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Inflation to drive more Florida business formations

On Behalf of | Dec 24, 2022 | Business Law |

Inflation is driving record numbers of Americans to start new businesses, according to a recent report. With 40% of the adults in the state saying they want to start a new business, Florida could be one of the states with the most new business formations in 2023.

These are some other interesting facts about this entrepreneurial trend.

Changing technology and a shaky economy are driving new business startups

Two-thirds of the people surveyed said they wanted to start a business to increase their income. Another 45% cited technology that makes it easier to start a business as a motivating factor. The other 30% listed having to return to the office after working at home or losing their job as their reasons to start a business.

E-commerce businesses are the most popular

Unsurprisingly, 46% of respondents say they want to take advantage of the rising popularity of online shopping to start an e-commerce business. About 42% of people want to sell products and services, while 37% and 21% of people want to sell just products or just services.

Most people plan to keep their day job

With 65% of people saying they will continue to work for an employer while starting their new business, 2023 could be the year of the side hustle. Many respondents credited virtual connections and flexible schedules with making it possible to start a business without leaving the security of their present jobs.

With Florida trailing only New Jersey in the number of residents who want to start a new business, 2023 could be an exciting year for entrepreneurs in the Sunshine State.

Founding Partners Damaso W. Saavedra and Allyson D. Goodwin