Why have so many new businesses been created in the past two years? The prevailing theory after the numbers started to rise was that there was a backlog of business applications held up by the pandemic. That was slightly true, but the number of backlogged cases was small and not the main...
How many new businesses are started each year? According to the US Business Formation Statistics (BFS), the number of new small business applications filed in 2023 totaled 5.49 million (or 5,494,616, to be exact). This marks an 8.1% annual increase and the largest number of applications ev...
When talking about traditional businesses, statistics from the Office of Advocacy show that new business failure rates are very similar across industries (source). The Statistic Brain Research Institute has other data tracking how many new businesses are dead after four years of operation in different...
One in four businesses that starts within the next 12 months will have a 100% remote workforce. But if you decide to open a brick-and-mortar retail business, you need to focus on getting the right location. Here are a few things you should keep in mind: ...
You can also explore the benefits of getting a business owner’s policy (BOP), which bundles many of the above types of coverage together.8. Manage your moneySuccess in business often comes down to launching the right product in the right market at the perfect time. But keeping that ...
Many successful businesses have unconventional names that stand out and stay lodged in people’s minds. Alliteration, rhymes, and pop culture references can work wonders. These business name guidelines can help if you need extra pointers.Register your original name...
LLCs relieve you of many personal liabilities, but can come with hefty tax payments. A great place to start is by reviewing your options via the U.S. Small Business Administration’s business structure breakdown. The most common types of businesses or business entities in the U.S. include:...
The best way to start a business is to take the leap. Many businesses can be started with little experience and a low budget. Success often comes from matching the right product with the right customer at the right time. Founders who understand their market and build a compelling brand tend...
New Jersey: High costs and regulatory challenges. New Jersey has much to offer, including proximity to major markets like New York City and Philadelphia. However, it also has one of the highest living costs in the U.S., and businesses face hefty property taxes. Additionally, some entrepreneurs...
How Many New Businesses Started in 2023? As many as 974,000 new businesses were established between the first and third quarters of 2023. A total of 311,000 of these were launched in the third quarter, which is a decrease from the 349,000 businesses created in the same quarter of 2022.5...