Entrepreneurship in 2025: Trends and predictions for the year ahead

As we step into 2025, business owners and aspiring entrepreneurs aren’t just making resolutions—they’re crafting detailed plans for success. With a sharp focus on digital expansion and innovative financial strategies, these go-getters are poised to redefine entrepreneurship in the new year. Our survey of 3,000 US consumers and business owners sheds light on the entrepreneurial insights and trends you need to know for 2025.

Jump ahead:

• Most people will make New Year’s resolutions in 2025—but business owners are more likely to keep them.
• Maybe money can buy happiness. Respondents turn to side-hustles to build personal wealth and increase satisfaction.
• Entrepreneurship is on the table for more than half of respondents, and it may be more financially feasible than they think.
• Most aspiring entrepreneurs turn to self-employment to be their own boss—but many continue working for other employers.
• Inflation continues to have the biggest negative impact on business success. Despite this, business owners plan to invest in growth in 2025. 
• Growth goals extend within—44% of business owners plan to hire in the new year.
• Business owners are confident handling business taxes—but more than three in ten have made tax errors.

Most people will make New Year’s resolutions in 2025—but business owners are more likely to keep them.

New Year’s resolutions are a rite of passage for 83% of survey respondents who say they will probably or definitely make changes in 2025. But, as we all know, keeping those resolutions is often easier said than done. Survey insights reveal that some resolutions are more likely to stick than others. Respondents are most likely to keep resolutions related to hobbies, health, and finances—like meditating more or saving for the future—but least likely to commit to resolutions that require them to give up something, like alcohol or fast food. 

However, a notable find from the survey indicates that business owners may carry higher levels of ambition than those with no entrepreneurial interest. 64% of those who currently own a business or side-hustle say they’re definitely planning to make positive changes in 2025, compared to 44% of those who have never owned a business. Business owners are also more likely to make (and stick to) financial goals than the average consumer—65% say they tend to keep their financial resolutions. 

Maybe money can buy happiness. Respondents turn to side-hustles to build personal wealth and increase satisfaction.

More than 6 in 10 survey respondents (64%) say they’re fairly satisfied with their current life—but the nearly same number (61%) agree that earning more money would increase their satisfaction, far above the outlets we typically turn to for satisfaction, like having close relationships with family and friends or spending time in nature. 

With this in mind, the majority of respondents (73%) say they have plans to build their personal wealth in 2025. Top among those plans, taking on an additional job or side hustle (29% say they’ll do this), contributing to retirement savings (29%), and earning income from financial investments (25%). 

Today’s business owners are especially focused on achieving monetary satisfaction. Seven in ten say earning more money would make their lives better—and they’re determined to build personal wealth in 2025 through entrepreneurial opportunities. 44% say they’ll build wealth by growing their current business. Another 43% say they’ll take on a side hustle.

Entrepreneurship is on the table for more than half of respondents, and it may be more financially feasible than they think.

More than half (54%) of all survey respondents say they’re thinking about starting a new business in 2025. For those with previous entrepreneurial experience, that number jumps to 64%. 

Experienced business owners say starting a business in 2025 is both easier and harder than before. Over half (52%) of current business owners say they launched their ventures post-COVID, harnessing the digital shift that made entry less costly and more flexible. Yet, a significant 56% of those who established their businesses before 2020 find today's environment more daunting than ever.

Knowing this, many business ideas won’t make it off the drawing board—and respondents say money, more than business acumen or self-confidence, is the biggest barrier. Nearly half (48%) say they would start a business if they had more savings, assets, or credit.

These wishful entrepreneurs may not realize that starting a business doesn’t have to be a huge financial undertaking. Survey insights reveal that the median cost to start a new business is $5,000. Nearly four in ten business owners (37%) say they started their business with less than $1,000—and 8% started with $0.

For some, a tax refund may be all they need to make their business dreams a reality. Half of respondents say they anticipate getting a tax refund in 2025—and 32% of those who plan to start a new business next year say they’ll use that refund to get their business off the ground.

Most aspiring entrepreneurs turn to self-employment to be their own boss—but many continue working for other employers.

Of those considering starting a new business in 2025, 33% say that business will be a side-hustle—they’ll continue working another job while they pursue self-employment on the side. These business owners crave autonomy but need the stability of a regular income.

Four in ten business owners who describe their business as a side-hustle say they were driven to pursue self-employment by their desire to work for themselves and be their own boss. Another 27% say they find self-employment more fulfilling than their day jobs. But the majority (71%) of these side-hustlers say they continue working for another employer to maintain a steady income. Others say they’re in it for the healthcare benefits and the security of a retirement plan—all things self-employment can’t guarantee.

Likewise, 36% of business owners say they started their business to have more flexibility in their schedule, but survey insights reveal that business owners work longer hours and take less time off than those who only work for other employers. Entrepreneurs work an average of 38.5 hours per week while employees clock 90 minutes less—an average of 37 hours per week. And 34% of entrepreneurs say they typically work 48 hours or more on a weekly basis, compared to only 19% of employees.

Inflation continues to have the biggest negative impact on business success. Despite this, business owners plan to invest in growth in 2025.

Nearly half of business owners (48%) say their primary goal is increasing revenue in 2025. But inflation and the ongoing threat of rising costs continues to be a top concern. More than six in ten business owners (61%) say inflation has done the most harm to business growth within the last few years. To overcome this, they plan to find new and innovative ways to source products and materials, increase prices of products and services, and diversify their revenue streams.

What they don’t plan on doing is pulling back on their growth goals. Despite economic concerns, 72% of business owners plan to invest in growing or expanding their business in 2025—especially when it comes to expanding e-commerce efforts and online sales.

The majority (71%) of business owners say their business already operates online to some degree—they typically interact with or find customers online, or a combination of online and in person. And this extends to how they prefer to accept payments. 64% say they typically accept payments online, through a website or payment platform, compared to 44% who typically accept payments in person.

Looking ahead, the majority of business owners (57%) agree that social media has the most power to increase business growth. Social media offers low-cost marketing and increased brand awareness for new businesses, allowing them to build positive connections with consumers online. Businesses are likely to increase their investment in social media marketing in 2025 to reach wider audiences and drive sales, tapping into the cost-effective and expansive reach of these platforms.

Growth goals extend within—44% of business owners plan to hire in the new year.

Over half (51%) of current business owners say they operate without any employees—but the tide is turning as businesses gear up for growth in 2025. A notable 44% of business owners are planning to hire full or part-time employees or contract workers in the coming year, underscoring a strategic shift toward scaling their operations. For more than three in ten, hiring skilled team members is an essential part of their growth strategy.

To further support their expansion and manage the complexities of a growing enterprise, 21% say they’re considering adding an accountant or bookkeeper to their teams. This move indicates a clear intent to not only expand the workforce but to do so with purpose by ensuring their financial and administrative tasks are handled by the pros.

Business owners are confident handling business taxes—but more than three in ten have made tax errors.

Entrepreneurs say they were motivated to start their business to be their own boss and pursue their passion—not because they have a wealth of business acumen or experience. Many new business owners don’t feel confident handling the back office aspects of running a business, like managing the books and filing business taxes. In fact, 34% of business owners say they’ve made an error when filing business taxes in the past—either by overpaying or underpaying taxes, filing at the wrong time, or using the wrong forms.

Across the board, business owners say understanding tax laws and regulations is the most challenging aspect of doing taxes for their business, followed by keeping track of the necessary documentation needed to file taxes, and maximizing their tax credits and incentives for their business.

Despite this, the majority (84%) say they feel fairly confident when it comes to filing business taxes. Only 6% say they feel unconfident when it comes to filing correctly and on time. This confidence may spring from the tax advice and support they receive at tax time. Nearly half (45%) say they work with a professional tax advisor, another 33% turn to a tax-savvy family member or friend. Only 11% say they don’t get any tax advice or support at all.

Looking ahead

As we look to 2025, it's clear that most people, especially business owners, are setting New Year's resolutions with a strong focus on financial success. The entrepreneurial spirit is more vibrant than ever, and business owners remain optimistic about overcoming challenges through innovative strategies.

The trend towards creating side hustles and leveraging digital platforms continues to grow, providing both opportunities and essential lessons in the balance of autonomy and stability. With business owners gearing up to expand their teams and adopt new technologies, 2025 looks to be a year of dynamic growth and ambition in the face of adversity.

Sample and methodology

In November 2024, Intuit QuickBooks commissioned an online survey of 3,000 US consumers age 18+. The survey focused on consumer and entrepreneurship trends and predictions for 2025 among three cohorts of respondents who identified themselves as business owners (n=336), former business owners (n=562), and consumers who have never owned a business of any kind (n=2,102). Percentages have been rounded to the nearest decimal place, so values shown in data report charts and graphics may not add up to 100%. Responses were collected using Pollfish audience pools and partner networks with double opt-ins and random device engagement sampling to ensure accurate targeting and results. Respondents received remuneration.

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