Blog post contributed by guest blogger Ann Marie Wallace from the Salt Lake Chamber Women’s Business Center.
A recent national ranking has brought to light the vibrant scene women business owners have created here in Salt Lake City. According to the 2017 American Express OPEN Report on the State of Women-Owned Businesses, Salt Lake City not only ranked, but shined compared to other metropolitan areas in the country. Women business owners in Salt Lake City ranked #5 in “economic clout” (number of firms, revenue, and employment). Even more impressive, for the newest ranking of “employment vitality” (employment growth and current employment) our city ranked #3!
Why are women business owners here out-performing so many other cities in the country?
Locating a business in Salt Lake City has some great benefits. An easy business licensing process makes it simple to get a legitimate business created. Resources to support women are abundant in the capitol city, starting with the City’s Local Business & Entrepreneurship Manager, ready to connect Salt Lake City directly to small business operators. Additionally, many statewide services are located within minutes of each other including the Women’s Business Center, World Trade Center Utah, SCORE mentors, many options for co-working space, and a variety of other business resources ready to support entrepreneurs in Salt Lake City.
“In my experience, I’ve found Salt Lake City to be friendly to new businesses, including city regulations, general business conditions, accessibility to financing, retail space availability and steady labor costs. Resources like WBC help women get the access to tools and support they need to start and grow their business.” – Lavanya Mahate, Saffron Valley
The Women’s Business Center, located in downtown Salt Lake City, assisted Lavanya along with more than 3,500 women business owners over the past two decades, most of whom are based in Salt Lake City. The WBC has learned what a woman needs to create an environment to foster a profitable and sustainable business.
What You Need to Thrive in Business
The following four things help entrepreneurs thrive in business ownership:
- Experience Success
For women (and men) confidence is first but since we are focusing on women here; a woman needs to be told she can do it and see other women succeed. These two together are powerful in the mind of a woman. Second, is learning and refining skills of how to operate a business, either by the rough road of trial and error and/or through training and implementation, and a mentor is always helpful! Next, they need opportunities; through creating their own as well as help of others. And finally, they need to experience success! With support, and through their hard, smart work, it is rejuvenating to see the fruits of their labors and motivating to stay on the path of entrepreneurship.
Women in Salt Lake City are thriving with the synergism of their own dynamism, helpful services and a supportive city!