Black and women small business owners report increase sales, positive outlook for 2023

PHILADELPHIA (WPVI) -- A new survey shows that despite inflation and a potential recession, a majority of women and minority small business owners have an overall positive outlook and what's helping their bottom line might surprise you.

Gabrielle Taylor started her business "By Your Side Home Care" during the pandemic in August 2020. And while that may sound like a daunting prospect, she says the experience helped her innovate.

"It forced us to kind of think outside the box or change the norms of how we normally would run the business."

Taylor's business is helping seniors avoid moving into a nursing home.

"By creating these care plans we are able to allow them to basically age in place."

Taylor's business has grown and she expects that growth to continue.

"In fact 63% of our women business owners are telling us that they expect revenues to increase over the course of the next 12 months. And that includes our minority business owners," said Carol Lee Mitchell, senior vice president of Bank of America.

What's behind that success? According to Bank of America's 2022 Women and Minority Business Owner Spotlight 87% of Black business owners say they are committed to driving social change through their business. And because of that commitment, 34% of Black business owners say they have increased their customer base and 47% of women small business owners plan to expand over the next year.

"Driving social change is really paying off for them," said Consumer Reporter Nydia Han.

"It's not just about driving sales and revenue but it's also standing up for a cause and a purpose, a greater purpose. That means a lot to the individual as well as to the community," said Mitchell.

Taylor is paying forward her success and says it's a win-win situation for everyone.

"I try and patronize local, Black business owners," she said. "Then two is the networking and the relationship that you build with these different businesses as well."

Two other interesting numbers from the spotlight survey: 60% of women entrepreneurs, including Taylor, say they taught themselves how to become small business owners. And 71% of women small business owners say they do feel equipped to weather a recession.