The coronavirus pandemic has been a time of hardship for small business owners between changed consumer behavior and government shutdowns. Fortunately, according to a new JustBusiness study, many entrepreneurs are feeling optimistic about new businesses they plan to start during or after the pandemic.
JustBusiness’ study found 1 in 5 respondents to their survey didn’t have plans to start a business before the pandemic but do now. Despite its terrible effect on businesses across the country, the pandemic has inspired many entrepreneurs with new ideas or changes to existing plans. Nearly 70% of surveyed entrepreneurs said the pandemic altered their business plan or forced them to make changes.
JustBusiness learned the key industries entrepreneurs plan to launch businesses in. 16.8% of entrepreneurs surprisingly plan to start accommodation and food service businesses. 11.7% plan to launch retail trade businesses and 10% plan to start arts, entertainment, and recreation businesses.
Recessions or periods of economic uncertainty often prompt entrepreneurs to create businesses after a previous business fails or they’re laid off. The economic uncertainty of 2020 seems to be no different as entrepreneurs surveyed are excited to make their new businesses a reality.
This JustBusiness infographic visualizes much of the key information from the survey, elaborating on key details like the funding sources new business owners plan to finance their ventures with.