They say you shouldn’t stand around doing nothing at work because people might confuse you for the boss.
Boss jokes are fun, aren’t they? Maybe not so much when you are the boss, though. Nearly a quarter-million Michiganders became their own boss since the pandemic began. Are they laughing now?
Here’s Five Fast Facts on being your own boss:
- 🔨 Work it - Since the beginning of the pandemic in March 2020, over 280,000 Michiganders have decided to open their own businesses.
- ⭐ Is that a lot? You betcha that’s a lot. Pre-pandemic, Michigan lingered between 6,000 and 8,000 new business applications a month. After Covid did us dirty, the number of new business applications sky-rocketed to 20,000 in July 2020 and has averaged around 13,500 a month throughout 2021!!!
- 🚢 Did you miss the new business boat? Not at all. All indications are that new businesses are still forming at record levels. In January of 2022, for instance, business applications were still up 50% from two years ago.
- 🧡But what if I LIKE having a boss? Cool, cool. You can be that guy and still take advantage of this red-hot business boom. About 30% of these pandemic-baby businesses are considered “high propensity,” – which means they will more than likely be hiring employees other than themselves.
- 📈 Will these businesses make it? Hard to say. Before the ‘rona, new start-ups didn’t have the best survival rate. 21.5% of new businesses fail in the first year, 30% in the second year, and 50% by the fifth year. But, it’s not all doom and gloom - 70% of small business owners in Michigan now report they expect to survive the last of their pandemic woes.
🔥Bottom line: Being an employee is hard. Being the boss is hard too, but at least you don’t have to worry about your reaction when you call yourself out sick.
Did you launch a business during the pandemic? How’s it going? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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