Let’s Celebrate and Support LGBTQ+ Small Business OwnersImpact Reports•Jun 22, 2021• 2 min read
Happy LGBTQ+ Pride Month! Each June, we are proud to celebrate one of the most diverse and exciting demographics of small business owners on Hello Alice. There are more than 14,500 LGBTQ+ owners in our community running custom furniture companies, evolving 50-year-old art stores, and selling every kind of product from Birkenstocks to cocktail mixers. But as we work to grow the ranks of LGBTQ+ small business owners everywhere, we asked our owners to answer some questions on who they are and what they need.
Based on anonymous profile data and thousands of survey responses, here’s what you told us:
- The majority of LGBTQ+ owners on Hello Alice are women (62%) and people of color (77%).
- The top three industries for LGBTQ+ entrepreneurs on Hello Alice are Arts/Entertainment/Recreation (13%), Consumer Goods/Retail/E-Commerce (13%), and Healthcare/Wellness (12%).
- 72% of these owners report either customer referrals or social media as their top acquisition channels.
- 61% of LGBTQ-owned small businesses generate annual revenue of less than $100,000.
If you’re curious about our complete findings, you can review the full 2021 Hello Alice LGBTQ+ Impact Report. Created in partnership with the Global Entrepreneurship Network, StartOut, and the National LGBT Chamber of Commerce (NGLCC), we will use this report to educate business leaders and help LGBTQ+ owners get the resources they need to sustain themselves and grow in the future.
One of the most promising findings is an incredible emphasis on community among LGBTQ+ owners. Responding to our survey, these entrepreneurs told us that they are operating queer-friendly cafes, inclusive gyms, and travel companies tailored to LGBTQ+ millennials. If they’re not explicitly serving an LGBTQ+ audience, they are committed to making a positive impact through their businesses, including hiring New Majority staff and donating to nonprofits.
Although LGBTQ+ owners on Hello Alice primarily work in the sectors most affected by pandemic public health restrictions, this suggests that they will rebound as the country fully re-opens. The number one business challenge for these owners remains access to capital, which is why Hello Alice continues to collect and facilitate grant opportunities on our Small Business Funding Center.