Of late, there has been a nationwide surge in the number of small businesses launched in various states of the United States, according to the Economic Innovation Group. For instance, the number of new business formations continued at a near-record pace in 2022, up 27.8% compared with 2019. Furthermore, around 1.7 million applications for businesses that are likely to hire employees were filed in 2022, which is the second-largest total on record, and only 6.5% less than 2021’s record level. Experts attribute this welcome development to the Covid-19 reset that has altered how the economy works, leading to new business opportunities.
