Over the last three years, there has not been a more remarkable contrast in the number of businesses started than between the personal and professional services industries.
According to Gusto’s most recent study of new businesses, the number of new personal services businesses has decreased in a third straight survey, from 38% in 2020 to 19% in 2021 and 13% in 2022. In contrast, new professional services businesses have increased over that same timeline. Professional services consisted of 28% of all businesses started in 2020, 42% in 2021, and nearly half (48%) of all the new businesses Gusto surveyed in 2022.
Entrepreneurs in personal services saw the highest rate of new business creation in 2020, seizing opportunities created by disruptions in those sectors. As time has passed, however, disruptions like remote and hybrid work have taken hold in professional services, and new business creation has shifted in parallel.
Get more insights on new businesses started in 2022 by reading Gusto’s full report of the survey findings.
