CHARLOTTE, N.C. — More people are making themselves the boss. Data shows a record number of people applied to be small business owners last year.
Behind the numbers is a deeper story about how the coronavirus pandemic impacted the way we work. We pulled three key numbers from the Commerce Institute to better understand how long this so-called "boss boom" could last.
5.5 million
The number of small business applications seen last year across the country was 5.5 million.
The Commerce Institute, a group that researches small business trends, says that's about 9% higher than the number of applicants from the prior year.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
171,000 applications
Dave Charest with Constant Contact, an online marketing company, found North Carolina had 171,00 new small business applications.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
50% make it
There is a grim outlook to the "boss boom." While many are taking control of their professional lives by becoming their own boss, about 50% of those businesses are not expected to make it past the first five years.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.