Things You Should Know Before Becoming Your Own Boss

For some, the COVID-19 pandemic forced the self-employment route. For others, it gave them much more time to start a business they had always dreamed of. Regardless of the reasoning, a CNBC article highlighted the sudden boom of entrepreneurial start-ups and how individuals managed to find their market niche. 

Are you thinking about becoming an entrepreneur? Keep reading to learn more about demographic statistics of new business owners, courtesy of Gusto. 

Minority Trends: Gusto’s survey on pandemic entrepreneurs found that 2020 start-ups are more likely to be owned by women or people of color than previous years. The statistics show that in 2020, 11% of new owners were Black or African American in comparison to previous years that showed only 3%. Furthermore, the survey found that in the past, only 27% of new business owners were women however, 2020 reported 49%, a 22% increase! 

Geographic Trends: If you live in the suburbs, you’re in luck! Gusto found that there was a 13% increase from 2019 to 2020 in suburban-owned entrepreneurial businesses. 

Stress Trends: Although being your own boss can be extremely rewarding, it can also be stressful. To provide full transparency, the road to birthing a self-owned business can be difficult. Gusto reported that 35% of all start-up owners felt their business was doing worse than expected. Additionally, one-third of respondents said they had to take up a second job to take care of expenses - a statistic that continues to increase when looking specifically at Black and AAPI owners. 

Adopting a financial wellness service for yourself may not take care of all financial burdens of starting a business, but can definitely help you manage your finances and plan your financial future, thanks to our team of experts! To register for our services and begin your financial wellness journey, please go to: https://app.financiallyfitemployees.com/#!/guest/register-free. 

To read more about Gusto’s survey results, please visit: https://gusto.com/company-news/new-business-creation-during-covid-19-a-survey-of-pandemic-entrepreneurs 

Written By: Your Financially Fit Me Team