Why Employer Identification Number (EIN) Is Soaring Now?

The desire to be a small business owner among Americans is growing despite the outbreak of Coronavirus. The phenomenon will only continue to grow tremendously over the next few months. Indeed, one of the most interesting aspects of the impact of coronavirus in our lives; is the rise in the number of either business incorporations or independent contractors across the United States.

There are 30.7 million small businesses in the U.S. which account for 99.9 percent of all U.S. businesses (SBA, 2019).  In addition, to that impressive number, the economy is going to experience a substantial increase. Notwithstanding, the challenges faced by the real estate industry.

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5 main reasons can explain the reason why small businesses are growing.

  1. The fear of dying from the virus

Many people are worried about the prospect of getting infected by the virus and potentially dying. For that reason, more and more individuals are turning to alternative means to make money with limited contact. Consequently, activities such as online trading, online content creation, online sales are exploding.

2. Limited spaces to accommodate outdoor activities

Social distance measures implemented by businesses such as restaurants, bars, hair salons, coffee shops, and other dining businesses will result in fewer customers served. Especially, those looking for the pleasure of enjoying dining out activities or the experience of a coffee shop or hair cut. As a result, alternative options will pop up to serve unattended customers.

3. The rise of home delivery

If there is one industry that has been very visible at the peak of the crisis is delivery. From the experience, many people have decided to move forward by creating delivery companies to serve the growing demand.

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4. The rise of unemployment

The number of people unemployed due to the outbreak of Covid19 is astonishing. The number of people without a job in the United States of America stands at least 33 million per the department of Labor Statistique. As a result, more people will be looking for entrepreneurship opportunities.

5. Some job lost will never returned

Many workers that were layoffs due to the virus outbreak, may never get their job back. Thus, forcing many workers to reconsider alternatives options, and entrepreneurship is definitely an options for many.

Additionally

6. The comfort of working from home

One of The most interesting benefits of working from home is the appreciation of the quality time spend with your family and loved ones. No one wants to go back commuting for long hours, missing important moments in your child’s life, or struggling for parking. Consequently, people started to explore alternatives means of making money.

In conclusion, those 5 reasons mentioned above are not exhaustive. Perhaps, they are more. Or, probably you disagree with the content. Either way, please leave a comment below.

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