The U.S. may be known as the Land of Opportunity, but according to new data, certain parts of the country may be more amenable to business creation than others, particularly among women. In fact, Georgia is considered the top state for women business owners, according to a recent study put together by online publication Fit Small Business.
The study's analysts came to this finding after crunching the numbers in various statistical categories, such as the percentage of women-owned firms out of a state's overall total, revenues deriving from companies whose owners are women and the share of women-led firms having paid employees. Six categories overall were assessed.
"40% of businesses in Georgia are owned by women."
The Peach State proved to be the pick of the litter, as women business owners represent 40 percent of Georgia's business footprint, the report found. Additionally, of the businesses with employees, 20 percent are owned by women.
Health care, education sectors expected to strengthen
Last year was one of the more prosperous years for the nation's economy in quite a while, with employers adding more than 2 million jobs to payrolls and the unemployment rate reaching 4.1 percent, a low last witnessed back in 2000. Georgia was one of the states where the business climate gained traction, and economists anticipate more good news in 2018. According to Benjamin Ayers, dean of Terry College at the University of Georgia, health, education and construction are among the sectors poised to grow in the coming months, WTVM reported.
State government data confirms women business owners are, indeed, in good shape in Georgia. The state currently ranksfifth in the U.S. in terms of the largest number of women-owned firms, and No. 2 in growth, according to the Georgia Department of Economic Development.
The Southeast is apparently a hotbed for women commanding a substantial share of overall productivity, and Florida comes in second on Fit Small Businsess' list of best states for women to enter the entrepreneurial world. Every day, a net average total of 119 companies are launched by women in the Sunshine State, the report found, and 38 percent of firms now open are women owned.
Rounding out the top five are Maryland, California and Colorado, but the full list can be found here.
Priyanka Prakish, Fit Small Business managing editor, indicated these figures are both promising and encouraging.
"While news stories these days portray a dismal outlook for women in the workplace, we were encouraged to discover that female entrepreneurs are receiving more supportive treatment in a variety of states across the country," Prakish explained.
"Women-owned businesses are growing 2.5 times faster than the national norm."
114 percent growth in women business owners since 1997
Women-owned businesses are developing at a remarkable clip, more than two-and-a-half times faster than the national average, according to analysis done by American Express. In fact, there are presently 114 percent more women business owners today than 20 years ago.
In terms of economic clout – which takes into account both the number of firms owned by women as well as their worth in revenue – Georgia is No. 5 in the country, based on American Express' latest findings on the state of women-owned businesses.
East or West, North or South, the business climate throughout the country is strong and getting stronger. But as the old saying goes, you need to have money to make money. Growth Capital Corp. can get you going with the SBA Loan Program. Here are more details on what the SBA 504 includes.