Resilience Pays Off: 75% of Microbusiness Owners Relaunch After Setbacks, GoDaddy Reports
GoDaddy's 2024 Annual Venture Forward report reveals strong resilience among microbusiness owners, with 75% relaunching after closures and 39% becoming their household's main income.
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Rhea-AI Summary
GoDaddy's 2024 Annual Venture Forward report reveals strong resilience among microbusiness owners, with 75% relaunching after closures and 39% becoming their household's main income. While only 39% express confidence in the national economy, 74% remain optimistic about their business prospects. The report highlights significant impact at county level, with each entrepreneur creating an average of seven jobs, up from two in 2020.
Notable progress in diversity shows women now owning 51% of microbusinesses, up from 41% in 2019, with nearly a third serving as household breadwinners. The study also indicates 34% of microbusinesses start as side hustles, with 70% utilizing online presence for growth.
Positive
- 75% of microbusiness owners relaunch after closure, showing strong market resilience
- Average job creation per entrepreneur increased from 2 to 7 jobs since 2020
- 74% of owners optimistic about near-term business prospects
- 51% of microbusinesses are women-owned, up from 41% in 2019
- 70% of businesses leverage online presence for growth
Negative
- Only 39% of business owners express confidence in the national economy
Details
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TEMPE, Ariz., Nov. 21, 2024 /PRNewswire/ -- For many microbusiness owners, closing one venture is not the end—it's the beginning of something new.
According to GoDaddy's 2024 Annual Venture Forward report,
Resilience Powers Microbusinesses
Microbusiness owners are placing greater confidence in themselves. They are less swayed by uncertainty in the economy. Only
Microbusinesses, Macro Impact
Microbusinesses are a cornerstone of the U.S. economy. Many start small, with
GoDaddy's Venture Forward research highlights that, at the county level, each entrepreneur creates an average of seven jobs - up from just two in 2020. Also,
Progress in Equity and Representation
The face of microbusiness ownership is evolving. Women now own
"Setbacks often lead to fresh starts and new opportunities," said Alexandra Rosen, Global Head of GoDaddy Venture Forward. "These entrepreneurs are showing how perseverance can translate into profit and impact, not just for their households but for their communities.
"Microbusinesses remain essential to local economies and are the heartbeat of neighbourhoods," Rosen added. "At GoDaddy, we're proud to share these data-driven insights and to provide the tools and support that help these businesses succeed. Microbusinesses might be small, but they're mighty."
About GoDaddy Venture Forward
GoDaddy's Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. Since 2018, Venture Forward has surveyed more than 50,000 entrepreneurs with a digital presence, making it the source for microbusiness data and insights. To find out more about GoDaddy's Venture Forward research, visit www.godaddy.com/ventureforward.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a website and logo, sell their products and services, and accept payments. GoDaddy Airo™, the company's AI-powered experience, makes growing a small business faster and easier by helping them to get their idea online in minutes, drive traffic and boost sales. GoDaddy's expert guides are available 24/7 to provide assistance. To learn more about the company, visit www.GoDaddy.com.
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Source: GoDaddy Inc.
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