GoDaddy Venture Forward: 2024 Annual Report
2024 Uncovers A New Age For Global Online Entrepreneurs
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.
Joanne Diver
The Backyard Garden Enthusiast
backyardgardenenthusiast.com.au
Updated Mon Nov 4, 2024
Read the Full Report
Report Sections
Select a country to see specific findings from the report:
Microbusinesses are growing
In 2024, microbusinesses are thriving from busy U.S. cities to remote Australian towns. 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.
Select a time period and metric to visualize below
AU Microbusiness Density Map
Ranking regions by the growth in the number of their microbusinesses over the last year points to other interesting trends. While some of the largest areas show up in the top ten, a lot of movement and momentum is found in smaller SA4s around the country – from Wide Bay (Queensland) to Shepparton (Victoria).
Every year, the GoDaddy Venture Forward report also shares annual changes in e-commerce trends 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.
Key Entrepreneur Insights
Since 2019, GoDaddy Venture Forward has surveyed over 50,000 microbusiness owners with a GoDaddy domain and active website. Across the 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. States like Queensland and Victoria 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.
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, and nearly three-quarters of these entrepreneurs are already generating income, with many identifying as serial entrepreneurs; one in four 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.
Microbusinesses also have the power to close economic and gender gaps. In the last 5 years, women have grown 12% when it comes to the proportion of new business starts, and now make up half of all surveyed entrepreneurs. Over one in four are the breadwinners contributing more than 51% of their household income.
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.
Almost one in three business owners who previously sold a venture without 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 35% of GenAI adopters for their business, the payoff is tangible: increased revenue. AI tools help small businesses work faster, be more efficient, and stay competitive. As challenges grow, tiny businesses tap into AI’s power. This shows that adapting to change brings real benefits in today’s fast-moving market.
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.
Microbusinesses are growing
In 2024, microbusinesses are thriving from busy U.S. cities to remote Canadian 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.
Select a time period and metric to visualize below
CA Microbusiness Density Map
Ranking provinces by the growth in the number of their microbusinesses over the last year points to other interesting trends. While the more populated provinces show up in the top ten, a lot of movement and momentum is found in provinces of various sizes and around the country – from New Brunswick to Manitoba.
Every year, the GoDaddy Venture Forward report also shares annual changes in e-commerce 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 decline of travel, but major growth in public spaces, agriculture and wedding website purchases.
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, the United Kingdom, and the United States, 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 around the country 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.
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.
Over half of these entrepreneurs are already generating income, with many identifying as serial entrepreneurs; one in four 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.
Microbusinesses also have the power to close economic and gender gaps. In the last four years, women have grown 6% when it comes to the proportion of new business starts, and now make up half of all surveyed entrepreneurs. Over one in four are the breadwinners contributing more than 51% of their household income, and out of all the business owners with children, over half are women.
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.
About one in three business owners who previously sold a venture without 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 40% of GenAI adopters for their business, the payoff is tangible: increased revenue. AI tools help small businesses work faster, be more efficient, and stay competitive. As challenges grow, tiny businesses tap into AI’s power. This shows that adapting to change brings real benefits in today’s fast-moving market.
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.
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.
Select a time period and metric to visualize below
UK Microbusiness Density Map
Ranking the constituencies by the growth in the number of their microbusinesses over the last year points to other interesting trends. Ahead of some major areas like the cities of London and Westiminster coming in 13th in the ranking, a lot of movement and momentum is found in smaller constituencies – from Stoke-on-Trent Central to Croydon Central, catching up to Croydon South. St Albans continues to be strong in microbusiness density with over 9 microbusinesses per 100 people.
Every year, the GoDaddy Venture Forward report also 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 public spaces post-pandemic, and then a continual decrease since then, but a major rise in software/IT.
Microbusinesses make major economic impact
In 2023, together with Frontier Economics, we first revealed the outsized economic impact made by microbusinesses.
We uncovered that they increased jobs, annual pay, and GDP. Specifically, a 10% year-on-year increase in microbusiness density leads to an annual £320 increase in median annual pay for full-time workers, and the job impact has continued with about five jobs per resident created for every additional microbusiness.
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 seaside 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.
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. Remarkably, over two-thirds 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.
Microbusinesses also have the power to close economic and gender gaps. In the last three years, women-owned microbusinesses have grown 6% and almost one-third are the breadwinners contributing more than 51% of their household income.
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.
One in three business owners who previously sold a venture without a profit current 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 78% of GenAI adopters for their business, the payoff is expected: increased revenue. AI tools help small businesses work faster, be more efficient, and stay competitive. As challenges grow, tiny businesses tap into AI’s power. This shows that adapting to change brings real benefits in today’s fast-moving market.
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.
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.
Select a time period and metric to visualize below
US Microbusiness Density Map
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.
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.
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.
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.
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.
Microbusinesses also have the power to close economic and gender gaps. In the last 5 years, women-owned microbusinesses have grown 10% to now being over half of all surveyed entrepreneurs. Almost one-third are the breadwinners contributing more than 51% of their household income, and Black women continue to be the fastest growing demographic of microbusiness owners.
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 36% of GenAI adopters for their business, the payoff is tangible: increased revenue. AI tools help small businesses work faster, be more efficient, and stay competitive. As challenges grow, tiny businesses tap into AI’s power. This shows that adapting to change brings real benefits in today’s fast-moving market.
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.
About GoDaddy Venture Forward
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.
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