Women's Impact on the California Economy

Los Angeles - There are half a million female-owned businesses in Los Angeles County

Jane Pak, CEO of the National Association of Women Business Owners for LA, says those women are less likely then their male counterparts to leave California for a better deal somewhere else.

One way to stay competitive in this economy, she says, is to beat the big boys at their own game.

Jane Pak
"We have a ton of women business owners that do business in California because they believe in California, and it would cost them significantly less to go to another state, but they stay here, this is where there home is, this is where their families are, where there friends are, this is where they built their businesses, and they don't want to leave.

"One of the ways that California business can be become competitive in a general sense and not have to leave California, not just cutting the bottom line cost, but about offering a value for that premium of doing business in California, which is really about customer service.

"They're willing to pay that extra buck, they're gonna support that business that appreciates them.

"We will spend an extra five minutes just to make sure they know their customer well.

"That's gonna be a growing trend in business and the reason small business has an advantage is because large corporations can't move that fast.

"And one of the greatest costs that they're willing to cut is in the area of customer service.

"Small business can take advantage of that. That's a great tip in a bad economy."

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What impact do the women-owned businesses have on our economy?

Women are far less likely to look at relocating because they're not just factoring in the bottom line. They factor in families, friends, and lifestyle.

In LA-proper, women-owned businesses generate about 126 billion dollars in sales and employ about 670,000 Angelenos.

They are a huge source of revenue, tax revenue, and jobs. There is a significant underlying impact to the economy here.

One thing the women do say is they want to feel appreciated, and that California has been like a bad boyfriend but they're still loyal.