The year 2020 wasn't just about lockdowns and remote work; it became a turning point for many. Sure, there were challenges (who misses baking banana bread every day?), but something unexpected emerged: a surge in entrepreneurial spirit. Let's take a journey through the data on the rise of entrepreneurship from 2019 to the present day.

The Numbers Speak Volumes:

• National Bureau of Economic Research (NBER): A 2021 NBER working paper reported a 20% increase in new business applications in the U.S. between February and December 2020 compared to the same period in 2019.

• Kauffman Foundation: The Kauffman Foundation's research shows a sustained upward trend. The number of startups (firms under 1 year old) in the U.S. increased by 16% between 2019 and 2023. This is more than double the growth rate observed between 2015-2019 (6%).

Beyond the Headlines: Looking Beyond Silicon Valley

The U.S. Census Bureau data reveals a fascinating story that goes beyond the headlines. The rise in business applications wasn't limited to the usual suspects like tech startups in Silicon Valley. We've seen a significant increase across various industries, indicating a wave of new businesses taking flight:

• Local Gems: Think charming neighborhood bookstores, independent coffee shops, and trendy apparel boutiques catering to their communities. These local businesses are the heart and soul of many towns and cities, offering unique experiences and fostering a sense of community.

• Home-Based Hustle: The rise of remote work flexibility has empowered individuals to turn their passions into side hustles and even full-fledged businesses. From handcrafted jewelry designers to freelance graphic artists, home-based ventures are flourishing.

• Solopreneur Power: For many individuals, the pandemic was a time of reflection and re-evaluation. It pushed people to finally take the leap and pursue their entrepreneurial dreams. Whether it's a fitness instructor launching online workout classes or a baker sharing their family recipes with the world on social media, solopreneurs are making their mark on the business landscape.

This explosion of businesses across various sectors paints an exciting picture of the entrepreneurial spirit. It's not just about tech giants and venture capitalists anymore; it's about everyday people taking control of their destinies and building something meaningful.

The E-commerce Explosion: Fueling Online Dreams

The pandemic accelerated the shift towards online commerce. Shopify, a leading e-commerce platform, reported a staggering 71% increase in new store creation in 2020 compared to 2019. This trend highlights the growing importance for entrepreneurs, regardless of size or industry, to establish a strong online presence.

Riverside Payments: Your Trusted Partner

At Riverside Payments, we're passionate about empowering entrepreneurs on their journeys. We understand the unique challenges faced by businesses of all sizes, and we offer a suite of merchant services designed to streamline your operations and help you reach your full potential.

• Secure and Efficient Payment Processing: Accept payments seamlessly, online and in-person, and focus on what you do best – building your business.

• Flexible and Scalable Solutions: Our customized plans adapt to your evolving needs, ensuring you have the right tools as your business grows.

• Dedicated Customer Support: Our team is here to answer your questions and guide you through the ever-changing landscape of payment processing.

A New Era for Entrepreneurship

While the pandemic served as a catalyst, the data suggests a more enduring shift. Entrepreneurship is thriving, fueled by continued access to resources, technology, and supportive partners like Riverside Payments.

Are you ready to take flight in the post-pandemic entrepreneurial landscape?

Visit our website or contact us today to learn how Riverside Payments can be your partner in success. Together, let's turn your entrepreneurial dreams into a reality!