Young businesswoman using smartphone smilingJacob Lund / Shutterstock.com

This story originally appeared on Volusion.

Nationwide, there are nearly 6 million women entrepreneurs, according to the US Census Bureau, who make up 7.7% of the female workforce. For many of these women, entrepreneurship offers more flexibility than traditional jobs.

But starting a business is also risky. New business owners often take a wage cut as it can take years for new businesses to make a profit. The median annual income for full-time female entrepreneurs is $ 40,000, which is slightly less than the median annual income of all full-time female entrepreneurs of $ 43,000.

Compared to men, women in all working classes earn less. However, the gender pay gap among full-time entrepreneurs – a difference of $ 15,000 per year – is the largest.

Research from the JPMorgan Chase Institute shows that female-owned small businesses tend to be smaller and generate less revenue than male-owned small businesses. One reason is that women-owned startups are underrepresented among companies that receive outside funding, according to JP Morgan Chase's report.

However, the median income for full-time female entrepreneurs varies widely across cities and states. To find the locations with the most successful women entrepreneurs, Volusion researchers used data from the U.S. Census Bureau and the Bureau of Economic Analysis to compute a comparable purchasing power metric for all locations.

We adjusted the average income for full-time female entrepreneurs up or down based on the relative cost of living in each location. In very expensive cities like San Francisco, cost-of-living incomes are lower than actual incomes. In more affordable cities like Cincinnati, cost-of-living incomes are higher than actual incomes.

In order to improve the relevance, only metropolitan areas with at least 100,000 inhabitants were included in the analysis. This is followed by the large metropolitan areas with the best-paid women entrepreneurs.

15. San Jose, California

The San Jose skyline, which has a lower median rent than the average mortgage paymentstellamc / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 44,309
  • Median income for full-time entrepreneurs (actual): $ 58,000
  • Median income for all full-time employees (actual): $ 68,000
  • Percentage of female employees who are entrepreneurs: 8.2%

14. Cincinnati

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  • Median income for full-time entrepreneurs (adjusted): $ 44,444
  • Median income for full-time entrepreneurs (actual): $ 40,000
  • Median income for all full-time employees (actual): $ 44,000
  • Percentage of female employees who are entrepreneurs: 4.9%

13. Seattle

Seattle, WashingtonSean Pavone / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 44,723
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 55,000
  • Percentage of female employees who are entrepreneurs: 9.4%

12. Las Vegas

Las Vegas neighborhood with desert hills behind it.Christopher Boswell / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 44,923
  • Median income for full-time entrepreneurs (actual): $ 43,800
  • Median income for all full-time employees (actual): $ 40,000
  • Percentage of female employees who are entrepreneurs: 8.1%

11. Providence, Rhode Island

Providence, Rhode IslandNail Photography / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 45,135
  • Median income for full-time entrepreneurs (actual): $ 45,000
  • Median income for all full-time employees (actual): $ 48,000
  • Percentage of female employees who are entrepreneurs: 5.3%

10. Washington, D.C.

Washington, D.C.f11photo / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 47,297
  • Median income for full-time entrepreneurs (actual): $ 56,000
  • Median income for all full-time employees (actual): $ 63,000
  • Percentage of female employees who are entrepreneurs: 7.6%

9. Tucson, Arizona

TucsonChris Rubino / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 47,319
  • Median income for full-time entrepreneurs (actual): $ 45,000
  • Median income for all full-time employees (actual): $ 37,600
  • Percentage of female employees who are entrepreneurs: 9.2%

8. Hartford, Connecticut

The Hartford Connecticut skyline, where average rents are relatively lowSean Pavone / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 49,116
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 56,000
  • Percentage of female employees who are entrepreneurs: 6.6%

7. Portland, Oregon

Portland, Oregon waterfrontJosemaria Toscano / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 49,164
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 50,000
  • Percentage of female employees who are entrepreneurs: 10.6%

6. Austin, Texas

Austin, TexasRoschetzky Photography / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 49,751
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 49,000
  • Percentage of female employees who are entrepreneurs: 9.2%

5. Raleigh, North Carolina

Raleigh, North CarolinaSean Pavone / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 51,975
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 47,400
  • Percentage of female employees who are entrepreneurs: 7.8%

4. Memphis, Tennessee

Memphis, TennesseeSteven Frame / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 54,885
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 40,000
  • Percentage of female employees who are entrepreneurs: 4.4%

3. Louisville, Kentucky

A historic district of Louisville, KentuckyPhilip Rozenski / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 55,006
  • Median income for full-time entrepreneurs (actual): $ 50,000
  • Median income for all full-time employees (actual): $ 41,000
  • Percentage of female employees who are entrepreneurs: 5.0%

2. Birmingham, Alabama

Birmingham skyline at Railway Park in Birmingham, Ala.Sean Pavone / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 56,351
  • Median income for full-time entrepreneurs (actual): $ 50,040
  • Median income for all full-time employees (actual): $ 42,000
  • Percentage of female employees who are entrepreneurs: 5.2%

1. Denver

Denver, Coloradof11photo / Shutterstock.com

  • Median income for full-time entrepreneurs (adjusted): $ 56,444
  • Average income for full-time entrepreneurs (in fact): $ 60,000
  • Median income for all full-time employees (actual): $ 50,000
  • Percentage of female employees who are entrepreneurs: 8.8%

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