As we begin the New Year, we are faced with new challenges of rising interest rates and cost of living. We are also in a position for innovation and new opportunities.
QuickBooks released a new report, which sheds light on geographic trends related to business formation in 2023.
A few highlights include:
- The majority (66%) of the 4,926 U.S. respondents who want to start new businesses in 2023 say inflation is driving their decision.
- Of those, 65% plan to continue working their current job; splitting time between the two – indicating a widespread need to supplement income amid record inflation and a volatile job market.
- Of the 4,926 respondents with entrepreneurial ambitions for the new year, nearly half (46%) plan to start an e-commerce-based business.
Why this matters: The surging trend of workers starting side hustles will have massive implications for the overall economy and labor market in 2023. Layoffs consistently dominated headlines in Q4 2022 but were likely to see a second shockwave hit workplaces as a growing number of workers divide their time and attention between their full-time jobs and new side hustles in search of economic stability. This also points to an interesting shift in the workplace dynamic as power transfers back to employees - similar to the recent “quiet quitting” trend and Great Resignation.
Now more than ever is a good time to invest in yourself to enhance your skills. Our mission at schoolofbookkeeping.com is to help you get the answers you need so you can grow to become more proficient and use your time more efficiently. Read more about the side-hustle surge predicted in 2023.
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