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'Boss Boom' sees record number of small business applications

boss boom
Posted at 2:17 PM, Mar 07, 2024
and last updated 2024-03-07 16:33:44-05

PASCO COUNTY, Fla. — After spending years in the tech industry, Maurice Wasserman was ready for a change and decided to start his own business.

“Number one, you can make your own schedule. I think it's most important. Secondly, the harder you work, I’ll make more money,” said Wasserman.

Wasserman says he had a tough time finding a power washing service to clean his own home and realized there was a need.

“I decided I’m going to tackle this problem by myself and start my own business,” he said.

And from that, Aqua Shine was born. It’s one of millions of new businesses that open every year.

The number has been skyrocketing since the pandemic, including a record 5.5 million small business applications filed last year.

Dave Charest, Director of Small Business Success at Constant Contact, said he helps small businesses market themselves.

Rounds of layoffs at bigger companies are also one reason so many people are going out on their own.

“We’ve also seen this stems from the pandemic where there is this realization that nothing is guaranteed, and sometimes, these little pushes or changes are the things that really allow people to take that next step and say, you know what? I’m going to go out on my own and do my own thing," Charest said.

He added when many people start a new business they do it as a side hustle. But that isn’t always the way to success.

“One of the things they all start to realize is that if they are actually going to take things to the next level, they really need to go full force," Charest said.

He said that if you are thinking of starting your own business, do your homework, network within your community, and make sure you have a plan in place to connect with potential customers.

Meanwhile, Wasserman is seeing his new business grow and encourages others to follow their dreams.

“If you feel like there is a market and you feel like you are comfortable in your life that you can take a risk, then why not go for it?” Wasserman said.

Accommodation, food services, retail, and health care generate the largest number of new business applications.