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Small Business Boom: Celebrating 16 Million New Business Starts
The National Association for the Self-Employed (NASE) celebrates the milestone of 16 million new small business applications over the last three consecutive years. The American small business community continues to grow at a rapid, record-setting rate with more entrepreneurs who want to invest directly in their own lives. This just speaks volumes about the resilience, determination, and perseverance of those in the small business community, including the millions of solo entrepreneurs, mom-and-pop shops, and gig-economy workers who are the heartbeat of our nation.
The COVID-19 pandemic has been a devastating blow for many small businesses, forcing them to close their doors, lay off workers, and struggle to survive. However, we are seeing an explosion of new business starts that speaks to the entrepreneurial spirit
of the country.
One of the key drivers of the small business boom is the shift in consumer behavior and preferences. As people spent more time at home, they became more aware of their local communities and their needs. They also became more conscious of their environmental and social impact, and sought out products and services that aligned with their values. This created a demand for local, sustainable, and personalized offerings, which small businesses are well-positioned to provide.
We know that the pandemic accelerated the adoption of online platforms, tools, and services that allowed small businesses to reach new customers, streamline their operations, and reduce their costs. For example, e-commerce platforms enabled small businesses to sell their products online, social media platforms helped them build their brand awareness and customer loyalty, and cloud-based software solutions helped them manage their finances, inventory, and payroll.
“The consistent, record-shattering rate of small businesses surging throughout the nation is great news for not only our community, but also our local and national economy,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-business community. “Year after year, in every economic measurement tool, the American small business community continues to grow at a rapid, record-setting rate with more entrepreneurs who want to invest directly in their own lives. New small businesses popping up across the nation now has hit an all-time high with three consecutive years of a record 16 million new small business applications. This just speaks volumes about the resilience, determination, and perseverance of those in the small business community, including the millions of solo entrepreneurs, mom-and-pop shops, and gig-economy workers who are the heartbeat of our nation.”
The small business boom is not a temporary phenomenon. It reflects the changing economic landscape and consumer behavior. Small businesses have a unique advantage in this new reality, as they can offer local, sustainable, and personalized solutions that large corporations cannot.