Surge in US small businesses started as side hustles [Video]

The percentage of small businesses that were launched last year by owners who were working for someone else soared nearly two-fold from 2022, according to new data.

A recent survey of 1,300 new business owners conducted by payroll firm Gusto found the share of new business owners working full-time or part-time for another employer while starting their business surged from 27% in 2022 to 44% in 2023. 

Gusto principal economist Liz Wilke told FOX Business in an interview that when she saw the numbers, she thought, “Wow, that is a really big jump…and when you have a big jump like that, it’s usually not just one thing.”

ONE-THIRD OF SMALL BUSINESS OWNERS WORRIED THEIR COMPANY WON’T SURVIVE 2024

Wilke believes there are multiple factors that contributed to the surge. One, which is not specific to 2023, is that the rise in remote and hybrid work has created a lot of flexibility for time and space …