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New Small Business Applications Hit Record Numbers in 2021, Expected to Continue in 2022

New Small Business Applications Hit Record Numbers in 2021, Expected to Continue in 2022
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WashingtonAnd January 11 2022 /PRNewswire/- Small business formations set records in 2021, a trend expected to continue into 2022 as many Americans pursue their dream of owning their own business, according to metadata analysis by calendar, mentors for Small Business of America and a resource partner for the American Small Business Administration.

New small business applications have been increasing steadily over the past five years:

  • 3 million in 2016
  • 3.2 million in 2017
  • 3.5 million in 2018 and 2019
  • 4.4 million in 2020
  • More than 5 million in 2021

Industries that have been hit hard by the pandemic have shown the biggest gains in new business applications, according to the data. Retail apps grew 74% in 2021, compared to pre-pandemic numbers in 2019. Many retailers are switching from small businesses to digital, with 88% of entrepreneurs saying online sales are an important source of revenue, and 97 indicated % to the importance of digital technology in their business. In addition to retail, increased new business orders increased by 55% in the accommodation and food services sector. While requests for health and social assistance for new businesses increased by 23%.

Score provides free guidance and resources for starting a business

According to the CEO of SCORE Bridget Weston. “As more and more people decide that they want to start their own businesses, SCORE is ready to provide the support needed for these entrepreneurs to succeed.”

previous parameter Daniel Neal From Baltimore, MD, worked with SCORE to turn her part-time job helping small business owners with marketing and social media into a full-time role. With the pandemic going on, I wanted to take care of my living myself, said Neil, who launched Digital with Danielle in May of 2021. “With the help of SCORE, I have been able to take my business to the next level, and I am already expanding by hiring my first employee.”

Patricia Win From Hillsborough, North CarolinaShe spent more than 30 years in the fast food industry before starting her own lifestyle assistance company, Patricia Services LLC, in April of 2021. “When I started this journey, I didn’t know how to run my own business. He was excited but nervous about how to Navigating it all,” Wayne said. “With the help of my SCORE mentors, I was able to get a solid starting point. Being a small business owner taught me to strive for much more than I could ever imagine for myself.”

“Score wants small business owners to know that they are not alone in their entrepreneurial journey,” Weston said. “Our mission is to foster vibrant small business communities through mentorship and educational tools, including startup roadmap. We want to make it as easy as possible for anyone to realize their dream of starting and owning a business.”

To find out more, visit SCORE.org.

About the result:
Since 1964, SCORE has helped 11 million entrepreneurs start, grow, or troubleshoot a business. SCORE’s 10,000 volunteers provide free mentoring, workshops, and educational services to more than 1,500 communities nationwide, creating 45,027 new businesses and 74,535 non-owner jobs in 2020 alone. Follow SCOREMentors on Facebook, Instagram, and LinkedIn.

funded [in part] Through a cooperative agreement with the US Small Business Administration.

Call:
Betsy Doggart
calendar
800-634-0245
[email protected]

Resources:
https://www.census.gov/econ/currentdata/ https://quickbooks.intuit.com/r/inspiration/small-business-insights-dec-2021/

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