From Fortune:

Miami chef Giorgio Rapicavoli opened Eating House, his third restaurant, in the midst of America’s post-pandemic boom. The IRS saw nearly 5.5 million new-business applications by December 2022, a record high. Yelp reported a 20% increase in business openings, with big growth in home services, food- and travel-related businesses. These numbers signify a major shift in the U.S. fabric. The business boom actually started during the pandemic, when millions of Americans decided to start their own businesses. Research shows new businesses, heavily concentrated in new-technology sectors, have sprung up in the suburbs. The momentum has continued after the pandemic thanks to the strength of the American consumer and the rise of “revenge spending.” Many small businesses were able to start and thrive thanks to the endurance of remote work. While the phenomenon is a headache for corporate leaders and urban downtowns, the remote paradigm has made it easier to both start a business and hire for it. Post-pandemic, workers have been increasingly empowered to not just demand more of their employers or seek out higher-paying ones, but to ditch them altogether to start their own gig. Many small business owners last year spoke to Fortune about their decision to strike out on their own—often after feeling an employer burned them, or was unreliable, or simply deciding they had a better shot solo than as someone else’s employee. Many of last year’s new businesses are repeating a skill they learned during the crushing day of the pandemic: adapting on the fly. While data on repeat entrepreneurs is hard to come by, several business owners told Fortune their pandemic experience had a confidence-boosting effect. Federal programs also helped, providing grants and loans that allowed businesses to be more aggressive.



Read more: Yelp: Small business boom is real as openings jump 20% in 2023