Small businesses created in record numbers across the country
(CBS DETROIT) - As we move further away from the damage caused by the pandemic, more people are turning to passion projects in terms of their career choice.
Studies show there has been a significant increase in the number of small business startups in the country.
You could call it an entrepreneurial boom of sorts. Within the past one to two years alone, a record number of businesses have been created.
Brett Sussman serves as vice president of American Express Business Blueprint. He says more people are willing to bet on themselves because they know what they want.
In 2021, more than 5 million small business applications were filed. Sussman says it is the highest on record and represents about a 50% increase since the pandemic.
"I think you can explain it in two ways. The pandemic gave people a chance to have the great reset and think about what is their passion," he said.
Sussman says digital tools readily available made it easier for people to start their businesses during that time, especially considering that during the pandemic, many people were much more comfortable with the idea of shopping online.
While it may be easy to get started, experts say marketing costs, finding staff, and the impact of inflation make it harder to maintain a business.
Sussman says people should not be afraid to seek help from a professional service, like his company for example, to get help navigating the changing economic climate.
He says it's never too late to start and live out a dream of starting your own business.