Female entrepreneurs are dominating the small business game in America by launching companies at 5 times the national rate and generating more than half all new small business jobs. In fact, the U.S. is home to over 11.3 million female-owned businesses that generated over $1.9 trillion in 2016. For women following in the footsteps of these industry-leading ladies, the question naturally arises of where to set up shop.
To help answer this question, a recent study was released that compiled data from the United States Census Bureau, Womenable, and American Express to determine the best states for female entrepreneurs. The rankings were determined by analyzing these six categories:
- Percentage of women-owned firms out of total businesses in a state
- Percentage of a state’s business revenues coming from woman-owned firms
- Women’s economic clout in each state
- Trend in net number of woman-owned firms per day
- Percentage of woman-owned firms with paid employees
- Percentage of employees in the state that are working in woman-owned firms
Once these indicators were analyzed, the results were tallied, and a winner emerged: Georgia. The Peach State ranked in the top five of three categories, leading all states in percentage of woman-owned firms, as these businesses account for over 40% of the state’s total businesses. Additionally, 20.5% of Georgia-based businesses with employees are owned by women. Also, there are 54 net new female-owned businesses started per day in the state.
Moving on to oranges, Florida secured the second spot on the list. The Sunshine State boasts top five finishes in four categories. There are 119 net new female-owned businesses started daily, ranking Florida second in this category. Furthermore, women own 38.5% of the businesses in the state.
The rankings continue as follows:
- New York
- New Mexico
Each of the states listed above has shown profuse growth in female-owned ventures. They are ready and willing to accept and support woman-owned companies. Any lady looking to get in on the action should seriously consider these states as a viable starting point. She may just find the support she needs to be the next big thing in small business.