Majority of Entrepreneurs Will Maintain Current Job While Starting a Side Hustle
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Business formation continues to be at historically high levels, with concerns over cost of living and inflation motivating Americans to pursue a small business venture. New research from Intuit QuickBooks shows this trend will continue in 2023 and of those survey respondents who say they plan to start a small business, two thirds (66%) indicate inflation and the need for additional income is behind their decision. These findings and more are highlighted in the QuickBooks New Business Insights report, based on a recent survey of 15,200 U.S. adults commissioned by Intuit (NASDAQ: INTU), the global financial technology platform that makes QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221215005264/en/
What funding will new business owners use in 2023? (Graphic: Business Wire)
The report also uncovered several geographic trends related to business formation and where small business economic activity in the U.S. flourished in 2022 and is expected to increase in 2023:
“As we navigate the small business landscape post-pandemic, we’re seeing increased business formation as people look for new revenue sources and opportunities in a changing economy,” said Alex Chriss, executive vice president and general manager of Intuit’s Small Business and Self-Employed Group. “With an increase in small business creation, it’s imperative that we support them with the tools they need to successfully run and grow their business, especially as a majority of them lean into ecommerce, online lending solutions, and digital tools to gain customers and manage cash flow.”
Technology, and its ability to simplify many aspects of starting and running a business, continues to be a key driver of small business starts.
This report and additional research and insights from Intuit QuickBooks are available here.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With more than 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
Source: Intuit Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005264/en/
Intuit QuickBooks:
Dan Mahoney
Dan_Mahoney@intuit.com
Jen Garcia
Jeng@accesstheagency.com
Source: Intuit Inc.