U.S. Census Bureau reports
So what to do? You’ve been laid off from your job due to COVID. You can’t hang out with friends and family due to social distancing requirements. You can’t even leave your house much due to “stay at home” orders. With all this time on your hands and nowhere to go, what are you going to do? Let’s start a new business!
The U.S. Census Bureau recently released a report showing nearly double the number of new business applications were filed between July and October last year than in any quarter ever before. The number of new business applications has risen slightly nearly every quarter since 2009. But the number of new business applications in Q3 2020 compared to Q2 were about 77% higher. And Q2 was no slouch. It had held the record for the highest number of new business applications since at least 2005 before then.
The COVID Connection?
The numbers are truly remarkable but who can be surprised? COVID has caused a lot of lives to be lost and a lot of jobs and businesses too. The prospect of many of these jobs and businesses recovering when things return to “normal” is questionable.
But “when” is when? And what will “normal” look like? The government issued Americans stimulus checks and supplemented state’s unemployment coffers with trillions of dollars. The stock market fared incredibly well all things considered. Folks had money in the bank.
But as summer came upon them they realized it wouldn’t last forever. And you can only watch just so many reruns of I Love Lucy.
Drastic Times Call For Drastic Measures
It takes some big huevos to start a business during difficult and unpredictable times. I know as I started (949) Local during the Great Recession. I met other local entrepreneurs at networking events and was awed by their resilience and optimism. Times were tough, but they had a plan to get through it. I am eternally grateful that many of them allowed (949) Local to be included in those plans.
Clearly, many Americans have shown their resilience and taken that leap of faith to strike out on their own. I applaud them! And wish them luck.