Today, it takes more than courage and initiative to get a business up and running. It turns out that where you start that business might also play a role in your success. With the growth of female-owned businesses jumping more than 50 percent since 1997, women are working their way into the business world. Female entrepreneurs looking to get their businesses started should consider one of these top cities.
Having a mentor and being able to ask for help are very important when it comes to starting a business. While mentorship can develop from clients or other corporate owners, having another female entrepreneur as your mentor is invaluable. This is one reason Boulder is such a good city for women. Not only is the city home to the most SBA-guaranteed loans for every 100,000 residents, it also has the most women-owned businesses for every 100 people with 4.42.
With 13 Fortune 500 companies and 26 Fortune 1000 companies headquartered in Atlanta, the city is obviously good for business overall. It’s also a great place for businesses started by women. In fact, the city has seen a growth of 44.3 percent in businesses owned by women between 1997 and 2012, and there are 179,000 businesses owned by women in Atlanta. The median annual salary for women in Atlanta is $30,789, and the revenues of women-owned firms in 2012 are around $29,899,900.
It’s important for female entrepreneurs to build a network of other women who own businesses so they can get referrals and have some place to go for support and advice. In Minneapolis, women own 32.1 percent of the businesses. Additionally, the average revenue of these businesses is $155,950, and the median annual income for women is $46,895.
When it comes to the success of starting your own business, having available funds is one very important factor. Houston has seen a 42.4 percent growth in women-owned firms between 1997 and 2012, in part because of the funding women are able to receive in the city. From 2011 to 2012, the city has had $31,246,900 in SBA-approved loans. Not only that, but Houston is also a great place for female entrepreneurs because every year the city gives out more than $35 million in loans to women who build businesses there.
Columbus routinely makes the list of best places to live in the United States because of its low cost of home ownership, excellent hospitals, thriving arts and culture scene, and opportunity for education from Ohio State University. However, female entrepreneurs should also consider it because of the business opportunities available there. Women-led firms in Columbus have received over $4 million in SBA-backed loans. Additionally, Rev1 Ventures, a business that specializes in helping tech startups get off the ground, has been successful in its series focused on female founders.
Running a business, no matter how big or small, is never easy. However, with the right determination in the ideal city, women can leave their mark on the entrepreneurial world.