Record numbers of start ups

Record numbers start up new businesses

Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Women made up 49% of the new business owners surveyed. Black entrepreneurs made up 6% of new business owners in 2023, double the 3% rate seen before the pandemic. Hispanic entrepreneurs made up 13% of new owners, compared to 8% last year. Meanwhile, more businesses are being started as “side hustles,” with 44% of entrepreneurs starting a new business while working another job.