More people have been starting businesses since the onset of COVID

More people have been starting businesses since the onset of COVID, according to data from the Australian Bureau of Statistics.

Why? Perhaps because some of the new entrepreneurs lost their jobs during the pandemic, while others took stock and decided to make a lifestyle change.

In the 2020-21 financial year, there were:
– 365,480 business entries – up 8.6% on the previous year
– 277,674 business exits – down 4.6% on the previous year

That left a total of 2,402,254 businesses at the end of the financial year – 3.8% more than the year before.

Predictably, many of those new businesses were small operations – the number of businesses with 1-4 employees rose 15.2% during the year.

At the same time, many existing businesses made the jump from small to medium – the number of businesses with 20-199 employees jumped 20.6%.

Are you looking to expand your business? Or are you thinking of following the trend and stepping out on your own and starting something new? Contact us to explore your options for business asset loans.