October is National Women’s Small Business Month. After all, women have been driving the bounce back of the U.S. economy. Women-owned businesses account for about half of new businesses in the last three years. Black-women-owned businesses have increased by 18% in that time. With more than 13 million women-owned businesses in the United States, let’s celebrate their achievements and learn more about how to support them.
As women founders continue on the path of success, they are more likely than their male counterparts to value flexibility and work-life balance. There are several states in the U.S. that have seen substantial growth in the number of women business owners in the last few years. These states are incubators for female founder success. Typically, they have higher percentages of female-owned small businesses, women-to-men pay ratios, and lower female unemployment rates.
Here are five states that are hotspots for women in business:
California
It’s no wonder that California is a hotspot for women in business. It’s home to Silicon Valley, the world hub of innovation and technology. San Francisco and Los Angeles are also two metro cities in California that have seen an increase in the number of people starting new businesses. Another fun fact is that California is one of the country’s top states for funding female-founded startups.
Georgia
For the East Coast, Georgia shines bright with entrepreneurial energy. Some of the top cities in Georgia where women-owned businesses are booming are Atlanta, Sandy Springs, and Alpharetta. For Atlanta residents looking to support female founders, check out the Blacklanta directory to find some of the best Black-women-owned businesses.
Colorado
Denver is seeing an explosion of women-owned businesses. There are more than 17,000 women-owned businesses in three cities in the Denver Metro area, with a collective revenue of more than $10 billion.
New York
New York’s presence on this list is no surprise, as small businesses form a substantial portion of the New York State economy. Almost half of those businesses are female-owned businesses. Check out this Black-women-owned business in Brooklyn’s Bed-Stuy neighborhood.
Florida
Last but not least, the Sunshine State is seeing an upward tick in women-owned businesses. Women entrepreneurs drive the local economies in Miami-Fort Lauderdale, Jacksonville, and Pompano Beach, generating more than $5 billion in revenue.