From your local gift shop to larger firms, women-owned businesses are responsible for contributing significant funds to the nation’s economy. Yet, they make up a smaller portion of the businesses owned in the U.S., and therefore depend on the support of their patrons. By purchasing goods or services from a woman-owned business, you’re not just contributing to one company; you’re also making a meaningful contribution towards helping all women succeed in business. Here, the women behind Oomingmak Musk Ox Producers’ Co-Operative, a woman-owned cultural gift shop featuring handmade items in Anchorage, AK, explain more.  

A Guide to Supporting Woman-Owned Businesses From an AK Gift Shop

Why Is It So Important to Support Woman-Owned Businesses?

According to the U.S. Small Business Administration, there are more than 11 million woman-owned businesses throughout the nation, which makes up for 38% of all businesses. While this represents a significant segment of U.S. businesses, it still means nearly two-thirds of companies are owned by men. When women are supported in business, it shows younger generations—including anyone who may be a part of underrepresented groups—that anyone can run a successful company with thoughtful planning and determination.  

How Do Woman-Owned Businesses Support the Economy?

Women-owned businesses employ nearly 7.9 million and have added 340,000 jobs since 2007, according to Women Owned^TM. They’re not stopping there, either. The same source reports businesses owned by women are growing one and a half times faster the national average. Thus, when you purchase goods or services from a woman-owned business, you’re stimulating the U.S. economy and making it possible for these companies to continue adding new domestic jobs for our friends, neighbors, and family members. Ultimately, strong economic growth is good for everyone, and women-owned businesses play a vital role in achieving this growth.

To begin supporting women-owned businesses, visit Oomingmak Musk Ox Producers’ Co-Operative. Since its inception in 1969, every item in the gift shop has been made by one of the 250 Native Alaskan women who own the Co-Op. These talented women use underwool from Arctic musk ox, called Qiviut, to produce beautiful hats and accessories, which can also be purchased by visiting their website. To learn more, you can also contact the shop by calling (907) 272-9225.