Year of the COVID-Preneur: ZenBusiness helps 100k businesses form during pandemic
Company releases new data on women entrepreneurs, top states for new business formations, customer trends, and more for the past year.
ZenBusiness, a one-stop-shop to form, run and grow a business, today announced that more than 100,000 micro businesses have been formed using the platform since the onset of the pandemic - allowing these individuals to transition to full time entrepreneurship and follow their dreams. Business formations were on the rise before the pandemic, but over the past year the team at ZenBusiness has seen a micro business renaissance take hold, with their customer base exploding as more and more people decided to hang their own shingle, embrace entrepreneurship, and become their own boss.
“It has been awe-inspiring to see so many people take the leap towards business ownership as a means to change their lives and follow their dreams, especially in the face of such adverse conditions,” said ZenBusiness CEO and co-founder Ross Buhrdorf. “Small businesses are the lifeblood of our economy and to help play a role in their growth and success is a responsibility we take seriously. The micro business renaissance is here to stay and we are excited to be along for the journey.”
All in one place, ZenBusiness helps entrepreneurs form an LLC, as well as provides access to tools for banking and insurance, invoicing and payments, accounting and taxes, and website development. Whereas in the past, aspiring business owners would need to hire a lawyer, accountant, web developer, and more, customers can get all the assistance they need in one place with ZenBusiness.
Data Tells a Tale
A look at ZenBusiness data trends over the past year provides key takeaways on new business formations in the wake of the pandemic, including:
39 percent of the new businesses founded over the past year were women-owned as opposed to 30 percent the year before, highlighting a jump in women entrepreneurs during the pandemic
Entrepreneurs over the age of 65 saw the biggest jump in growth - 180 percent
Young entrepreneurs also saw a jump, with 18-24 year olds growing by 37 percent year over year
The largest portion of entrepreneurs are in the 25-34 year old age group (35 percent of all entrepreneurs in the ZenBusiness network)
Regionally, California (38k), Texas (24k), Florida (16k), and New York (11k) led the way for new businesses formed over the past year
The most popular new businesses formed over the past year included: Software Consultants; Truck Drivers; Amazon / Online Sellers; Real Estate ; Arts (i.e. photography and design).
Polling Our Customers
ZenBusiness polled roughly 500 customers to look at a host of factors relating to their businesses. Some findings include:
63 percent of respondents said the pandemic played a role in their decision to form a business
65 percent expected their businesses to grow regardless of economic conditions
44 percent said the main goal for starting a business was to “change their life” and 20 percent noted it was “to be their own boss”
80 percent of respondents said that stimulus checks would be reinvested directly into their businesses
Giving Back as a Public Benefit Corporation During the Pandemic
Since the onset of the pandemic, ZenBusiness has doubled down on efforts to help their customers and community as a Public Benefit Corporation. Early on as COVID-19 took hold, ZenBusiness established a grant program, which provided customers a financial lifeline in order to help their businesses stay afloat. More than $100,000 was given to customers as result of the initiative, with many using the funds to reinvest and/or pivot their offerings.
Rapid Company Growth
Since the onset of the pandemic, ZenBusiness has experienced a huge spike in customers, seeing more than 300 percent growth in the past year alone. With the addition of more than 100,000 new customers and a successful Series B financing round of $55 million in November 2020, ZenBusiness has implemented a growth plan to meet the demand for their services.
Since March 2020, the company has continued to grow and expand the platform, enhance design, and plan new innovative offerings to continue to provide best-in-class customer support. In addition, ZenBusiness is in the process of building out its next phase of offerings including ZenBusiness Money and ZenBusiness U to provide financial services as well as business-focused education for customers on a wide range of topics. Both are expected to roll out later this year.
ZenBusiness, a Public Benefit Corporation, is a one-stop digital platform with the mission to make starting, running and growing a new business simple and accessible. Empowering the new generation of entrepreneurs, ZenBusiness provides innovative technology and world-class educational resources to support millions of micro businesses on their journey to success -- all at an affordable and clear price. By giving small businesses what they need -- worry-free services, frontline support and an all-inclusive platform -- ZenBusiness makes taking the leap towards building a better life as simple as possible, allowing business owners to achieve a state of Zen. Founded in 2017, ZenBusiness is based in Austin, Texas. Visit www.ZenBusiness.com and follow @zenbusinessPBC for more information.