region were aged 55 or older in 2020.

To sustain and grow the share of women-owned businesses, younger women entrepreneurs need encouragement and support. Providing access to financing, mentorship programs, and tailored resources can empower the next generation of women entrepreneurs to thrive.

The Power of Supplier Diversity
Supplier diversity is proving to be a game-changer for women-owned businesses. Corporations that prioritize working with diverse suppliers are not only driving social impact but also creating economic opportunities for underrepresented groups. In Atlantic Canada, supplier diversity programs are helping women entrepreneurs connect with large organizations and government buyers, unlocking new markets and growth potential. For example:

• Corporations are leveraging their procurement strategies to actively include women-owned businesses, boosting their visibility and revenues.
• Success stories abound where women-owned companies have scaled operations, expanded their workforces, and contributed to local economies through such partnerships.
• Supplier diversity initiatives also help create inclusive supply chains, driving innovation and resilience for the corporations that adopt them.
• By collaborating with organizations like WBE Canada, corporations can source certified women-owned suppliers and take measurable steps to close the gender gap in business ownership.

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A Call to Action!

Women-owned businesses are integral to building a resilient, diverse, and thriving Atlantic Canadian economy. Governments, private organizations, and community stakeholders must collaborate to address barriers, amplify support, and create a more inclusive entrepreneurial ecosystem. By recognizing the contributions and potential of women entrepreneurs, Atlantic Canada can unlock untapped economic opportunities and inspire future generations of women leaders. If you’re a corporate or government buyer interested in supporting women-owned businesses, WBE Canada can help connect you with certified suppliers. Together, we can advance supplier diversity and create lasting impact.

🌟 Unlocking Growth Through WBE Canada Certification

Certification empowers women-owned businesses by connecting them with corporate and government organizations committed to supplier diversity. For women entrepreneurs in Atlantic Canada, certification means:

• Increased visibility: Credibility and access to opportunities with corporate and government organizations looking to expand and innovate their supply chains in local regions, across Canada, and beyond.
• Business growth: Access to wide-ranging resources, education and mentorship programs, and tools to scale up and prepare for large-scale contracts.
• Community support: Inclusion in a network of like-minded business leaders, partners and champions of women-owned enterprises.

WBE Canada certification enables and promotes growth through programs such as the Atlantic Canada Mentorship Program launched in 2022 in partnership with Centre for Women in Business (CWB), Nova Scotia and Atlantic Canada Opportunities Agency (ACOA). Bringing corporate procurement professionals as well as experienced certified WBEs (Women Business Enterprises) together and connecting them with women entrepreneurs in Atlantic Canada or hosting Supplier Diversity Days ‍‍ – in-person events in the region are the prime examples of how partnerships such as these are helping fuel the economic growth by women-owned businesses as outlined by the Atlantic Economic Council report.

We are proud to continue driving diversity in Atlantic Canada’s business community!

Access the full Atlantic Economic Council report.

Learn how WBE Canada certification can help your business thrive.

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