After years of consistent decline (we’re talking 44 years) the number of new businesses in rural Wisconsin has suddenly started to spike in the past few years. What’s going on here?
Here’s Five Fast Facts about Rural Wisconsin Startups:
- 📉More Like Start DOWN - The number of new rural businesses in Wisconsin in 1978 was 16 per 1,000 workers. In 2018, it was eight per 1,000 workers. Not the greatest trend. It’s made us one of the worst-performing states for entrepreneurs. Ouch.
- 📈Things are Looking Up - A new report says that since the start of the pandemic the number of new business filings have gone from about 3,500 a month to more than 5,000. Remember, this is in rural areas, not Milwaukee or Appleton.
- 🦠Short or Long? - Researchers are unclear if this was a short-term response to the pandemic or a more permanent move because more people want to be self-employed.
- 🧑🏽💼Hey Buddy, Need a Job? - New businesses create more jobs than already-established companies. An ambitious lawmaker might want to pay attention to that…
- 🤑Capital With a Capital C - Venture capital investors willing to take a gamble on Wisconsin businesses has been consistently small. The state has unsuccessfully tried a variety of initiatives to attract them and they’re still struggling to find a solution.
🔥Bottom line: The problem is a chicken-or-the-egg situation. Are startups down because of a lack of investors or is there a lack of investors because no one is starting new businesses? It’s an issue that needs to be solved soon before it’s too late.
What do you think of this trend? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
