In 2022, GoDaddy’s Venture Forward research initiative conducted its fifth nationwide survey of more than 3,300 microbusiness entrepreneurs across the U.S. regarding their motivations, demographics and needs.
The results of the survey illuminate several key trends and areas of opportunity, including:
- Almost one-third of microbusinesses were created after the pandemic started.
- Two-thirds of entrepreneurs started with less than $5,000, and more than two-thirds generate income from their microbusiness.
- The number of Black women starting businesses since the pandemic began surged more than 100%, jumping from 11% of all businesses started before 2020 to 22% of all businesses founded since that year.
- More than half of entrepreneurs started their business on the side, and 27% left their current job to start their business.
Venture Forward, a research initiative launched by GoDaddy in 2018, captures the impact made by the over 20 million microbusinesses GoDaddy customers created in the U.S. alone.