So, you want to start a business on your own?
The good news is: You are not alone.
It’s no secret that small businesses in the U.S. were hit hard by the COVID-19 pandemic. Beginning in early 2020, an estimated one-third of them nationwide closed either temporarily or permanently. Given that grim statistic, the very idea of launching a new business in such a volatile environment might be considered lunacy. Yet many would-be entrepreneurs who were stuck at home and looking for new challenges, it seems, were eager to give business ownership a go.
By the end of 2020, the U.S. would process a record 4.4 million new business applications to be quickly followed by a record 5.4 million new business applications in 2021. It seems that some laid-off employees with time on their hands — many of whom had never before aspired to be the boss — suddenly found the very idea of business ownership intriguing. And through it all, Florida remained at the forefront. Between January 2021 and 2022, the Sunshine State accounted for 683,680 of all new business applications filed nationwide, soundly beating its nearest competitors — California and Texas — at 563,102 and 536,301 respectively.
The bad news is: You are not alone.
If the past few years are any indication, the number of new business applications across the U.S. will continue to rise, which means there will be increasing opportunities for growth but also greater competition. Owning a business is not easy. It takes time, stamina, creativity, skill and, oh yes, money. Lots of people try it and lots of people fail. But if you’re willing to do your homework, ask for advice when you’re stuck and have the courage to learn as you go, business ownership has great rewards.
Be excited as you take the plunge but remember this: According to the U.S. Bureau of Labor Statistics, 20% of new businesses fail during their first two years of operation. Try not to prove this statistic right.
Now, let’s get started.