2023 Incfile Small Business Trends Survey Reveals Millennial-owned Businesses Are Growing the Most
Incfile, a leader in online business formation and startup services, today released Part 3 of its 2023 Small Business Trends Survey. With National Small Business Week underway on April 30, the annual survey looks at the current state of the nation for entrepreneurship in the United States. To learn more and follow full survey results, please visit incfile.com.
The Incfile survey polled 2,000 entrepreneurs who have started their businesses in the past two years, spanning 13 industries across the U.S., and provides insight into the economy's impacts on entrepreneurship. 91% of entrepreneurs agree community is key to business success. And 92% believe there's a growing need for small business community support. It's an affirming response for Incfile ? we are continually evolving to provide a community where small business owners can engage, find resources, and plan their path to entrepreneurial success.
WHERE DO ENTREPRENEURS GO FOR SUPPORT?
- 59% belong to a local small business community
- 17% belong to a national small business community
- 24% don't belong to a small business community
WHAT ARE THE BIGGEST STRUGGLES FOR SMALL BUSINESS TODAY?
- 50% say inflation
- 25% say supply chain disruptions
- 14% say retaining employees
- 11% say maintaining finances
GROWTH IS ON THE RISE IN 2023
- 65% of small business owners say their business is performing better than last year
- 52% of entrepreneurs anticipate seeing a rise in new businesses in their community over the next year
WHICH TYPES OF BUSINESSES ARE GROWING IN POPULARITY?
- 45% - Millennial-owned businesses
- 39% - Women-owned businesses
- 33% - Gen Z-owned businesses
- 29% - Black-owned businesses
- 24% - Minority-owned businesses
- 18% - Gen X-owned businesses
HIRING IS A PRIORITY, DESPITE ECONOMIC CHALLENGES
- 59% of small businesses plan to increase their number of full-time employees
- 28% of businesses plan to maintain their current staff levels
- 12% plan to decrease their workforce
We added a bonus question to our poll to understand who handles the books for small businesses. An unexpected 46% say they do their accounting on top of running their biz, while 40% say they have an in-house team member who tackles the numbers and those tricky spreadsheets. Around 14% outsource their accounting needs.
"We know that small businesses have faced challenges with roadblocks like inflation and supply chain disruption," said Dustin Ray, Chief Growth Officer & Co-CEO, Incfile. "Seeing so much optimism from the small business community is encouraging. Reports of growth and increasing full-time employment are solid indicators that the hard work entrepreneurs put in, is paying off."
To follow Incfile's 2023 Small Business Trends Survey Series or to learn more about entrepreneurship and how to start a new business, please visit Incfile.com.
About Incfile
Incfile is a leader in online business formation and startup services. Since 2004, Incfile has simplified the process of registering and running a business for over one million entrepreneurs and small business owners. In addition to streamlining formation and incorporation with end-to-end service, Incfile's all-in-one solution delivers a full suite of essential ongoing services like compliance, banking, bookkeeping, and more. With simple pricing, no contracts or hidden fees, $0 LLC formation, and one free year of registered agent service, Incfile offers unparalleled value for the modern entrepreneur. Incfile is proud to be recognized in Inc. Magazine's Inc. 5000 National Awards for 2022 and Inc. Magazine's Regional 5000 Awards for 2023. For more information, please visit www.incfile.com.
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