Suzanne DuFore, Head of Research at NEXT Insurance will discuss Small Businesses, the heart of our economy, and new survey findings. The recent survey was with 500+ small businesses about the impact of COVID, and the future. Below are a few key findings:
COVID-19 Forced Businesses to Go Digital, Embrace Government Assistance: Overall, close to half of all small business owners said they embraced more digital practices in response to COVID-19 which will contribute to 52% of all small businesses getting more than half of their revenues digitally by 2022, up from 42% in 2019.
Small Business Owners are Bullish on Their Businesses and the Broader Economy: When asked about the broader economy, 84% of small business owners said they are somewhat, very or extremely optimistic about a recovery. When asked about their own businesses, 94% expressed optimism about a recovery.
Women Are Starting Businesses More Than Men, Often from Scratch and By Themselves: Women were more than twice as likely to start a business during 2020 than men. Data suggests women are more likely to start a business from scratch than men, with men twice as likely (11.3% to 5.6%) to buy into an existing business or franchise. Women (57%) are also more likely to start their businesses without a partner or partners than men (42%).