Last quarter, nearly 8% of U.S. job seekers started their own business instead of finding traditional employment, according to research from outplacement firm Challenger, Gray & Christmas.
That’s the highest it has been since the fourth quarter of 2013. Only 5.1% of job seekers launched a new business in all of 2017.
Experienced workers are especially interested in going the entrepreneurial route, but Millennials won’t be far behind them. Read on.
88% of Small Businesses Started by People Over Age 40
As confidence levels soar, many Americans are choosing to pursue their entrepreneurial dreams – especially those in the over 40 crowd.
Last quarter, more than 88% of new small businesses were launched by people 40 or older. They have the knowledge, experience and connections to make their ventures successful. The new 20% tax deduction on certain small-business income adds to the appeal of business ownership.
40% of Millennials Plan to Forgo Full-Time Work in Next 5 Years
Older workers might be quick to launch new businesses, but Millennials also share the dream of going into business for themselves.
According to a survey by MetLife, nearly three-quarters of younger workers want to pursue freelance opportunities, and nearly half plan to resign from their full-time jobs in the next few years in favor of self-employment.
The Self-Employed Have a Better Handle on Personal Finances
When you’re your own boss, you have to stay on top of many things – including financials. That’s why independent workers report having a better grasp of their money matters.
A survey by T. Rowe Price reveals that more than three-quarters of self-employed individuals say their non-traditional employment has made them better managers of their personal finances.
Small Businesses Plan to Invest, Hire and Expand with Tax Savings
Across the United States, small-business owners are planning on fuller pockets thanks to the tax cuts signed into law last year. And when it comes to spending the extra money, they have plenty of ideas on how to improve their operations.
A nationwide survey from Bank of America reveals that 37% of small-business owners plan to invest in their business and 34% plan to increase profits.
Here are some other ways small businesses are using their tax savings.
Learn from These Small-Business Success Stories
Whether you’re considering entrepreneurship, or you want to take your business to the next level, it’s helpful to learn from those who have successfully ventured out on their own.
If you’re feeling uncertain or weighed down by the sacrifices it takes to grow your business, take heart – other entrepreneurs have traveled a similar path and arisen victorious. As one business owner says in the article linked below, “Keep your faith and be patient.”
Words That’ll Stick With You:
“Small business isn’t for the faint of heart. It’s for the brave, the patient and the persistent. It’s for the overcomer.” Unknown
Have you been dreaming of opening your own shop? Leaving the 9-to-5 to pursue your passion?
Turning your idea into a thriving business won’t happen overnight, but with a solid plan and the drive to see it through, anything is possible. Just take it from small businesses such as Page One Consultants, Well+Good or the others spotlighted on TheBalanceSMB.com.
Whatever career stage you’re in, go out and build your empire. We’re here to inspire you along the way.
What’s your new-business success story or struggle? Drop us a line at QRCeditor@intuit.com.