The Great Resignation could lead to a small business revolution. Intuit, in its 2021 New Business Insights report, predicts 17 million new small businesses will be formed in 2022, a third consecutive record year for entrepreneurship.
The jump from working at big businesses to people launching their own comes as the pandemic has had dramatic effects on how people want to work.
Most of the startups in 2022 will be sole proprietorships, but Intuit predicts 5.6 million of those new small businesses will either incorporate or hire employees, topping the expected record of 5.3 million in 2021 (and the current existing record of 2020’s 4.3 million).
Finding those employees, of course, will be a challenge, as major corporations plan to open their purse strings to retain talent.
To compete, small business owners plan to emphasize the close relationships with the owner(s), customers, and a sense of belonging to the company.
The biggest barrier to benefiting from that increased desire to buy local for many small businesses is the lack of a website.
As a result, would-be entrepreneurs rate building a website as being even more important than securing funding or setting up a business bank account as they plan their business.