Where do female entrepreneurs thrive?

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Women business owners are responsible for employing more than 9 million workers nationwide in the United States and more women are seeing entrepreneurship as their future career. The number of women-led firms increased 21 percent between 2014 and 2019. But are some cities better than others in supporting women business leaders and helping them thrive? An analysis of U.S. Census Bureau data by small business financial services firm Fundera suggests that location is, in fact, one of the most important factors in determining a businesses’ success.

In its list of top 15 cities for female entrepreneurs, Seattle came out on top due to its educated workforce, low earnings gap between men and women (about 6%, according to Fundera) and a high number of self-employed women. The rest of the list, however, leans more toward smaller cities in Arizona like Scottsdale or Gilbert and to central Florida. 

Anchorage also made it into the top 10 and while it’s not a conventional place to start a business, there are more female sole proprietors in the Alaska hub than the national average. (And I can confirm it’s a beautiful place to live. Fun fact: yours truly is actually from Anchorage.)

What were the determining factors when you decided on where to start your business? What are the qualities potential entrepreneurs should consider when deciding on a location?

Latest Developments

• FedEx announced it is adding extra fees to shipments during the coming holiday season with prices increasing as much as $2 on packages shipped the week after Thanksgiving. UPS and the U.S. Postal Service have similarly announced price hikes.
• The pandemic is devastating small retailers but has proven to be a boon for big-box retailers whose stock prices are climbing and sales are increasing as they capitalize on strong e-commerce channels. 
• Indeed, e-commerce retail sales in the U.S. are up 44.5% compared to this time last year, according to data from the Census Bureau. 
• Canadians are feeling more confident about the economy with sentiments around financial health and economic expectations close to pre-pandemic levels.
• The United States has a less rosy outlook. A National Association for Business Economics survey reports that the majority of economists expect the recession to continue until the end of 2020 or even 2021.
• Small businesses, particularly those with fewer than 10 employees, were hit hardest by the pandemic but 7 out of 10 global owners surveyed expect to recover by the end of the year, according to analysis by GoDaddy.

Conversations For You

• Costs have gone up for businesses that are instituting new safety protocols and buying personal protective equipment for both their workers and their consumers. Many are passing those added costs on to customers. Read what the reaction has been.
• Businesses in towns with major universities depend upon the economic overflow from the colleges and students they bring in. As more higher education institutions move to fully remote learning to stem coronavirus outbreaks, small firms are left without customers. Owners operating in college towns are sharing what these closures mean for them.

Resources

• Lemoore’s city council in California has approved $150,000 in grants to be given to small businesses impacted by the pandemic. 
• Ohio’s Richland County is setting aside $250,000 in funding for small businesses with up to 20 employees and sole proprietors. 
• Delaware small businesses and nonprofits can apply for grants of up to $100,000.
• Companies in DeKalb County in George can apply for loans of up to $40,000 starting Aug. 27.

Something Good

• Researchers have finally found a cure for hangovers. No, really.
• Our bees are making a comeback! The number of bee colonies is at levels not seen since the 1990s and while Bloomberg warns not to get too excited just yet, something good has to happen in 2020.