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October was Women’s Small Business Month and to continue the discussion, NAWRB would like share some interesting information about the cities that are best suited for women entrepreneurs. If you have been on the lookout for the best place to establish or expand your business, read on to find some interesting statistics that cover the entire nation. Here’s a hint: it will be extremely helpful if you are already in or are planning to head west!
With that being said, let’s delve into the research conducted by NerdWallet, a company that helps educate people in all finance-related topics like credit cards, insurance, loans and more. This particular research focuses on small business owners with an emphasis on women entrepreneurs, the market scene and the top ten cities for businesswomen.
The research reveals positive and discouraging results. It remains a harsh reality that women comprise 52 percent of college graduates but only 15 percent of corporate executives, women-owned businesses employ only 8 percent of the country’s workforce and women-owned companies generate just 5 percent of all business revenue.
On a positive note, there has been a 27 percent growth in women-owned businesses between 2000 and 2012, a 19 percent increase in the number of loans given by the U.S. Small Business Administration (SBA) to women-owned small businesses between 2013 and 2014, and there are 9.9 million women-owned businesses in the country that together bring in a revenue of $1.6 trillion.
It is heartening to see the findings of the research, which shows that four out of the top 10 best cities for women entrepreneurs are in California and three are in Colorado, making western U.S. a more popular arena for current and potential business owners.
According to the research, the top 10 cities for women entrepreneurs are:
- Boulder, CO
- Bridgeport, CT
- Denver, CO
- Santa Cruz, CA
- Santa Rosa, CA
- San Luis Obispo, CA
- San Francisco, CA
- Minneapolis, MN
- Portland, ME
- Fort Collins, CO
The average revenue for women-owned businesses in these cities ranges between $91,050 and $170,068. Here are some other research findings:
- All four Californian cities have a larger number of women-owned businesses per 100 residents and also possess a higher annual income when compared to the national average
- Colorado has above average levels of women entrepreneurship and small business loans
- All 10 cities have in common the fact that on average, women received 24.36 SBA-guaranteed loans per 100,000 residents; much higher than the national average of 14.56
Keep in mind that even though these cities came out on the top, it doesn’t mean they are home to a level business field for women. The obstacles facing female entrepreneurs are many, and extensive work remains to eradicate them. The study also does not limit your business propositions to these cities alone, use your due diligence and pick the right spot for your success.