5.62 Million New Business Applications: Can Small Firms Keep the Momentum?

Americans filed a record 5.62 million new business applications in 2025, according to U.S. Census Bureau data, and 2026 is on pace to match that volume. That figure anchored this year's CO—100 Small Business Forum, where owners arrived confident but clear-eyed about inflation, labor shortages, and a growth rate stuck below target.

Justworks Senior Vice President David Feinberg connected the data directly to the mood on stage. "We're in the golden age of entrepreneurship and business formation," he said at the forum, published October 22, 2026.

What's holding the economy back?

The macro picture is mixed. U.S. Chamber Executive Vice President Neil Bradley put a number on it: "We're going to probably end the year somewhere around 2% growth. It's not a recession, but it's not where we want to be." He added, "Where we want to be is an economy that is 3% plus growth, because that's what really raises incomes for people."

Feinberg noted inflation remains small businesses' top worry, though owners feel confident managing their own cash flow. Bradley was blunt: "Business is good, business is solid. There's lots of opportunities." Rising input prices and uncertainty over whether customers will sustain today's spending remain risks owners have to plan around.

Labor is the other pressure point. "We have more job openings in the United States today than we have people looking for work," Bradley said, citing gaps across agriculture, hospitality, and high-tech. His fix: "We are in desperate need of legal immigration reform."

What did the founders advise?

Joseph Carr, founder of Josh Cellars, said sustaining a business takes more than a good idea — "it's courage, it's conviction, it's energy, and it's love." On building the wine brand, he leaned on humility: "I didn't understand finance, but I always surrounded myself with people that were a lot smarter than me, and I asked questions and listened." His broader advice: "You've got to be ready to pivot and change direction."

Christa Pitts, co-founder of The Lumistella Company — the company behind Elf on the Shelf — urged owners to stay grounded: "Don't underestimate your community. You don't have to take over the whole world."

Gideon Stone, CEO of Trade Design Build, the CO—100 Top Business 2026, credited long-range planning. His team set a 25-year goal first, then worked backward to 10-, five-, and three-year plans — a structure that clarified which decisions, like hiring, actually served the bigger picture. With customers, he favored candor: "Our approach from the beginning has been to be brutally honest with [customers]." Being upfront about costs and timelines, he said, builds trust that pays off after a project ends.

Where can owners find quick wins?

Visibility and time topped the list of practical fixes.

• Get specific online. Google Vice President Cris Turner cautioned against vague listings: "If all you put on the internet is 'I sell pots,' you aren't getting discovered." AI tools increasingly match customers to businesses, and precision matters.
• One word can win a customer. American Express's Walter Jackson described a fence-staining business that won him over simply because it listed "stain" rather than the broader category of "painting."
• Reclaim back-office hours. Walmart Business's Cui Arroyo found that new business owners spend four to seven hours a week on routine purchasing — up to a month of productivity a year. Planning ahead, instead of reordering when stock runs out, frees time for growth.

The forum's throughline was adaptability paired with discipline. Pitts' advice to start close to home before chasing scale, plus Carr's reminder to stay ready to pivot, sums up where owners stand: plan deliberately, stay nimble, and the opportunities ahead are real.