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COVID & Entrepreneurship: How the Pandemic Is Propelling New Businesses Forward

Covid & Entrepreneurship: Business Trends During a Pandemic incfile At Incfile, we're seeing more entrepreneurs than ever choosing to start a new business-even in the middle of a global pandemic. 1 Top 5 States for Business Formation in 2020 TX New York 7,674 • Texas 14,961 Number Georgia 8,241 of Businesses Formed • California 14,961 Florida 9,221 Sources: Incfile Research FL 2 Top Industries for Business Formation in 2020 Number of Businesses Formed 20,455 11,074 11,348 8,023 Ecommerce Consultant Real Estate Internet/ Web-Based Service Sources: Incfile Research 3 Data to show shifts in consumer behavior of SMB owners say support 71% from their local community has been critical to their recovery efforts. of Americans say that the top 57% reason to shop local is to support the local economy. of small businesses face more 31% competition from smaller or local companies compared to six months ago. Data to show industry shifts 4 of U.S. small business owners have pivoted to new approaches since the start of COVID. 60% of small business owners globally have experimented with a new approach to sales, from launching ecommerce websites to changing their point of sale systems. 67% of businesses are making more 65% sales online. of small businesses have 25% increased their use of digital payment options. incfile References https://usa.visa.com/dam/VCOM/global/run-your-business/documents/visa-back-to-business-study.pdf https://www.uschamber.com/report/july-2020-small-business-coronavirus-impact-poll https://www.incfile.com/

COVID & Entrepreneurship: How the Pandemic Is Propelling New Businesses Forward

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We all can agree that the past year has been a tough one. As the world continues to deal with the pandemic, we’re seeing more and more people looking to start businesses. This may seem counterintuit... ive, as the impact from COVID has created enormous disruption to our global economy. While we still have a long way until we fully recover economically, business founders are optimistic and looking to the future. They’re deciding that even with the current state of the world, the time to start that new business is now. And, with the immersion of so many new businesses we are also seeing a shift in consumer behavior. How the Coronavirus Is Leading to More Small Business Creation? To figure this out, Incfile conducted research, interviewed entrepreneurs and used our years of experience and insight to understand the dedication and drive small business owners have, and how they are navigating the crisis. Understanding Pre-COVID: Small Business Success Before the Pandemic. To understand how the pandemic has impacted small businesses its necessary for us to understand how important small businesses are to the United States economy. 32 Million is the approximate number of small businesses in the U.S. 60 Million People that were employed by small businesses: 47% of the working population. 1.6 Million is the number of new jobs added by small businesses. Sources: SBA Office of Advocacy, 2020 United States Small Business Profile As you can see small businesses are a crucial part of our economy. Headed into the pandemic they were strong and resilient, and able to weather the challenges of the pandemic. Even though small businesses had a solid foundation coming into the pandemic, 8 in 10 businesses have felt the impacts of the pandemic, but fortunately more than two thirds of businesses were able to create new revenue streams. Our infographic illustrates the current state of entrepreneurship, shifts in the industry, and in consumer behavior due to the COVID-19 pandemic.