After the wake Covid-19 left, business registrations surged throughout the country with many people taking to entrepreneurship in a quest to become less reliant on an unstable job market and try their hand at running their own business. North Carolina was no different with a record number of businesses registered with the North Carolina Secretary of State in 2021. When looking at the statistics combined with what makes a good entrepreneur, right now is a great time to become an entrepreneur in North Carolina.
THE NUMBERS
When you look at the U.S. Census Bureau’s records, they show a huge bump in business applications in late 2020, right in the middle of the pandemic. In fact, there was a 77% increase between the second and third quarters of 2020 in business applications. When you compare the 2020 statistics to 2019’s, business applications rose almost 38%. In North Carolina, 2021’s numbers were even more impressive. In 2021 in North Carolina, a total of 178,300 businesses were started. That’s 50,000 more than 2020 alone. When compared to every other year on record, 2021 beats them all out.
GROWTH AND WHAT IT MEANS
Statistics can be very influential if they are interpreted correctly. What the statistics above show, is that people are extremely confident in becoming an entrepreneur, despite Covid-19, possibly because of it. This is because even though Covid-19 was a nightmarish crisis, it created Look at Trader Joe's, Microsoft, Airbnb, and Uber. There is a common thread between these companies. All of them started during an economic downturn or full-blown trouble. Now they are all household names. Entrepreneurship is a viable option as a career in North Carolina and the pandemic highlighted that as so many people are flocking to it.
PROBLEM-SOLVING
Entrepreneurs are natural problem solvers. Most businesses originate to solve a problem. Uber was started so people who didn’t have a vehicle could get around. Airbnb was a way for people to make money off their property and others to find a cheaper, more personal place to stay. The pandemic not only brought a terrible virus but numerous other challenges that required a solution.
As businesses shut down in the face of the pandemic, they had to rework their business models, minimize their operations, utilize virtual environments, and find ways to educate those who weren’t comfortable in virtual environments. All these problems needed a solution and inspired entrepreneurs, new and existing, to think and operate creatively. Crises like the pandemic are amazing opportunities for entrepreneurs to debut fresh ideas to address old and new problems.
Overall becoming an entrepreneur in North Carolina right now is a great option. The market for entrepreneurs is booming and there are plenty of problems to be solved, especially in a post-Covid-19 world.
Dye Culik PC is a Charlotte, North Carolina business and franchise law firm. Our attorneys love working with entrepreneurs to make sure you are compliant with local, state, and federal laws to protect yourself and your business long-term. Give us a call at 980-999-3557 or contact us here to set up your consultation to see how we can help.