Microbusiness owners are redefining resilience. According to GoDaddy’s 2024 Annual Venture Forward report, many entrepreneurs who close a business are not giving up—they are pivoting to new ventures. Despite challenges, these business owners continue to innovate, launching new businesses that not only support their households but also make a significant impact on local communities. The report highlights key trends in the microbusiness sector, showcasing an entrepreneurial landscape powered by resilience, optimism, and diverse ownership.

1. The Resilience of Microbusiness Owners

• Persisting After Setbacks:
  The GoDaddy report finds that 75% of microbusiness owners who close a business don’t give up; instead, they move on to launching new ventures. Among these, 39% of owners report that their new business becomes the primary income source for their households. This resilience underscores the tenacity of entrepreneurs, even when their previous business efforts did not yield profits.

• Confidence in Business Despite Economic Concerns:
  While only 39% of microbusiness owners are confident in the national economy, 74% remain optimistic about their business prospects in the coming months. Even among those who are pessimistic about the broader economy, one in four plans to hire within the next year. This demonstrates that microbusiness owners are focused on growth and making decisions based on their business needs, not the larger economic landscape.

2. The Growing Impact of Microbusinesses

• Job Creation and Economic Contributions:
  Microbusinesses continue to be vital to the U.S. economy. GoDaddy’s research shows that each entrepreneur creates an average of seven jobs at the county level—up from just two in 2020. These businesses also play a critical role in their local communities, with 58% of microbusiness owners reporting that their work contributes to the well-being of their neighborhoods.

• Online Presence Driving Growth:
  Over 70% of microbusinesses leverage an online presence to fuel their growth. With 34% of microbusinesses starting as side hustles, the ability to tap into digital tools has empowered entrepreneurs to scale quickly and effectively, reaching a larger customer base without needing significant capital.

3. Progress in Equity and Representation

• Diverse Ownership Trends:
  The face of microbusiness ownership is evolving. As of 2024, women own 51% of microbusinesses, up from 41% in 2019. Additionally, nearly a third of women business owners now serve as the primary breadwinners for their households, illustrating a growing empowerment in the sector.

• Rise of Black-Owned Microbusinesses:
  Black-owned businesses are seeing significant growth, with women driving much of this progress. The diversity within the microbusiness sector is expanding to include entrepreneurs from varied racial, gender, and age groups. In particular, older entrepreneurs are joining the trend, with 19% of owners now aged 55 and older, further contributing to the rich diversity of the microbusiness landscape.

4. The Mighty Impact of Microbusinesses

• Microbusinesses as the Heartbeat of Local Communities:
  According to Alexandra Rosen, Global Head of GoDaddy Venture Forward, "Setbacks often lead to fresh starts and new opportunities." This statement captures the essence of microbusiness owners: resilient, determined, and able to turn challenges into growth. Microbusinesses are not just vital to their owners, but they also play an integral role in supporting local economies and communities.

• Tools and Support for Success:
  GoDaddy remains committed to supporting these entrepreneurs by providing the tools and resources they need to succeed. Whether through website building, online marketing, or e-commerce solutions, GoDaddy helps microbusiness owners turn their ideas into thriving businesses, empowering them to scale and succeed.

Microbusiness owners are proving that setbacks are not the end—they are the beginning of new opportunities. The resilience shown by these entrepreneurs is reflected in their ability to persist, adapt, and thrive. With a growing number of diverse owners, microbusinesses are having a more profound impact on local economies and communities than ever before. As GoDaddy’s 2024 report highlights, these businesses may be small, but their impact is undeniably mighty.