The tide is turning for women in business. In recent years there have been a number of studies showing growing numbers of women entrepreneurs and business leaders throughout the U.S. And even now, when so many industries are struggling and the economy is limping through a recession recovery, Thrive Global claims women entrepreneurs are taking charge and finding opportunities in male-dominated fields.
The hope is that these signs of progress will have a snowball effect. As more young women and girls see female success stories in their fields of interest, more of them may be inclined to start businesses of their own, or else become leaders in existing companies. The question we are asking here, though, is whether or not Florida makes for a good environment for the wave of women entrepreneurs we hope and expect to see in the coming years.
Considering the question from a few different angles, there are some clear pros and cons….
PROS
- Simple Start-Up – This is not a point unique to women, but it’s still one that makes Florida attractive to some entrepreneurs. Simply put, there are five steps to formalizing an LLC in the state of Florida, which makes for a more concise process than people face in some other states. There are some official forms and big decisions involved, so turning a business into an official LLC still requires care and attention. But it can be done without taking up too much time or distracting from other important matters.
- Profile of the APB in Weston speaks to the kinds of benefits support communities like these can offer. There, it was noted that women can take advantage of monthly networking sessions and generally discuss professional issues with one another. Things like this will benefit some women more than others, but in certain cases, a support network like this can be the difference between success and failure.
- Florida has placed among the best states for women entrepreneurs. The state specifically ranked sixth in the U.S. for 2020, which marked an 11-spot leap from the previous year’s placement. Make of that what you will, but it certainly seems to indicate that things are moving in the right direction for women-led businesses in Florida.
CONS
- Seasonal Economy – As with the “simple start-up” note above, this is more of a general point about the business environment in Florida. But it’s still one worth taking under consideration. For the most part, Florida is known for having a seasonal economy. It’s a state that relies heavily on tourism, and in off-seasons, businesses of all time tend to have a little bit less going on. This is manageable, but it requires careful planning, and it can present difficulties for even a well-run business.
- Overall placement of 10th in the country. But in the specific category of “labor force participation gap by gender,” Florida ranked only 33rd. This strongly suggests that there’s still a relative lack of opportunity for women in business throughout the state.
None of this should deter women from trying to start businesses, of course. But in Florida or anywhere else, it’s worth evaluating the pros and cons. Here’s hoping that the Sunshine State can play a vital and equitable role, overall, in the rise in women entrepreneurs to come!