Positive Metrics for Small Biz Startups
America's economy has always been heavily reliant on small business and entrepreneurs. The decade following the Great Recession has been one of substantial growth for small business startups, and studies suggest this trend will continue.
According to a study on statistica.com, from 2010 to 2020 (the recovery period following the Great Recession), the number of small businesses under 1 year old grew from 560,588 to 804,308. That is a 70% increase in just 10 years. Considering that from 1997 to 2007 (the period leading up to the recession) the increase was only 12%, the decade following the great recession has been one of substantial growth for small business startups.
In 2020, Covid-19 caught the entire world by surprise, and set the financial and business world on its heels for many months. However, it is very evident that the “V” shaped recovery was not only for the financial world, but all indications are that small businesses are back and gaining strength. It seems that during the shutdown, when most people were working from home, there was ample opportunity to discover your "entrepreneurial" spirit via online research and ample amounts of time to think of how and when to launch a small business. This is evident by the 800,000 plus business launches in 2020 (see graph above).
The overall new business startup numbers for 2021 are estimated to be on track with this recovery, and more people are considering starting their own business every day.
Small business has been the omnipresent lifeblood of the American economy since the country was established. We at SmallStart Ventures believe that there is no better time than the present to start a new small business and we are here to help you with your small business startup dreams.
If you, or anyone you know wants to bring their entrepreneurial dreams to life, and would benefit from working with SmallStart Ventures, please send us your contact information for a free consultation.