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## Increase in New Business Applications

Record numbers of people are starting new businesses, and more and more of them are women and minorities, according to a new study. The number of new business applications surged in 2020 as the pandemic began, and this trend has only accelerated since then. In 2021 and 2022, more than 5 million applications were filed, while a record 5.5 million new business applications were submitted in 2023.

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## Diversity Among Small Business Owners

Payroll firm Gusto conducted a survey of 1,300 owners who launched their small businesses last year to identify their characteristics. The results revealed that women accounted for 49% of the new business owners surveyed, representing a significant increase from previous years. Despite this progress, women entrepreneurs still face challenges when it comes to securing investment, with only 3% receiving private capital compared to 9% of male entrepreneurs in 2023.

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## Increasing Representation of Minorities

In 2023, black entrepreneurs comprised 6% of new business owners, doubling the rate seen before the pandemic. Hispanic entrepreneurs also saw an increase, making up 13% of new owners compared to 8% in the previous year. This rise in minority representation is a positive development for the business landscape, reflecting a more inclusive and diverse entrepreneurial community.

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## Rise of Side Hustles

Moreover, more businesses are being launched as “side hustles,” with 44% of entrepreneurs who started new ventures in 2023 doing so while juggling another job. This trend highlights the flexibility and entrepreneurial spirit of individuals who are seeking to supplement their income or pursue their passion projects outside of their primary employment.

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