Aspiring female entrepreneurs looking to join the ranks of the 9.1 million women-owned businesses in America might consider moving to Santa Fe, New Mexico.
As Black Enterprise reports, the website Nerdwallet has analyzed 289 metropolitan areas with at least 10,000 businesses ranging in size from sole proprietorships to larger firms, and they’ve used their findings to publish a list of the “Best Places for Women-Owned Business.”
First up is Santa Fe, where a booming tourist trade — more than 1 million visitors each yeah — bodes well for the city’s restaurants, more than 80 percent of which are locally owned. Santa Fe tops the list for its large percentage of women-owned businesses, as well as its low cost of living. Restaurants aren’t the only game in town, and Wildflower International, billed as the state’s largest woman-owned business, provides IT for the federal government.
Next on the list is another city known for its scenic views: Boulder, Colorado. The unemployment rate in this mountainous burg is only 3 percent, and the city’s micro-loan program offers businesses earning less than $2 million annually loans of up to $50,000. In addition to tourism, Boulder is home to firms specializing in data storage, natural products, aerospace, biosciences, outdoor recreation, software, and renewable energy, so there are lots of ways for women to make their mark.
Third is the port city of Monroe, Michigan, where manufacturers and retail traders are among the major players. Women-owned businesses make an average of $601,565 in yearly revenue, and there’s a large number of locally owned bars and restaurants in the downtown area.
In terms of average yearly revenue for female businesses, Racine, Wisconsin — the next city on the list — is nearly as attractive as Monroe. In this city, which is located near many highways and rail lines, as well as two airports, women-owned businesses earn an average of $586,241 per year. As with Monroe, manufacturing and trade are huge, what with all those transit options nearby.
Finally, there’s Ocean City, New Jersey, a Jersey Shore vacation destination where many businesses deal in hospitality, recreation, food, and retail. Ocean City is the home base of the sweets shop Crazy Susan’s Cookies, which fans of the Rachel Ray Show may be familiar with, and interestingly, more than a quarter of the city’s women-owned businesses have paid employees.