When starting a business, it is important to identify a mentor or someone to talk to about your business (the good, the bad—everything) and to form a network of fellow women entrepreneurs who can make referrals for business-related and personal needs. Cities across the U.S. are leading the charge for female entrepreneurs and established businesses—especially within the last ten years. In 1997, there were 5.4 million women-owned businesses and in 2007, there was an estimated 7.8 women-owned businesses that are generating $1.2 trillion in revenues. Steady growth in the market and a growing network of female business owners helps to continue to contribute to assist in the growing numbers of women-owned start ups.
Entrepreneur magazine contributor Kathleen Davis compiled data and highlights the top cities where women entrepreneurs are starting/currently own businesses. Metrics are based on the average income of residents, unemployment rate and the percentages of women-owned businesses. The following highlights some of the key numbers and statistics from this study.
Top cities for women entrepreneurs
When looking at the top ten cities for female entrepreneurs (based on things like education levels, income, population, unemployment rates, there isn’t a heavy bias towards the west or east coast, but span from coast-to-coast and everywhere in between. According to a study compiled by Entrepreneur.com, the top ten cities for women-owned businesses include the following:
- San Francisco, CA
- Seattle, WA
- Washington, DC
- Minneapolis, MN
- Portland, OR
- Atlanta, GA
- Austin, TC
- Raleigh, NC
- Denver, CO
- San Diego, CA
In addition to the above list, there are some cities who support female entrepreneurs financially, such as Houston, Texas, which annually loans more than $35 million to women for starting and building businesses. Across the U.S. there are 100 women’s business centers supported by the U.S. Small Business Administration that also assist start-up and growing businesses through one-on-one mentoring, training programs and business counseling throughout the year. California and New York are the states with the most women business centers.
Would you consider relocating to one of the top cities that have the highest ratings for women-owned businesses? If you have started a business, do you find it beneficial to network with other women entrepreneurs?
To read more about the growing numbers of women-owned businesses and the cities leading the way, please visit the following:
Thanks for reading, and until next time… stay WISE!