It’s not uncommon to hear people talk about striking out on their own these days and starting their own businesses. And with the internet offering countless resources for learning how to do it, it’s easier than ever for them to take the leap.
The question is, how many of them act on the information they find and follow through?
Legal Templates recently conducted a study on how many have taken this path in recent years. Keep reading to learn how many people are starting LLCs and what aspects they consider in the process.
A Nationwide Increase in LLCs
Registering an LLC is a popular way to start a business. It’s a passthrough entity, so it can make things like handling taxes easier. Not everyone takes this route, but in the last few years, we’ve seen an uptick in people creating LLCs. Between 2019 and 2020, the number of those registered in the United States doubled, and it’s continued to rise yearly since then.
Starting LLCs has been more common in some parts of the U.S. than others. The study found that many online searches for information about how to start a business came from Delaware in 2021. This state also had the biggest boom in business application submissions from 2020 to 2021 (an increase of 42%). It’s no wonder, in a state with no sales tax and many other benefits for business owners.
Business Types
With so much global change in the past few years, what kinds of businesses are entrepreneurs looking to launch lately? From 2018 to 2023, the most popular businesses to start have been in these five industries:
- Jewelry
- Real estate
- Contracting
- Tutoring
But those weren’t the only industries that saw an increase in new businesses. With social media and cryptocurrency taking the spotlight in recent years, more people are interested in creating businesses in these niches as well. The number of online searches for information about starting a crypto-related or influencer-based business rose 203% and 102% (respectively) from 2020 to 2021.
What Are Future Business Owners Worried About?
New business ventures always involve risks, especially in the face of an impending recession. That’s probably why many prospective business owners want to know how to survive and thrive in challenging times; searches for whether or not there would be a recession in 2023 and ideas for profiting during a recession grew by more than 1000% in the past 12 months.
Top searches related to economic concerns included:
- “Is there going to be a recession in 2023?”
- “How do you profit in a recession?”
- “Starting a business during a recession:
With concerns about a possible recession coming up a lot in internet searches over the past year, it seems new business owners have been looking for industries and business ideas that will stand the test of time. After all, there are sure to be business experts out there who have faced economic hurdles and lived to tell the tale. An online search can be a great way to find them and learn from their experiences.
The Land of Opportunity
America has been known as “the land of opportunity” since the beginning. For some, that means landing a stable job early in life that will take care of them until they retire. But according to online search trends, that meaning has shifted. Many are taking the reins in their careers and starting businesses on their own in order to find success and stability. If you fall into the latter category, here are some tips to get you started on the right track!
