Colorado ranks in top 10 for best states for women entrepreneurs

Colorado is one of the best states for women entrepreneurs, according to a ranking from FitSmallBusiness.com, an online publication for small business owners.

Colorado is the fifth best state, preceded by Georgia, Florida, Maryland and California, in descending order. The top 10 is rounded out by Virginia, New York, Texas, Hawaii and New Mexico.

To determine the rankings, FitSmallBusiness.com looked at the percentage of women-owned firms out of total small businesses in the state, the percentage of the state’s small business revenue that came from women-owned firms, the economic clout of women in each state, the net number of women-owned firms per day, the percentage of women-owned firms with paid employees and the percentage of workers in the state employed by women-owned firms. Data came from the U.S. Census Bureau, Womenable and American Express Open.

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Across five of the six categories, Colorado was in the top 15 states for each, which helped it make the top five states overall. Colorado scored the second place for the percentage of women-owned firms with paid employees — 21.52 percent of businesses with paid employees are owned by women. The state was eleventh for women with economic clout. And businesses owned by women count for 4.95 percent of all revenues in the state, also ranking Colorado No. 11 in that category.