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Did 2023 See a Small Business Boom? The Numbers Are In (Well, Almost)

Did 2023 See a Small Business Boom? The Numbers Are In (Well, Almost)
Posted on February 3, 2024

The entrepreneurial spirit seems alive and well! Many experts predicted a surge in new businesses in 2023, fueled by post-pandemic shifts and a growing desire for ownership. 

But how many small businesses actually launched last year? The trend only accelerated in 2023, with a record-breaking 5.5 million new business applications filed. Application numbers doubled in 2020 compared to recent years, and 2021 and 2022 saw over 5 million applications filed, according to the U.S. Census Bureau.

New Business Applications: A Hint of What's to Come

The U.S. Census Bureau's Business Formation Statistics are the gold standard for tracking new businesses. 

However, looking back at 2022, a record-breaking 5.1 million applications were filed – a strong indicator that the entrepreneurial spirit was indeed thriving.

Industry Reports: Whispers of Growth

The U.S. Small Business Administration (SBA) offers valuable insights, reporting roughly 1.4 million new small businesses opened between March 2021 and March 2022. Similarly, Forbes Advisor estimates a similar figure for the same period. While not strictly 2023 data, this suggests a continued upward trend.

Beyond the Numbers: The Buzz on the Ground

Organizations like Bankrate and the Commerce Institute point to increasing trends in new business applications, hinting at potential growth in 2023. News articles and anecdotal evidence further support this notion, showcasing the diverse range of new ventures launched last year.

So, Where Do We Stand?

While definitive numbers remain elusive, the available data and reports paint a promising picture. We can expect a significant number of new small businesses emerged in 2023, driven by various factors like:

  • The post-pandemic shift towards remote work and flexible careers.
  • Increased access to technology and online resources.
  • A growing desire for personal fulfillment and ownership.

Stay Tuned for the Grand Reveal!

The final tally on 2023's small business creation won't be available until later in 2024. But that doesn't dampen the excitement. We can stay tuned for official reports from the Census Bureau and other organizations, and continue observing the vibrant small business landscape around us.

There is no better time than now to start or purchase an existing business. However, careful planning is crucial regardless of the current economic conditions.

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