Mar 24, 2026
If recent government data is any indication, 2026 could be the year of the entrepreneur.
Census Bureau data from January shows Americans filed 526,882 applications for new businesses that month — a 36.6% jump year-over-year. That figure fell slightly to 496,443 in February, but was still a 14.6% increase from 2025.
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These numbers show a growing amount of people are embracing the spirit of self-reliance, whether they’re chasing a dream or running from a lagging job market where artificial intelligence (AI) has many workers spooked.
Why more Americans are going into business for themselves
There’s a sense of irony around the idea that what’s seen as a looming threat to many jobs is also the very tool that has made it easier to start one’s own business.
“I think the barriers to entry for being a small business owner now are probably the least they’ve ever been,” Mark Valentino, head of business banking at Citizens Bank, told CNBC in an article published Sept. 22 (1). He estimated an individual could start making money from a side hustle in 10 minutes utilizing AI tools.
Using an AI assistant, someone could quickly draft a “solid enough” business plan and take it to a bank right away.
“We’re definitely seeing that trend,” Valentino said.
But while some see an easy way to escape the workforce and make a few bucks, for others, the lifestyle is the draw. Being your own boss, making your own hours and controlling your own professional destiny is what matters to many, regardless of how much success they achieve.
Perhaps it’s not surprising, given a 2025 Gallup poll found that only 31% of workers in the U.S. and Canada feel engaged with their job, while 22% reported feeling “a lot of sadness” (2).
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Contrast that with a 2025 survey by MBO Partners in which 59% of independent workers in the U.S. reported earning more independently, while 84% said they were happier working on their own (3).
That said, launching your own business — be it a side hustle or full-time gig — isn’t always easy. Depending on the type of business you plan to run, startup costs can range from a few thousand to hundreds of thousands of dollars. An online store you operate from home, for example, will cost less to get off the ground than a brick-and-mortar business, which may require extensive renovations before opening, costing you both time and money.
And once you open your doors, there’s no guarantee of success. Bureau of Labor Statistics data shows, since 1994, about 20% of businesses fail within their first year, and more continue to fold afterward.
That’s why laying the right foundation is so important to your business’ future success.
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What to know before launching your own business
Learning from experts before jumping into the entrepreneurial pool could save you headaches, and money. Here, a few top tips to get you started.
Figure out how to stand out: Whether you’re offering consulting services or selling homemade goods, begin by identifying your target audience and what makes your product unique. As the U.S. Chamber of Commerce put it, “what are you going to do to make your business stand out against the competition?” (4)
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Make a business plan: This is where things get real. JPMorganChase says that a business plan should “outline your mission, goals, competitive analysis, marketing approach and financial forecasts” (5). It may feel daunting to put it all down on paper, but brand strategist Taughnee Stone notes that “oftentimes, if it terrifies you, it’s the right thing to do” (6).
The boring stuff is important, too: Setting regular routines and schedules to get work done, and learning key skills like how to properly budget expenses, sounds like the opposite of entrepreneurial freedom. Yet, it’s not only vital to ensuring your business stays on track, but it can also help you avoid feeling overwhelmed as you move forward.
Set realistic timelines: Entrepreneur and personal development writer Tim Denning suggests planning for a five-year window of success instead of overnight social media-driven profits (7). “Business is a long-term game,” he says. “Aim for five years, and if you do it in 12 months, then you’re smarter than most.”
Surround yourself with the right people: Whether it’s networking, product collaborations or finding mentors to learn from, surrounding yourself with people who have a genuine interest in your success will help your business grow creatively and, hopefully, financially.
That said, it’s important to set boundaries on your time and expectations. A healthy business looks out for the wellbeing of its employees — even if the only employee is you.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CNBC (1); Gallup (2); MBO Partners (3); U.S. Chamber of Commerce (4); The Oaklandside (5); Taughnee Stone (6); Tim Denning (7)
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Mike Crisolago is a Sr. Staff Reporter at Moneywise with nearly 20 years of experience working as a journalist, editor, content strategist and podcast host. He specializes in personal finance writing related to the 50-plus demographic and retirement, as well as politics and lifestyle content.
