The MasterCard survey explored the unique needs and challenges facing women small business owners in trying to establish and run successful businesses including the reasons why they start their own business and how they pay for business-related expenses. The following results suggest that women are working to separate personal and business finances and are using payment cards to help run their businesses more efficiently.

According to the survey conducted by MasterCard in recognition of 'Women's Small Business Month', women are opening businesses in record numbers and with increasing success:

72% of women-owned businesses are more than five years old, with nearly half (45%) having been in operation for more than ten years.

42% percent of women business owners make more than half of their purchases with a credit or debit card. The use of business credit and debit cards among women small business owners is almost ubiquitous. Most hold either a credit (52 percent) or a debit card (30 percent), while 19 percent hold both. A full forty two percent of women entrepreneurs leverage payment cards to make more than half of their purchases.

33% use a money management software application to handle their finances. This reflects a shift from 2005 when women business owners looked to accountants as the number one method for financial management.

41% start their own business to be their own boss.
29% start their own business for more time flexibility
24% start their own business to have more time for famil or for other personal reasons.

Women small business owners are a driving force in the U.S. economy. According to a study conducted between 1997 and 2006 by the Center for Women's Business Research the number of majority women-owned firms increased from 5.4 to 7.7 million.

According to survey respondents, the main challenges women entrepreneurs face are stretching themselves across multiple roles and projects, healthcares costs, balancing family and work, and effectively managing cash flow.

MasterCard Small Business Card:
MasterCard offers a broad range of credit card and payment cards for small business owners. Use Credit Federal's drop down menu at the top of this page to find a Mastercard credit card or small business credit card, whether you are a consumer or a business owner.