The number of women-owned businesses opening in the U.S. is on the rise, growing about two times faster than the rate of all businesses launching nationwide, according to a new report commissioned by American Express. The ninth annual State of Women-Owned Businesses Report found that 42% of all businesses – almost 13 million – are run by women. All told, women-owned businesses employ 9.4 million workers and generate revenue of $1.9 trillion.

Source: The 2019 State of Women-Owned Business Report from American Express

The healthy numbers aren’t a surprise to the women who are leaders in the promotional products industry. “One great reason for the growth is the examples of great leadership that have paved the way,” said Mary Jo Tomasini, CEO of Competitive Edge (asi/166085) in Stevensville, MI. “Women have been inspired by other women and the desire for success when choosing to be an entrepreneur.”

Reyna Hernandez, owner of Creative Branding Co. (asi/171045) in Encino, CA, agreed: “There’s a surge of women wanting to work with and give business to other women-owned businesses because we understand that it took a lot to get to that place and we want to see their business grow and succeed.”

American Express’s annual report, based on U.S. Census Bureau data and adjusted by gross domestic product, noted in particular the growing prominence of the side hustle. Part-time entrepreneurship among women has grown at a rate nearly twice as fast as the overall growth in female entrepreneurship in the last five years – up 39% compared to 21%.

Joyce Jagger, a decorating-industry veteran who runs The Embroidery Coach consultancy based in Binghamton, NY, has worked with a number of women who’ve opened up embroidery businesses on the side.

“Some do so because they need extra money, some because they want to get out of the corporate world and others because they are close to retiring but know that they’re going to need to keep busy or keep earning money,” Jagger said.

Another significant trend in the report: Women of color are leading the way in almost every growth category. Though they represent 39% of the population of U.S. women, minority women account for 89% of net new women-owned businesses per day over the past year. Firms owned by women of color grew 43% from 2014 to 2019.

“The face of entrepreneurship is evolving to include all women, regardless of demographics,” said Courtney Kelso, senior vice president of American Express.

Women often bring unique qualities to entrepreneurship. Many women in the industry point to their ability to multi-task, for example. A gift for networking and the desire to give back to the community are also strengths many women who are entrepreneurs share, said Shari Verrone, president of Stackable Sensations (asi/332999) in Parsippany, NJ.

However, there are also challenges for women looking to start a business, from a dearth of informational resources to insufficient access to startup capital, Hernandez said. “I started my company over four years ago, and I remember how terrified I was to be on my own and trying to figure it out step by step,” she added. “We need more female-focused business groups across the country where knowledge, support and financial assistance are readily available.”