Fueling the Small Business Boom: A Rise in Startup Registrations

by Brandon Kosters

Aug 04

In the wake of the pandemic, a surge in small business registrations has taken the entrepreneurial world by storm, according to a recent article from Bloomberg. Thanks to a combination of stimulus payments, reduced expenses from staying home, and a pervasive belief in the dream of launching a successful venture, the US witnessed an all-time high of 5.4 million startup registrations in 2021, as revealed by census data.

As the economy rebounds, the trend shows no signs of slowing down. With inflation prompting many Americans to seek additional income streams, and the rise of e-commerce and remote work facilitating business launches, over 5 million new business applications were filed in 2022. This marks an impressive 42% increase from pre-pandemic levels.

The allure of autonomy and the desire to take charge of one's destiny have driven individuals to embrace entrepreneurship and step into the realm of small business ownership. As Karen Jenkins, an independent management consultant in South Carolina, aptly puts it: "People want freedom. They want to take ownership of their lives and are willing to take more risks."

For aspiring and up-and-coming business owners, this era of opportunity is ripe with possibilities. The landscape is evolving, and with the right ideas and determination, the next generation of success stories is waiting to be written.