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2022 Microbusiness National Survey Results
Venture Forward conducted a national survey of 2,300 microbusiness entrepreneurs in February 2022.
Nearly all microbusinesses have fewer than 10 employees,
over a quarter earn enough for their microbusiness to qualify as their primary income stream,
and almost a third were created after the pandemic started.
The vast majority of microbusiness owners used personal savings to get started.
And yet, more than half launched with less than $5K.
Most entrepreneurs started their microbusiness to be their own boss, or to support a passion.
Different groups had different motives for starting their businesses.
Female microbusiness owners are more likely to start their own business to become their own boss.
BIPOC microbusiness owners are more likely to start their own businesses in order to support their communities.
Millennials are more likely to start a microbusiness so they can have a flexible work schedule.
Regardless of their motive for starting the business, most entrepreneurs want to grow in terms of revenue and employee count.
What’s standing in their way to take their business to the next level?
When entrepreneurs have access to relevant training, their businesses thrive.
Few entrepreneurs know where to get help.
Announcing GoDaddy Open. We’re here to help.
Built on decades of helping millions of microbusinesses and entrepreneurs succeed, GoDaddy Open is a new program partnering with cities to train and upskill local entrepreneur communities.
Our team has over 45,000 interactions with entrepreneurs every day, helping them grow their businesses.
