Here’s an unexpected side effect of the COVID-19 pandemic. Apparently the number of small business startups is growing at a rapid clip.
According to business formation statistics from the Census Bureau, more than 5.4 million applications to start new companies were filed in 2021, a 53% increase from pre-pandemic levels. That’s terrific news – our country needs more small businesses.
As to why this is happening, we can thank the conditions resulting from the pandemic. The pandemic environment provided people with the time and resources they needed to start new businesses. This includes the government’s COVID stimulus checks and money saved by working from home. The new stay-at-home economy also created new business opportunities, including many in ecommerce, food delivery, and consulting.
The bottom line is that there are more new businesses opening today than there have been in more than a decade. If you’re the owner of one of these startups, you need a robust payment processing solution for your business – and the experts at Higher Standards can help. Contact us today to determine the right package for your new business.