Devoted to women of color in business

The final report  is out from the Census for 2004 data about Asian business owners: it's all about California, New York, Texas, New Jersey, Hawaii, Illinois, and Florida! Those five states have the largest number of Asian-owned businesses in the country, and receipts from 1.1 million Asian-owned businesses nationwide generated about $326 billion in revenues last year.

For makemineamillion.org enthusiasts,


The number of Asian-owned businesses grew 24% between 1997 and 2002 (about twice the national average for all businesses). Says Census Bureau Director Louis Kincannon:


Now put on your statistics-processing hat for the following nuggets:

Who is doing business?

• Nearly half of Asian-owned firms are Chinese-owned and Asian Indian-owned.
  
• Korean-owned firms are the third largest, with Vietnamese- , Filipino- and Japanese-owned firms following.

Who is hiring? (see my prior post on finding a woman of color to hire you)

• About one of every three Asian-owned firms (319,300 businesses) has paid employees, employing 2.2 million people and generating $291 billion in revenues.
  
• Digging deeper, there are a reported 1,863 Asian-owned firms with 100+ employees and $52+ billion in gross receipts

What is everyone doing?

• Wholesale and retail trade accounted for 47% of Asian-owned business revenue
  
• In 2002, slightly more than 3-in-10 Asian-owned firms operated in professional, scientific and technical services as well as other services such as personal services, and repair and maintenance.

This jives nicely with Thomas J. Stanley's Millionaire Next Door stats (see my post) on profitable businesses being in those categories (think doctors/dentists/vets offices, attorney firms, management consultancies, counseling or real estate/property management firms, medical/dental labs, or day care centers)


Okay, where should I move to?

• California and New York accounted for 59% (170,547) of all Chinese-owned firms, 37% (86,494) of all Asian Indian-owned firms and 46% (73,466) of all Korean-owned firms.
  
•  Forty-nine percent (35,224) of all other Asian-owned firms were located in California, New York and Texas.

We're Coast to Coast!

• Los Angeles County had the largest number of Asian-owned firms in 2002 with 140,411 or 13% of all Asian businesses, making $52.5 billion in receipts.
  
• Next locations, in order: Queens County, NY (48,241), Orange County, CA (46,015) and Honolulu County, HI (35,376).

So chew on that for awhile!