Even with all of the pandemic situations and one of the significant economic downturns in world history, the number of small businesses in the U.S. skyrocketed last year, and this trend is growing in the year 2021. There is a more than 20% surge in the number of startups compared with the pre-pandemic situations.
Resources on the web made it possible:
There are millions of content online that have aided people to have a smooth start. Many portals offered a comprehensive range of courses from business management to process scheduling to legal formalities, digital marketing, financial planning, and whatnot. The facility of 24*7 help via chats with field experts worldwide made starting up much more manageable.
Renowned online platforms such as Facebook and Youtube also acted as a savior. It helped people to generate creative ideas, learn technical things like website development, SEO, advertising, etc. Whenever the new entrepreneurs felt stuck in between the operations, they took the help of the Facebook groups and received some valuable solutions.
Economic aids to support new businesses:
Cash plays a significant role in forming a new business. Most of the entrepreneurs faced financial crunches in the beginning. Moreover, the fundraising process was difficult for them, as the investors didn’t show any interest due to the ongoing pandemic.
Hence, many corporates and not-for-profit organizations came up to support the newly formed small businesses.
● The Barstool Fund:
This incentive is for COVID-19-affected startups who retained staff during the epidemic and have a proven track record. Recipients are selected continuously, so register now for an opportunity to win cash for your business.
● KKR Small Business Builders:
In collaboration with Hello Alice, KKR created the Small Business Builders fund, which will provide small firms with COVID-19 recovery funds of up to $10,000. KKR’s technical expertise, mentorship, and coaching benefits, as well as Hello Alice’s range of resources and virtual communities, are all offered to awardees in addition to cash.
● Walmart Local Community Grants:
Local businesses can obtain fundings from Walmart and Sam’s Club through this small-scale business grant. The incentives range in value from $250 to $5,000. The cutoff date to apply is December 31, 2021.
● Alibaba.com Grant Program:
Alibaba.com is funding a $500,000 incentive in collaboration with Hello Alice to assist online businesses in bringing their plans into action. Each of the selected recipients will get $10,000 for their organizations. To participate, go to their website and tell them why you believe your idea or company is creative.
There are many more grant programs that are being offered to small businesses and startups.
Several factors contributed to the rising numbers, like a childhood dream of setting up a business, lost jobs due to covid-19, new startup ideas, unemployment, freedom to work from anywhere, to name a few. Economists believe the idle hours, feeling of house arrest and inventiveness encouraged people to head towards a new start.
The pandemic made people realize that they do not need a dedicated space for running their businesses, but they can give a brilliant start to their startups by operating from home.
Studies suggest that new businesses are among the great contributors to employment generation in an economy. Therefore, the upgoing graph of startups denotes expansion of employment opportunities in the U.S. economy in the future.