September 18th marks International Equal Pay Day – a day that reminds us of that we still have work to do.
Imagine working 73 extra days every year just to earn what your male colleague made in 12 months (American Association of University Women). For many women, this isn’t imagination – it’s reality. As we observe International Equal Pay Day on September 18th, we’re reminded that despite decades of progress, women still face significant financial challenges in traditional employment.
But here’s what gives us hope: there’s a path forward that doesn’t depend on waiting for others to change. That path is business ownership.
The Numbers Tell a Story We Can’t Ignore
The statistics are sobering, but they’re important to understand. In the United States, women earned an average of 85% of what men earned in 2024, according to a Pew Research Center analysis of median hourly earnings of both full- and part-time workers. This means for every dollar a man earns; a woman earns 85 cents.
The situation is similar in Canada, where women earned 84 cents for every dollar earned by men in 2022, according to Statistics Canada. When looking at hourly wages specifically, Statistics Canada data shows that female employees in Ontario earned $0.87 for every dollar earned by men in 2022.
The gap gets even wider when we look at race and ethnicity. In the United States, Black women are paid only 69.6% of white men’s wages at the middle, a gap of $9.09 on an hourly basis, which translates to roughly $18,900 lower annual earnings for a full-time worker. For Hispanic women, the gap is even larger: Hispanic women are paid only 65.3% of white men’s wages, an hourly wage gap of $10.36.
In Canada, the intersectional pay gaps are equally concerning. Black women also experienced wide pay gaps during 2023, earning just 67.7 cents for every dollar earned by White men. White women earned 84.8 cents for every dollar of their male counterparts, while Asian women were closer to parity with White men, earning 89.9 cents.
Perhaps most concerning is how slowly things are changing. Based on current data, it will take 134 years to reach full parity according to the World Economic Forum’s 2024 estimates. That’s five generations of women who will continue to face these challenges if we only rely on traditional employment to solve them.
Why the Gap Exists
Understanding the problem helps us find better solutions. The pay gap exists for several reasons:
Occupational Segregation: Women are more heavily represented in industries such as Healthcare (76 percent), Education (69 percent), and Nonprofits (67 percent), which — not coincidentally — are more aligned with gender stereotypes about women being best suited for jobs related to caregiving and service to the community. ( World Health Organization & UNESCO research)
The Motherhood Penalty: Cross-Country Research (134 countries): On average 24% of women leave the labor force in the first year after having their first child. In rich countries, 80% of the gap between male and female labor-force participation is explained by women dropping out after the birth of their first child. By contrast, in the poorest countries motherhood explains only about 10% of the gap. (The Child Penalty Atlas a major global research project)
Access to Capital: In 2018, only 2.2% of venture capital funding went to women-led businesses, compared to nearly 98% for male-led. (Fortune Magazine)
These systemic issues make it clear that waiting for change isn’t enough. Women need to take control of their financial futures.
A Different Path: The Rise of Women Entrepreneurs
While the pay gap statistics are discouraging, there’s a bright spot that’s growing stronger every year. Women are increasingly choosing business ownership as their path to financial independence and career fulfillment.
According to the 2019 State of Women-Owned Businesses Report, women-owned businesses made up 42% of all businesses in the United States in 2019, equating to nearly 13 million women-owned businesses. These businesses employed over 9.4 million workers and generated $1.9 trillion in revenue.
Even more encouraging, almost half of start-ups in 2021 were formed by women, according to human resources cloud software company, Gusto. This is a “dramatic increase” from the 28% of women starting new businesses in 2019.
In Canada, the picture is equally promising. According to the Women Entrepreneurship Knowledge Hub’s 2024 report, 19% of all businesses are majority owned by women in Canada, compared to 18.4% in 2023. Canadian women were more engaged in total early-stage entrepreneurial activities compared to the global average (14.8% vs 10.1%). More than 80% of women entrepreneurs are self-employed, and women represent 37.2% of the self-employed population.
Why Career Ownership Makes Sense for Women
When you own your business, you control your earning potential. You’re not waiting for someone else to recognize your worth or give you a raise. You’re building an asset that can provide financial security for you and your family.
Career ownership also offers:
Flexibility: You can build a business that works with your life, not against it
Fair compensation: Your income is directly tied to your effort and results
Legacy building: You’re creating something that can benefit your family for generations
Personal fulfillment: You’re pursuing work that matters to you
How a Career Ownership Coach™ Can Make the Difference
At The Entrepreneur’s Source®, we understand that the decision to become a business owner can feel overwhelming. That’s where a Career Ownership Coach™ becomes invaluable.
We’ve seen countless women transform their financial futures through business ownership, but we also know the journey isn’t always easy. A Career Ownership Coach™ doesn’t just help you find a business – they help you find the right business for your goals, skills, and lifestyle.
Here’s how we make a difference:
Personalized Assessment: We start by understanding you. What are your strengths? What do you value? What does success look like in your life? We help you identify business opportunities that align with who you are and what you want to achieve.
Industry Expertise: We know which industries are experiencing growth and which business models work best for different situations. This knowledge helps you avoid costly mistakes and choose opportunities with strong potential.
Financial Guidance: We help you evaluate investment requirements, potential returns, and financing options so you can make informed decisions.
Support Network: Entrepreneurship doesn’t have to be lonely. We connect you with other successful business owners.
Proven Process: Our patented methodology has helped thousands of people successfully transition from employment to business ownership. We know what works and what doesn’t.
Real Success Stories
The women we’ve worked with don’t just start businesses – they build thriving enterprises that provide the financial freedom and personal satisfaction they were seeking.
Take Sarah, who was tired of being passed over for promotions despite her strong performance. She partnered with us to find a business opportunity in the education sector that matched her passion for helping others. Today, she owns three locations and earns more than she ever did as an employee.
Or consider Maria, who needed flexibility to care for her aging parents while still building her career. Through business ownership, she created a schedule that allows her to be present for her family while building wealth for her future.
These aren’t exceptional cases – they’re examples of what becomes possible when women take control of their professional destinies.
International Equal Pay Day highlights ongoing challenges in achieving workplace equality. But it also reminds us that we don’t have to wait for change – we can create it ourselves.
If you’re tired of watching others determine your worth, if you’re ready to take control of your financial future, and if you want to build something meaningful for yourself and your family, business ownership might be your answer.
The statistics show that the pay gap is real and persistent. But they also show that women who choose business ownership are thriving. You could be next.
Taking the First Step: it is just a conversation!
Career Ownership Coaches™ exist – to help you navigate this important choice with confidence and clarity.
Your first conversation with us is about understanding your situation and goals. There’s no pressure, no obligation – just an honest discussion about whether business ownership makes sense for you.
If you’re ready to stop accepting less than you’re worth, if you want to control your earning potential, and if you’re interested in building something that can provide security and fulfillment for years to come, we’d love to talk with you.
Don’t let another Equal Pay Day pass by feeling frustrated about your financial situation. Take the first step toward a future where your income reflects your true value.
The gender pay gap is a real challenge that affects millions of women every day. While we continue working toward systemic change, business ownership offers a practical way for women to take control of their financial futures right now.
At The Entrepreneur’s Source®, we’ve seen the transformation that happens when women step into business ownership. We’ve witnessed the confidence that comes from controlling your own destiny and the satisfaction of building something meaningful.
You deserve to be compensated fairly for your talents and efforts. You deserve the opportunity to build wealth and create the life you want. Business ownership can make that possible.
The question isn’t whether you’re capable of success in business ownership – we know you are. The question is whether you’re ready to take the first step toward making it happen.
We’re here to help you find that answer.
Ready to explore how business ownership could change your financial future? Contact The Entrepreneur’s Source® today to speak with a Career Ownership Coach™ who can help you evaluate your options and find the path that’s right for you.
We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.
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