Nationwide, 7.7% of women workers own their own business, according to U.S. Census Bureau data.
For many, being a business owner is appealing, as the path leads to more flexibility than traditional careers. However, it can take years for new businesses to turn a profit.
Overall, women who are full-time entrepreneurs earn a median annual income of $40,000, slightly lower than the median annual income for a full-time female worker ($43,000), according to Volusion.
However, incomes vary widely across city and state lines.
To find the cities with the most successful female entrepreneurs, Volusion used data from the Census Bureau of Economic Analysis to calculate purchasing power. Median incomes were adjusted for full-time entrepreneurs up and down based on each location’s relative cost of living, the e-commerce website said.
The analysis found that in New Jersey, women entrepreneurs earn an adjusted median income of $44,287. That income places New Jersey as 7th in the U.S. for women entrepreneurs, just under Alaska, Rhode Island, Colorado, Wyoming, Maine and Washington.
Here’s more New Jersey data:
- Median income for full-time female entrepreneurs (adjusted): $44,287;
- Median income for full-time female entrepreneurs (actual): $50,000;
- Median income for all full-time female workers (actual): $54,000;
- Percentage of female workers that are entrepreneurs: 6.6%;
- No. 12 in the midsize metros with the most successful female entrepreneurs category for Allentown-Bethlehem-Easton, PA-NJ;
- No. 57 in the midsize metros with the most successful female entrepreneurs category for Trenton;
- No. 20 and No. 40 in the large metros with the most successful female entrepreneurs category for Philadelphia-Camden-Wilmington, PA-NJ-DE-MD and New York-Newark-Jersey City, NJ-NJ-PA, respectively;
- No. 18 in the small metros with the must successful female entrepreneurs category for Atlantic City-Hammonton.
Here’s entire U.S. statistics:
- Median income for full-time female entrepreneurs (actual): $40,000;
- Median income for all full-time female workers (actual): $43,000;
- Percentage of female workers that are entrepreneurs: 7.7%.
When comparing women to men, Volusion found women earn less across all worker classes, with the gender wage gap among full-time entrepreneurs the largest — $15,000 per year difference.
Among industries, it’s even worse.
Women entrepreneurs who are working in management, utilities and information take in one of the largest pay cuts when compared to the average female worker. However, those working in accommodations, food service, finance, insurance and real estate are pulling in top incomes.