In 2016, we published a report from Merchant Cash USA that listed Raleigh as one of the best cities for female entrepreneurs to live and work in.
Merchant Cash USA wanted to know what the best cities were for budding female entrepreneurs looking to operate a small business. The small business financial lender used data from the 2015 Census in some of the most highly populated cities, and ranked particular cities according to cost of rent for a home or office space, number of small businesses per 10,000 people, and the average unemployment rate per city.
Merchant Cash USA also looked into what was available financially for female entrepreneurs looking for funding, and analyzed what grant and loan options existed for women-owned businesses in various states across the country. Raleigh listed #8 out of the top ten cities, while Oklahoma City ranked as #1.
How has that changed since then?
Magnify Money performed their own survey in August of 2018 and the results have changed.
They surveyed the fifty (50) largest U.S. cities to find the best places for women who want to be their own boss, launch a business, or do both. After looking at data about women entrepreneurs across four different categories (income, earnings, rate of self-employment, and parity of ownership), the data found that women who work for themselves are more likely to earn a decent living by doing so. These cities also tend to have higher rates of women who are self-employed. Those fifty (50) cities are ranked as follows:
1) San Francisco, 2) Austin, 3) San Jose, 4) Memphis, 5) Nashville, 6) Los Angeles, 7) San Diego, 8) Sacramento, 9) Seattle, 10) Cincinnati, 11) Raleigh, 12) Boston, 13) Las Vegas, 14) Washington, 15) Portland, OR, 16) Denver, 17) Houston, 18) Hartford, 19) Phoenix, 20) Providence, 21) New Orleans, 22) Dallas, 23) Kansas City, 24) New York, 24) Baltimore, 26) Riverside, 27) Miami, 28) Columbus, 29) Minneapolis, 30) Milwaukee, 31) San Antonio, 32) Atlanta, 33) Tampa, 34) Charlotte, 35) Orlando, 36) Richmond, 37) Salt Lake City, 38) Oklahoma City, 39) Virginia Beach, 40) Jacksonville, 41) Buffalo, 42) St. Louis, 43) Chicago, 44) Birmingham, 45) Detroit, 46) Indianapolis, 47) Louisville, 48) Philadelphia, 49) Pittsburgh, 50) Cleveland
According to Medium.com, women entrepreneurs make up approximately 1/3 of all entrepreneurs worldwide. Studies have also shown that successful women entrepreneurs usually start their businesses as either a second or third profession by fulfilling a dream. Many entrepreneurs have experienced a considerable amount of dissatisfaction with their previous careers and in working for others.
They found that by starting their own businesses, these unhappy individuals have now become satisfied with their personal and professional lives. In addition to starting their own businesses, women tend to offer more benefits to its employees like job training and health packages.
Are there challenges to become a woman entrepreneur? Absolutely! There are challenges in any role as an entrepreneur, but more so as a woman. 2017 data from the National Association of Women Business Owners found that more than 11 million U.S. firms are now owned by women, employing nearly 9 million people and generating $1.7 trillion in sales. However, this is still a minority number in a male-dominated environment.
Challenges such as defying social expectations, dealing with limited access to funding, and struggling to be taken seriously can surely frustrate anyone trying to make themselves into a successful brand. At the same time, encouraging moments such as owning your accomplishments, and building up your support network can help create that balance between sanity and insanity.
Women entrepreneurs have more than proven that they provide a solid foundation to the business community and our own living communities. As they continue to grow, we must continue to give them our loyalty and support to continue to thrive and prosper. There is always enough room for a new business owner – let’s welcome these women into our towns with open arms and wish for nothing but success for them.
