Infographic: New businesses are opening left and right. Why?
*Based on the number of new tax ID applications.
2020 has been a banner year for startups. Go figure.Most Americans (between one-half and two thirds, depending on the survey) say they want to run their own businesses. Many, despite a raft of social and economic challenges, overcame the odds and opened shop this year.Number of new businesses reached 13-year high*
- 1.1 million businesses opened up through mid-Sept. 2020
- 12% increase over same period in 2019
- Contributing factors:
- High unemployment rates
- Ample savings provided seed money
- Changing consumer behavior offered new opportunities
- 66% - take charge of their own destiny
- 55% - enjoy greater work flexibility
- 44% - be financially independent
- 43% - have greater work satisfaction
- 39% - improve work/life balance