With people being suddenly put out of work and a new COVID World being created, Britain, France, Germany, Japan, and the U.S. all have seen a jump in new business formations during 2020.
The U.S. registered 82 percent more new businesses in 2020’s second quarter than a year earlier. OnTrendpreneurs® looking for new revenue streams are betting heavily on online retailing, as well as startups in information businesses, logistics, and professional services.
France booked 84,000 new businesses in October, a record number as well as a 20-percent gain year over year. In September, Japan recorded 10,000 new enterprises, 14 percent more than a year previous.
In the U.K., 30 percent more businesses incorporated from mid-November through mid-December than in the same period in 2019. Online retailing also led the way here, with food and drink production and take-out food businesses showing strength.
In the U.S., most of the new businesses were one-person ventures with no employees, indicating “people being laid off in the pandemic and starting their own company” out of necessity, Gregory Daco, chief U.S. economist at Oxford Economics, told the Financial Times.
However, the number of new U.S. businesses that plan to have salaried employees rose 52 percent, made possible by “low interest rates and new needs,” Daco added.
In the U.K., registrations showed a shift in the kinds of companies being launched, “likely a consequence of the shift in consumption patterns during the pandemic,” noted Alfred Duncan, Oxford University lecturer in economics, told the Times.
The U.S. figures “suggest a much more positive outlook for new business formation than after the last recession,” Goldman Sachs economist David Choi commented to the Times. “New and younger firms historically account for the lion’s share of net job growth.”
TREND FORECAST: In just one year, a whole new world order has been created. From working at home, online shopping, virtual education, cutbacks in trade shows, conventions, entertainment, travel, tourism, restaurant industry… as many go down new business avenues will be traveled.
Beyond the financial bottom line, a whole new sound and style of life in the 21st century is now being created. Those who remain on-trend, aware, awake, and continue to learn and expand with an open mind will reap the rewards.
