According to reports, businesses with female founders consistently outperform those with all-male leadership. Yet, these businesses often still face an uphill battle when it comes to venture capital. As reported by the Harvard Business Review, to the shock of no one, gender bias is alive in well in the business world.
Research from MagnifyMoney reveals that of all the incorporated businesses in the top 50 metropolitan areas in America, only 30% are led by women. Given this harsh disparity, one might wonder where the most female-friendly parts of the country are.
Luckily, MagnifyMoney set out to answer that question with one of their latest studies. To compile the ranking of best places for women who want to be their own boss and/or launch a business, they looked at income for self-employed women, business earnings for self-employed women compared with wage earners, the rate of self-employed and “incorporated” women, and parity of business ownership between women and men.
Of the top 10 metro areas that made their list, a whopping five of them turned out to be in California. When you add in the fact that Seattle also made the list, it appears that the West Coast is truly the best coast.
Here’s the top 10 ranking that MagnifyMoney assembled based on their aforementioned criteria:
- San Francisco, California
- Austin, Texas
- San Jose, California
- Memphis, Tennessee
- Nashville, Tennessee
- Los Angeles, California
- San Diego, California
- Sacramento, California
- Seattle, Washington
- Cincinnati, Ohio
For female entrepreneurs, this list shouldn’t be interpreted as a definitive list of the ten places you must live if you want to succeed. Rather, it provides a glimpse into some of the areas of the country with consistent traits that make the business world more accessible for women.
And, regardless of where you live, MagnifyMoney provides tips to help women thrive in the business world. First on the list is to start small. Even if it’s just a side hustle, put your business ideas into action in manageable and actionable steps. As you’re ramping up your operations, explore the business landscape of your city. Get to know the local laws and observe how other businesses have succeeded in your area.
Finally, don’t expect to make it on your own. Seek out local resources tailored for women entrepreneurs, such as San Francisco-based Girls in Tech or the annual Female Entrepreneur Summit. Then get out there and network like your life depended on it. Because finding other motivated business women and working together will always create better opportunities for everyone.