The increase of small business owners in the USA was already trending upwards at a very healthy pace, but the actual numbers since the impact of COVID are stunning! Take a look at the recent growth of new business applications, according to the U.S. Census Bureau:
2019: 3.5 Million
2020: 4.4 Million
2021: 5.4 Million
2022: 5.0 Million
2023: 5.5 Million
2024: ?
The pace of new business creation is rising again. As of December 18, 2023 (see graph): Not even the current slowdown in various sectors of the economy can undo the step change paradigm shift of people seeking self-sufficiency.
COVID’s Impact
Sure, some vertical industries were greatly challenged these past two years. Still, the growth in new small businesses is remarkably broad (just look at that graph!). Businesses had to adapt during COVID, but “life goes on”. Consumer goods and services haven’t gone away, and a few are showing sharp and surprising increases.
For example: People not only haven’t stopped, but instead, they have been spending MORE money on their kids, their pets (no joke!), and their homes! Remember all of those people who started working from home during the peak of the pandemic? Many of them decided to “polish and improve the house”; their “new office” where they were suddenly spending an additional 10-12 hours-per-day.
One more thing: Many people in the new “at-home workforce” took stock of their “real” goals, and opted for “The Great Resignation”, navigated through “The Great Reshuffle”, “The Great Regret”, and actually landed in “The Great Ownership Revolution”. This is still happening, as the graph here shows.
The Net Result?
Yes, the people moving into self-sufficiency isn’t just “growing”; it’s exploding! Yes, small businesses are starting up at a rapid pace. Yes, franchising is WAY up, too. And yes, OUR business of coaching people through their own journey-of-Discovery is growing along the very same slopes of the graph. So, … the questions are:
Is it YOUR turn to explore Career Ownership?
Shark Tank star and entrepreneur Kevin O’Leary says:
“A salary is a drug they give you when they want you to forget about your dreams.”
So, … what sort of business would be right for you? How can you mitigate the inherent risk of starting up a new business?
Consider this:
Franchising is proven path for people who “want to run their own business – WITHOUT having to ‘invent’ it”.
You owe it to yourself to see what the phenomenon is all about! Reach out to me, and I’ll help you start down YOUR road of Discovery!
To your success,
#TheGreatResignation #TheGreatRegret #Entrepreneurship #BusinessOwnership #Career #CareerTransition #CareerChange #Franchising #SmallBusiness #StartUp