{"id":3003,"date":"2022-01-06T21:12:20","date_gmt":"2022-01-06T21:12:20","guid":{"rendered":"https:\/\/pagely-test.frontdoor.godaddy.com\/ventureforward\/?p=3003"},"modified":"2022-10-04T04:13:57","modified_gmt":"2022-10-04T04:13:57","slug":"microbusinesses-flourished-during-the-pandemic","status":"publish","type":"post","link":"https:\/\/www.godaddy.com\/research\/microbusinesses-flourished-during-the-pandemic\/","title":{"rendered":"Brookings Institute: Microbusinesses flourished during the pandemic. Now we must tap into their full potential."},"content":{"rendered":"\n<p><meta charset=\"utf-8\"><em>Published on <a href=\"https:\/\/www.brookings.edu\/blog\/the-avenue\/2022\/01\/04\/microbusinesses-flourished-during-the-pandemic-now-we-must-tap-into-their-full-potential\/\" data-eid=\"comms.microsites.venture-forward\/link.e1b86b71a08e6eae17826220ab8bacf9\">Brookings Institute<\/a> and<\/em> a<em>uthored by: <\/em><br><em>Joseph Parilla, Fellow, Brookings Metro<br><meta charset=\"utf-8\">Jeremy Hartman, Vice President &#8211; Venture Forward<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-drop-cap\">Amid the economic tumult of the past two years\u2014with nearly 30% of small businesses closing their doors at the height of the pandemic, workers quitting their jobs at <a href=\"https:\/\/www.cnbc.com\/2021\/11\/12\/consumer-sentiment-hits-10-year-low-while-workers-quit-jobs-in-record-numbers.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.899cdc0f7cf9dcca19fd408d276c2036\">historic rates<\/a>, and ongoing disruptions to the global supply chain\u2014one positive trend shined through: A record number of Americans started online microbusinesses.<\/p>\n\n\n\n<p>According to Venture Forward, a multiyear research program from GoDaddy to quantify this entrepreneurial activity, Americans created <a href=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2021\/12\/VF-Winter-2021-Report_20211207-1.pdf\" data-eid=\"comms.microsites.venture-forward\/link.f1b651f94296af51cf45251a76165562\">2.8 million more online microbusinesses<\/a> in 2020 than in 2019. <\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<p><em>Online microbusinesses are defined as businesses with a discrete domain name and an active website. About 90% of these online businesses employ fewer than 10 employees, and nearly 17% of the 20 million microbusinesses tracked in the U.S. were started after the onset of the pandemic, per <a href=\"https:\/\/www.godaddy.com\/research\/2021-national-survey-results\/#1\" data-eid=\"comms.microsites.venture-forward\/link.be599c7faad18a1b7fec24489b7dbd3f\">Venture Forward\u2019s latest national survey<\/a>.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-this-increase-aligns-with-larger-entrepreneurial-trends\"><strong>This increase aligns with larger entrepreneurial trends. <\/strong><\/h3>\n\n\n\n<p>The number of unincorporated, self-employed Americans reached <a href=\"https:\/\/www.wsj.com\/articles\/workers-quit-jobs-in-droves-to-become-their-own-bosses-11638199199\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.0dfb2d972eba5bac0f8e6200eac0db3b\">9.44 million<\/a> in October\u2014one of the highest numbers since the 2008 financial crisis, only trailing July and August of this year. This came one month after 3% of the U.S. workforce (4.4 million Americans) quit their jobs\u2014an <a href=\"https:\/\/www.cnbc.com\/2021\/11\/12\/consumer-sentiment-hits-10-year-low-while-workers-quit-jobs-in-record-numbers.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.899cdc0f7cf9dcca19fd408d276c2036\">all-time high<\/a>.<\/p>\n\n\n\n<p><strong>There are several factors that may explain the online microbusiness boom:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/data.bls.gov\/timeseries\/LNS14000000\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.02432bff9d94f9cb217395d9bf817775\">Soaring unemployment rates<\/a> in the early months of the pandemic forced millions to look for new income streams.<\/li><li>Pandemic relief checks <a href=\"https:\/\/www.nber.org\/papers\/w28787\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.fcb459138f581ccf670f42acfa91edff\">likely<\/a> helped some people start new businesses.<\/li><li>And compared to previous recessions, potential <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-22\/cities-make-room-for-a-surge-in-online-only-retail?sref=Y5NzbMHF\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.fda61c5c842ea840ba01f2da5ef872ab\">entrepreneurs<\/a> now have more widely available broadband, greater digital fluency, and a more mature e-commerce marketplace that simplifies website creation, marketing, and online sales. <\/li><li>Today, it\u2019s much easier to translate an artisanal hobby or creative passion project into an online venture than it was in 2008.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2021\/12\/VF-Winter-2021-Report_20211207-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.f1b651f94296af51cf45251a76165562\">Read more in the GoDaddy Venture Forward December 2021 Report <\/a><\/div>\n<\/div>\n\n\n\n<p>Recent research from Venture Forward suggests that these lowered barriers\u2014which make it easier for microbusinesses to generate new jobs and income\u2014help the economy weather economic shocks such as the pandemic. Many recently launched microbusinesses are either too new or too small to show up in traditional economic data such as jobs reports or new business registrations. <\/p>\n\n\n\n<p>But a unique dataset of <a href=\"https:\/\/www.godaddy.com\/research\/about\/\" data-eid=\"comms.microsites.venture-forward\/link.a0953c0e23ac0b1f079a3d882f5d1ffc\">20 million microbusinesses<\/a> with domain names registered with GoDaddy has unveiled their economic impact, which was largely invisible to policymakers.<\/p>\n\n\n\n<p>Working with the Venture Forward data and financial support from GoDaddy, economists at UCLA <a href=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2021\/08\/GoDaddy-Venture-Forward-Report-July-2021-2.pdf\" data-eid=\"comms.microsites.venture-forward\/link.82e444f878d75ac7591d85a83c4e69bd\">have shown<\/a> that a 1-percentage-point increase in the <a href=\"https:\/\/www.godaddy.com\/research\/explore-the-data\/microbusiness-index\/\" data-eid=\"comms.microsites.venture-forward\/link.7c83e04849adc9c211a49d69aa524b46\">Microbusiness Index<\/a> (a composite of factors that measure online microbusiness success) can cause a 0.12-percentage-point reduction in unemployment. And while 39% of microbusiness founders Venture Forward surveyed said their enterprise is currently a supplemental source of income, 67% of them would like their microbusiness to become a full-time job.<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>Currently, about a quarter of the surveyed microbusiness owners earn more than $4,000 per month from their venture.<\/p><\/blockquote><\/figure>\n\n\n\n<h3><span style=\"color:#00a4a6\" class=\"has-inline-color\">After the onset of the pandemic, online microbusiness ownership <a href=\"https:\/\/www.godaddy.com\/research\/2021-national-survey-results\/#4\" data-eid=\"comms.microsites.venture-forward\/link.9aeccaf060b258e803fbe8a7513ad5d4\">grew<\/a> fastest among groups hit hardest by the economic fallout. Black owners account for 26% of all new microbusinesses, up from 15% before the pandemic. Similarly, women-owned businesses surged to 57% of new microbusiness starts, up from 48%. M<\/span><\/strong><span style=\"color:#00a4a6\" class=\"has-inline-color\">icrobusinesses also became a more popular option for those without a college degree, rising from 36% to 44%.<\/span><\/h3>\n\n\n\n<p>It is not <a href=\"https:\/\/ftp.iza.org\/dp11258.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.6da84e2fd8e2653f29e833445d623d0a\">abnormal<\/a> for \u201cnecessity entrepreneurs\u201d\u2014individuals pushed into entrepreneurship after job loss or income decline\u2014to pivot to self-employment during recessions. But this microbusiness surge is too large to be fully explained by necessity entrepreneurship and warrants greater attention from policymakers to understand how these nascent owners can be supported.<\/p>\n\n\n\n<p><strong>Like companies of all sizes, access to capital is a top concern when getting started, but <a href=\"https:\/\/www.godaddy.com\/research\/2021-national-survey-results\/#5\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.5a188d4dab0aedca8f716b4de4dc216d\">63% of microbusiness owners who started after 2020 needed less than $5,000 to get going<\/a>\u2014an amount that traditional banks are not optimized to provide. <\/strong><\/p>\n\n\n\n<p>Universal broadband access remains critical for an increasingly web-native wave of entrepreneurs. And as Brookings Metro nonresident senior fellow Pamela D. Lewis <a href=\"https:\/\/www.brookings.edu\/blog\/the-avenue\/2021\/07\/14\/how-to-include-microbusinesses-in-economic-growth-strategies\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-eid=\"comms.microsites.venture-forward\/link.0b306c20772c804629654dd1d2dc399c\">argues<\/a>, local economic development strategies may look different for microbusinesses than for larger businesses, requiring distinct interventions related to networking, practical assistance, and mentoring.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ultimately, a shift in mindset is as important as policy change.<\/h3>\n\n\n\n<p>Many local economic growth policies focus on target industries or chase well-documented metrics such as job creation. But microbusiness owners do not fall neatly into traditional economic development strategies. They do not think of themselves as part of a larger industry, and generally are not looking for a job. They are following a passion\u2014not an industry\u2014and need access to skills training, capital, and affordable broadband rather than a job fair.<\/p>\n\n\n\n<p>Policymakers at all levels of government have tried to help the country\u2019s small businesses survive the pandemic, but this online microbusiness boom has occurred with almost no consideration of their specific needs.<\/p>\n\n\n\n<p><strong>Now, with newly available data in hand, it\u2019s time to change that, and find out just how much of a boon this growing part of the economy can be.<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><br>Interested in learning how Venture Forward data can support decision making in your community? <a href=\"mailto:ventureforward@godaddy.com\" data-eid=\"comms.microsites.venture-forward\/link.a277be2b2ccb7a53a232c917254e70fb\">Send our team a message.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With more than 2.8 million online microbusinesses launching just last year in the U.S., now is the time to consider policies to target the entrepreneurs\u2019 specific needs.<\/p>\n","protected":false},"author":15,"featured_media":3008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-3003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Microbusinesses Flourished During The Pandemic - Small Business Research Lab<\/title>\n<meta name=\"description\" content=\"With more than 2.8 million online microbusinesses launching just last year in the U.S., now is the time to consider policies to target the entrepreneurs&#039; specific needs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.godaddy.com\/research\/microbusinesses-flourished-during-the-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Microbusinesses Flourished During The Pandemic - Small Business Research Lab\" \/>\n<meta property=\"og:description\" content=\"With more than 2.8 million online microbusinesses launching just last year in the U.S., now is the time to consider policies to target the entrepreneurs\u2019 specific needs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.godaddy.com\/research\/microbusinesses-flourished-during-the-pandemic\/\" \/>\n<meta property=\"og:site_name\" content=\"Small Business Research Lab\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-06T21:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-04T04:13:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2022\/01\/Brookings-Article-FB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Venture Forward\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.godaddy.com\/research\/wp-content\/uploads\/2022\/01\/Brookings-Article-Twitter.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Venture Forward\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.godaddy.com\/research\/microbusinesses-flourished-during-the-pandemic\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.godaddy.com\/research\/microbusinesses-flourished-during-the-pandemic\/\"},\"author\":{\"name\":\"Venture Forward\",\"@id\":\"https:\/\/www.godaddy.com\/research\/#\/schema\/person\/917cfcd7d6575505c8eec95b5f3ed76d\"},\"headline\":\"Brookings Institute: Microbusinesses flourished during the pandemic. 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