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Greenville Business Magazine

The Business Narrative: Small Business Landscape

Dec 20, 2022 08:12AM ● By David Dykes

Inflation Will Fuel More Small Business Formation in 2023

Business formation continues to be at historically high levels, with concerns over cost of living and inflation motivating Americans to pursue a small business venture. 

New research from Intuit QuickBooks shows this trend will continue in 2023 and of those survey respondents who say they plan to start a small business, two thirds (66 percent) indicate inflation and the need for additional income is behind their decision.

Those findings and more are highlighted in the QuickBooks New Business Insights report, based on a recent survey of 15,200 U.S. adults commissioned by Intuit (NASDAQ: INTU), the global financial technology platform that makes QuickBooksTurboTaxMintCredit Karma, and Mailchimp.

The report also uncovered several geographic trends related to business formation and where small business economic activity in the U.S. flourished in 2022 and is expected to increase in 2023:

Business formation continued to hover at a historically high level in 2022 with several states leading the pack: The states where the most residents reported starting a new business were Delaware (23 percent), Hawaii (22 percent), New Jersey (21 percent), Virginia (21 percent), and Maryland (20 percent).

 These states are poised to lead the country in small business formation in 2023: The states with the highest number of residents who said they plan to start a business next year are New Jersey (42 percent), Florida (40 percent), Hawaii (40 percent), California (39 percent), Louisiana (38 percent), Maryland (38 percent), Georgia (37 percent), Nevada (37 percent), New York (37 percent), Delaware (37 percent), and South Carolina (37 percent).

While small business formation is at historically high levels, many of these new ventures will be side hustles: Creating a new small business as a side hustle is continuing to increase in popularity as people look to supplement their income amid inflation.

Almost two-thirds (65 percent) of respondents indicated that they will continue to work for other employers at the same time as managing their new business ventures, suggesting that side hustles are increasing in popularity as people look for more income opportunities, particularly amid inflation.

Technology, and its ability to simplify many aspects of starting and running a business, continues to be a key driver of small business starts.

Technology has made it easier than ever to start a business: 45 percent of those surveyed indicated that the opportunities technology platforms enable is a key reason they decided to start a business.

E-commerce opportunities were identified as the strongest growth opportunities: 46 percent said that they would pursue an e-commerce business as their new business venture and 37 percent plan to pursue a job in the creator economy, driven by social media apps and services.

Accessing funding is top of mind for new business owners: While the majority of those surveyed (73 percent) indicated they’d use their own money or savings to start their businesses, roughly one in six (17 percent) said they will look to online lenders as an option, and more than one in five (23 percent) would consider a traditional bank.

The report and additional research and insights from Intuit QuickBooks are available here.

Orion Performance Compounds, Inc. Establishing Operations In Kershaw County

Orion Performance Compounds, Inc. announced plans to establish operations in Kershaw County.

The company’s $13 million investment will create up to 54 jobs, according to the South Carolina Department of Commerce.

A manufacturer of engineered thermoplastic compounds, Orion Performance Compounds, Inc. will blend melted resins with carbon fiber, lubricants and other additives to form custom materials for use in final markets such as automotive, aerospace, medical and more.

Locating at 15 Mesa Lane in the Heritage Pointe Industrial Park in Lugoff, the company will open a new 50,000-square-foot facility for the manufacturing and distribution of its materials.

Operations are expected to be online by the second quarter of 2023.

Those interested in joining Orion Performance Compounds, Inc. should email resumes to the company.

The state’s Coordinating Council for Economic Development approved job development credits related to this project.

The council also awarded a $300,000 Set-Aside grant to Kershaw County to assist with the costs of building improvements. 

Palmetto Millworks of the Carolinas, LLC Expanding Operations In Richland County

Palmetto Millworks of the Carolinas, LLC, a locally owned and operated polyvinyl chloride (PVC) column manufacturer, announced plans to expand operations in Richland County.

The company is investing $5.5 million and creating 47 new jobs, state officials said.

Founded in 2021, Palmetto Millworks of the Carolinas, LLC provides high-quality products, designing every column around a structural aluminum core to provide enhanced quality, safety and durability, the officials said.

In addition to columns, the company produces porch arches, gable brackets, garage trellises and flower boxes.

Relocating its existing Richland County operations to Lightwood Industrial Park at Interstate 20 and Farrow Road in Columbia, Palmetto Millworks of the Carolinas, LLC’s new facility will accommodate additional capacity due to increased demand.

The expansion is expected to be complete in 2023.

Those interested in joining Palmetto Millworks of the Carolinas should go to the company’s contact page.

Kevin Blair to Succeed Kessel Stelling as Synovus Board Chair

Synovus Financial Corp. (NYSE:SNV) announced the appointment of President and Chief Executive Officer Kevin Blair to chairman of the board, effective Jan. 1, 2023.

Blair succeeds Kessel D. Stelling, who is retiring as chairman on Dec. 31, 2022, and will continue in an advisory role with the company until Jan. 1, 2025, as previously announced.

Blair has served as president and CEO of Synovus since April 2021. He joined Synovus in 2016 as executive vice president and chief financial officer. Blair was appointed senior executive vice president, chief operating officer in 2018.

Stelling was named Synovus president and chief operating officer in February 2010 and president and chief executive officer in October 2010. He has served as chairman of the board since Jan. 1, 2012.

Synovus Financial Corp. is a financial services company based in Columbus, Ga., with approximately $59 billion in assets.

Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking.

Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee.

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