The Pandemic has impacted every part of our lives, and commerce is no exception. Yet, while most conversations surrounding the Pandemic and commerce have a negative tone, the Pandemic’s impact on new entrepreneurs might be a silver lining.

According to the Census Bureau, 3.5 million new business applications were filed in 2019. 2021 saw a massive increase with 5.4 million new business applications. Some economists have looked to this increase in new businesses contributing to the decrease in an available workforce. Many people have taken the time away from the office to start a new business or make their side hustle their focus.

However, with more businesses being pushed online, the cost of online advertising has increased substantially. It is unclear how this will continue to affect entrepreneurs in the future. Still, one thing is clear, a combination of more space due to existing businesses going out of business and an increase in online platforms has allowed many entrepreneurs to seize the preverbal moment and make lemonade out of lemons.

 

Link to Article: https://www.usnews.com/news/business/articles/2022-02-02/pandemic-creates-openings-for-would-be-entrepreneurs

For help with your small business needs, contact the Elon Law Small Business & Entrepreneurship Clinic at businessclinic@elon.edu