Many who launched businesses during the COVID-19 pandemic say they’ve achieved personal satisfaction they never got at 9-to-5 jobs. And many are not going back.
Among Alaskans, one Anchorage woman started a microgreens business in a garage after her job didn’t give her the flexibility she wanted. Another launched a clothing boutique after she saw friends starting their own companies.
One Anchorage man pursued three business ideas — and committed to the one where he earns double what his prior corporate paid him.
Even as some businesses struggle, some entrepreneurs say the businesses rhey launched during COVID-19 are thriving.
Nationwide, the U.S. is experiencing an entrepreneurial surge unseen since the 1990s tech boom, said Kenan Fikri, research director for the Economic Innovation Group in Washington, D.C.
Rising household wealth and shifting life priorities, atop millions of Americans losing jobs during the pandemic, have fueled the surge, experts say.
Companies and organizations that help small businesses start up say they’ve seen increased interest from entrepreneurs.
Attorney Andrew Mitton, who serves small businesses, said he has seen more people starting new ones during the pandemic.
“The pandemic is just forcing people to look at their lives and say, ‘We are going to make some changes here,’ ” he said. “And maybe the business they always wanted to start they decide they will do it, whether it’s a side hustle or a full-time business.”
New business licenses soar
At the start of the pandemic, Alaska eliminated business licensing fees intended to help stabilize the economy. Business license creation has flourished. More than 26,000 were created over the fiscal year ending in June 2021, thousands more than in previous years, state records show.
But not all business licenses lead to active businesses. Economic observers say they’re watching that and other data to sort what’s happening in the economy.
Seth Stetson of Anchorage created three business licenses after receiving a furlough from his job in March 2020.
The former marketing director for Kaladi Brothers Coffee and related companies said he had to make ends meet, with three daughters and looming college costs.
A chemical cleaning company Stetson tried to start never really launched. A grocery delivery business lasted a short while.
So Stetson went back to what he knew. He launched Orange Slice Marketing last summer. It now has three employees, including a business partner.
“I effectively doubled my salary from what I was making, without a ceiling on revenue,” he said. “And I have the ability to hire people, give back to the community and help other businesses.”
He plans to work for himself as long as possible.</…….