2024 Uncovers A New Age For Global Online Entrepreneurs
GoDaddy's Venture Forward 2024 Annual Report reveals significant growth in microbusinesses across multiple regions. The report highlights that these small enterprises, typically with fewer than 10 employees, are creating over seven jobs per entrepreneur at the county level, up from two jobs in 2020.
Key findings show Delaware leading state growth with a 65% increase in microbusiness count, while financial services topped industry growth at 142% year-over-year. The report indicates that 51% of microbusinesses are now women-owned, a 10% increase since August 2019. Additionally, 55% are solo entrepreneurs, and 71% generate income (31% main, 40% supplemental).
The study also reveals increasing AI adoption, with 55% of owners confident in using GenAI, and 36% of GenAI users reporting increased revenue.
Il Rapporto Annuale 2024 di GoDaddy, Venture Forward, rivela una crescita significativa delle microimprese in diverse regioni. Il rapporto mette in evidenza che queste piccole imprese, tipicamente con meno di 10 dipendenti, stanno creando oltre sette posti di lavoro per imprenditore a livello locale, in aumento rispetto ai due posti di lavoro nel 2020.
I risultati chiave mostrano il Delaware in testa alla crescita statale con un aumento del 65% nel numero di microimprese, mentre i servizi finanziari hanno guidato la crescita del settore con un incremento del 142% anno su anno. Il rapporto indica che il 51% delle microimprese sono ora di proprietà femminile, un aumento del 10% rispetto ad agosto 2019. Inoltre, il 55% sono imprenditori solitari e il 71% genera reddito (31% principale, 40% accessorio).
Lo studio rivela anche un crescente utilizzo dell'AI, con il 55% dei proprietari fiduciosi nell'uso del GenAI e il 36% degli utenti di GenAI che segnalano un aumento delle entrate.
El Informe Anual 2024 de GoDaddy, Venture Forward, revela un crecimiento significativo en las microempresas en diversas regiones. El informe destaca que estas pequeñas empresas, que generalmente tienen menos de 10 empleados, están creando más de siete empleos por emprendedor a nivel local, un aumento desde dos empleos en 2020.
Los hallazgos clave muestran que Delaware lidera el crecimiento estatal con un aumento del 65% en el número de microempresas, mientras que los servicios financieros lideran el crecimiento de la industria con un 142% año tras año. El informe indica que el 51% de las microempresas son ahora de propiedad femenina, un incremento del 10% desde agosto de 2019. Además, el 55% son emprendedores solitarios y el 71% genera ingresos (31% principal, 40% suplementario).
El estudio también revela un aumento en la adopción de la IA, con el 55% de los propietarios seguros en el uso de GenAI, y el 36% de los usuarios de GenAI reportando un aumento en los ingresos.
고대디의 Venture Forward 2024 연례 보고서는 여러 지역에서 마이크로 기업의 눈에 띄는 성장을 밝혀냅니다. 보고서는 이들 소규모 기업이 일반적으로 10명 미만의 직원을 두고 있으며, 카운티 기준으로 기업가당 7개 이상의 일자리를 창출하고 있음을 보여줍니다. 이는 2020년의 2개 일자리에서 증가한 수치입니다.
주요 발견에 따르면, 델라웨어 주가 65% 증가로 주 성장률에서 선두를 달리고 있으며, 금융 서비스는 연간 142%로 산업 성장률에서 최상위를 차지했습니다. 보고서에 따르면, 마이크로 기업의 51%가 여성 소유로, 2019년 8월 이후 10% 증가했습니다. 추가로, 55%는 솔로 기업가이며, 71%가 수익을 발생시키고 있습니다 (31%는 주요 수익, 40%는 추가 수익).
이 연구는 또한 인공지능(AI) 채택이 증가하고 있음을 보여주며, 55%의 소유자가 GenAI 사용에 대한 자신감을 느끼고, GenAI 사용자의 36%가 수익 증가를 보고하고 있습니다.
Le Rapport Annuel 2024 de GoDaddy, Venture Forward, révèle une croissance significative des microentreprises dans plusieurs régions. Le rapport souligne que ces petites entreprises, généralement composées de moins de 10 employés, créent plus de sept emplois par entrepreneur au niveau local, contre deux emplois en 2020.
Les principaux résultats montrent que le Delaware est l'État en tête de la croissance avec une augmentation de 65% dans le nombre de microentreprises, tandis que les services financiers dominent la croissance sectorielle avec 142% d'augmentation d'une année sur l'autre. Le rapport indique que 51% des microentreprises sont désormais détenues par des femmes, une augmentation de 10% depuis août 2019. De plus, 55% sont des entrepreneurs solitaires et 71% génèrent des revenus (31% principaux, 40% complémentaires).
L'étude révèle également une adoption croissante de l'IA, avec 55% des propriétaires confiants dans l'utilisation de GenAI, et 36% des utilisateurs de GenAI signalant une augmentation de leurs revenus.
Der Jahresbericht 2024 von GoDaddy, Venture Forward, zeigt ein signifikantes Wachstum von Mikrobetrieben in mehreren Regionen. Der Bericht hebt hervor, dass diese kleinen Unternehmen, die typischerweise weniger als 10 Mitarbeiter haben, auf Kreisebene über sieben Arbeitsplätze pro Unternehmer schaffen, verglichen mit zwei Arbeitsplätzen im Jahr 2020.
Wichtige Erkenntnisse zeigen, dass Delaware das Wachstum im Bundesstaat mit einem Anstieg von 65% bei der Anzahl der Mikrobetriebe anführt, während der Finanzdienstleistungssektor mit 142% im Jahresvergleich das Branchenwachstum angeführt hat. Der Bericht weist darauf hin, dass 51% der Mikrobetriebe mittlerweile in Frauenbesitz sind, was einen Anstieg von 10% seit August 2019 darstellt. Darüber hinaus sind 55% Solo-Unternehmer und 71% generieren Einkommen (31% Haupt-, 40% Nebeneinkommen).
Die Studie zeigt auch eine zunehmende Akzeptanz von KI, wobei 55% der Inhaber zuversichtlich sind, GenAI zu nutzen, und 36% der GenAI-Nutzer berichten von gestiegenen Einnahmen.
- Creation of over 7 jobs per microbusiness at county level, up from 2 in 2020
- Financial services sector showed 142% YoY growth
- 51% of microbusinesses are women-owned, up 10% since August 2019
- 36% of GenAI adopters reported increased revenue
- 71% of microbusinesses generate income (31% main, 40% supplemental)
- Several industries showed significant decline: Writing (-77%), Personal Services (-50%), Business (-50%)
- 29% of microbusinesses generate no income
- 24% of GenAI users reported decreased revenue
GoDaddy Venture Forward: 2024 Annual Report
NORTHAMPTON, MA / ACCESSWIRE / December 4, 2024 / GoDaddy
Originally published by GoDaddy's Venture Forward Research Initiative
Small and microbusinesses boomed in 2024, expanding their reach and impact. Agile entrepreneurs harnessed cutting-edge tech to seize opportunities, fueling growth and innovation. These nimble ventures now fuel local economies. They create jobs and strengthen communities. Their resilience and adaptability are changing the business world. They are forging connections and shaping a new economy. This groundswell of entrepreneurial spirit promises a more vibrant, interconnected marketplace for all.
Below is an executive summary of key findings and excerpts from the GoDaddy Venture Forward annual report, including an interactive map with microbusiness data points over time on digital businesses with typically fewer than 10 employees. We invite you to explore and download the full report for extended insights and an exclusive dive into what's happening with online entrepreneurs in 2024.Report Sections
Microbusinesses are growing
In 2024, microbusinesses are thriving from busy U.S. cities to remote U.K. communities. By adopting digital technology and AI, these small entrepreneurs surpass larger companies. Their hard work is driving post-pandemic recovery in Australia, Canada, the United Kingdom, and the United States. Innovative solutions and cutting-edge tools empower small players to set new industry standards. As markets evolve quickly, these agile firms lead the charge. Each bold move reshapes global commerce.
Ranking states by the growth in the number of their microbusinesses over the last year points to other interesting trends. While the largest states, known for their technology hubs, like New York, California, and Florida, show up in the top ten, a lot of movement and momentum is found in states of various sizes and around the country - from Delaware and Oklahoma to Washington.
Top 10 States By Microbusiness Count Growth1 | ||||
State | 1 year Microbusiness Count % Growth | 5 year Count % Growth | Active Microbusinesses July/Aug '24 | Microbusiness July/Aug '24 |
Delaware | 381,543 | 38.4 | ||
Montana | 83,132 | 7.6 | ||
Nevada | 601,058 | 19.4 | ||
Washington | 720,836 | 9.4 | ||
Colorado | 598,249 | 10.4 | ||
New York | 1,832,298 | 9.2 | ||
California | 4,026,197 | 10.2 | ||
Florida | 2,471,412 | 11.4 | ||
Oklahoma | 289,666 | 7.3 | ||
Wyoming | 112,421 | 19.5 | ||
Every type of community saw double-digit growth in microbusiness growth over the last 5 years.
Microbusiness Density1
Counties | 1 year Active Count % Growth | 5 year Active Count % Growth | Microbusiness Density* | % of all counties |
Rural | 2.7 | |||
Suburban | 3.5 | |||
Urban | 7.6 | |||
*Microbusiness Density is defined as the number of microbusinesses per 100 people | ||||
Every year, the GoDaddy Venture Forward report shares annual changes in e-commerce activity in terms of revenue, number of orders, or number of sellers by industry, as self-reported by the website owner. These insights underscore interesting trends, such as the peak of wedding-related services post-pandemic, and then a continual decrease since then.
Year-Over-Year Average Revenue Change by Industry2
(Q3 2023 - Q3 2024)
Top 5 Industries (by % Gain) | Bottom 5 Industries (by % Loss) | ||
Industry | Y/Y Change | Industry | Y/Y Change |
Financial | Writing | - | |
Marketing | Personal Services | - | |
Software/IT | Business | - | |
Religion | Food and Drink | - | |
Home Services | Wedding | - | |
Microbusinesses make major economic impact
In 2021, we first revealed the outsized economic impact made by microbusinesses.
Together with economists and academic researchers, we uncovered that they drove up jobs and annual household median incomes, and drove down unemployment. Specifically, the job impact has grown from two or more jobs created for every microbusiness in 2020, to over seven jobs for every microbusiness entrepreneur on a county-level.
7+: Over seven new jobs are created by each microbusiness entrepreneur on a county-evel. In 2021, each microubusiness created just over two jobs.3
Key Entrepreneur Insights
Since 2019, GoDaddy Venture Forward has surveyed over 50,000 microbusiness owners with a GoDaddy domain and active website. Across Australia, Canada, U.K. and the U.S., most of these businesses have fewer than 10 employees, with a large portion being solo entrepreneurs. Despite their size, they are agile and resilient, consistently adopting digital solutions to adapt to changing economic conditions.
Microbusinesses are thriving, fueled by a blend of resilience and the innovative power of AI. Despite economic fluctuations, entrepreneurs remain optimistic about their ventures, betting on their ability to adapt and succeed in any climate. Regions like the South and Midwest in the U.S. exemplify this growth, with many microbusinesses planning to expand their teams in the coming year. This trend highlights not only the growth potential of digital microbusinesses but also how AI tools empower these small enterprises to innovate, scale, and thrive, even in a challenging economic environment.
The South and Midwest are the most likely to hire additional employees over the next 12 months (
28% ), while the West is the least likely (20% ).41 out of 4 business owners with a negative outlook on the national economy still plan to hire employees in the next 12 months.4
Plans to hire by U.S. region align with the growth demonstrated in microbusinesses over the last year.4
Entrepreneurs in the microbusiness sector are driven by a diverse range of motivations-from the desire for autonomy and flexibility to a passion for their hobbies and causes. Digital entrepreneurship enables them to not only make a living but also create a fulfilling life. Their ambitions vary widely: while over one-third prefer to remain solo, one in five aspire to scale their businesses to mid- or enterprise-sized operations. Remarkably, nearly three-quarters of these entrepreneurs are already generating income, with many identifying as serial entrepreneurs; one in three currently manages multiple businesses. This dynamic landscape showcases the resourcefulness and adaptability of microbusinesses, empowered by technology and AI, as they navigate and flourish in today's economy.
1. Microbusinesses are small4
93% of microbusinesses have fewer than10 employees55% are solo entrepreneurs45% have employees
2. Microbusinesses generate income4
31% Main40% Supplemental29% No Income
3. About 1 in 3 currently own more than one business4
Microbusinesses also have the power to close economic and gender gaps. In the last 5 years, women-owned microbusinesses have grown
51% Women-Owned; +10% since August 20194About 3 out of 10 women with a microbusiness are the breadwinners in their home. (Breadwinners contribute
51% or more of their household income).413% of U.S. microbusinesses are owned by a Black entrepreneur, and of those,73% are owned by a Black woman.4
Microbusinesses are showing resilience and optimism. They are growing by adapting to AI technologies in a tough economy. These entrepreneurs face challenges. But, they are not just surviving; they are thriving. They have an unshakeable belief in their ability to shape their futures.
Four in ten business owners who didn't sell their previous venture at a profit currently support their households. This shows their immense pressure and high stakes. For them, success is vital for family well-being. This need drives their pursuit of growth.
Microbusiness owners are increasingly turning to AI, with more than half now comfortable using it in their operations. This technological shift reflects a broader trend of adaptation and innovation. For
AI integration goes beyond a growth strategy - it's a lifeline for entrepreneurs who refuse to give up. Driven by optimism, they're using technology to overcome obstacles and build sustainable businesses. By adopting these advancements, microbusinesses are starting a new era of entrepreneurship. This era is defined by innovation, adaptability, and a drive for success for themselves and their families.
4 out of 10 current business owners who previously didn't sell at a profit are still the breadwinners of their households.4
How confident are you as a user of GenAl for your business?4
55% : CONFIDENT31% : NEUTRAL17% : NOT CONFIDENT
Over the last six months, how has your business' average monthly revenue changed?4
My revenue increased:
28% : Not Used GenAl36% : Used GenAl
My revenue decreased:
29% : Not Used GenAl24% : Used GenAl
About GoDaddy Venture Forward
A research initiative launched in 2018 that quantifies the growth and economic impact of over 20 million global online microbusinesses, and provides a unique view into the attitudes, demographics, and needs of these entrepreneurs.
Want More Country-Specific Microbusiness Insights?
Select below to see localized research data, entrepreneur stories and reports on microbusinesses.
1Source: GoDaddy Venture Forward 2019-2024
2Source: GoDaddy Venture Forward 2024
3Source: GoDaddy Venture Forward and U.S. Census
4Source: GoDaddy Venture Forward U.S. National Survey. February 2024 (N-U.S.= 3,565)
View additional multimedia and more ESG storytelling from GoDaddy on 3blmedia.com.
Contact Info:
Spokesperson: GoDaddy
Website: https://www.3blmedia.com/profiles/godaddy
Email: info@3blmedia.com
SOURCE: GoDaddy
View the original press release on accesswire.com
FAQ
What is the job creation impact of microbusinesses according to GoDaddy's (GDDY) 2024 report?
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How has GenAI adoption affected microbusiness revenue according to GoDaddy's (GDDY) 2024 report?
