Today, Constant Contact, a customer-focused digital marketing and CRM platform used by millions of small businesses and nonprofits, released Small Business Now: A 2023 Recession Forecast, which explores how Americans feel about starting new businesses during a potential economic downturn. The findings from Constant Contact’s report indicate that a recession could catalyze a new era of entrepreneurship.
When asked how they would respond if a recession impacted their jobs this year, one in three (30 percent) American workers said they would actively seek to supplement their income by starting a side hustle while maintaining their current job. Further illustrating their confidence in entrepreneurship as a career path, almost half (45 percent) of employed Americans would pursue becoming a small business owner, or recommend that path to someone else.
“It’s often assumed that recessions are inopportune times to launch a business, but historical data shows us that downturns frequently lead to a spike in new business applications,” said Laura Goldberg, chief marketing officer at Constant Contact. “The findings from our report prove that Americans are excited about small business ownership, regardless of economic conditions. They are actively looking for opportunities to scale up their side hustles and passion projects this year, and they are highly motivated to succeed. As champions of small businesses, we will continue to support their journey by delivering the tools and support needed to help them launch their new venture, grow a customer base and market themselves online.”
Americans are ready to turn a recession into an opportunity
A sizable number of employed Americans are ready to become entrepreneurs if a recession impacts their current jobs. This implies a new level of confidence in new small business ownership and side hustles as a viable career path.
If a recession impacts their career, 30 percent of employed Americans would start a side hustle to make…
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