Although Small Business Owners face more challenges than ever such as inflation, lingering economic effects from the pandemic, learning to navigate the online business landscape and more, hope is not lost in the eyes of the American people. In fact, it seems the opposite has been true.
Small Businesses have seen record growth year-over-year for the past three years, as is being reported on by major publications such as Forbes and Inc.
Incorporating, owning, and operating your own small business is one of the core parts of what makes America great, and is also a sign for both the increase in interest in entrepreneurship as well as hope in our economy.
As stated in the article by Forbes, President and CEO of the National Association for the Self-Employed Keith Hall said “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.”
The confidence in one’s ability to start and succeed in their own business is a reflection of the belief of the American people in our economy. Not only are Americans opening more businesses in general, but at an ever increasing rate year-over-year.
As discussed by Inc. in their article, “Americans submitted five million new small business applications in 2022 and 5.4 million in 2021. That's about 440,000 new business applications per month on average, according to the SBA. The agency underscores that this swift cadence of new business starts is 46 percent greater than that of the average of the past four years combined.”
This growth in small business creation can be linked to many things, such as the 52 billion in capital, disaster relief, and bonding given to small businesses and disaster-impacted communities across America by the Small Business Association this past fiscal year.