First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Suggested Search Terms

    Suggested Search Terms

      Staying up to date with small business trends with technology
      Get Insights

      Get monthly ideas delivered right to your inbox.

      Subscribe for Insights

      For Your Small Business Joshua Sophy January 7, 2025

      Key entrepreneurial trends for 2025

      A recent survey by Intuit QuickBooks sheds light on entrepreneurial trends and consumer attitudes heading into 2025. The survey highlights the growing focus on financial planning, digital expansion, and resilience among entrepreneurs, despite ongoing economic challenges.

      Entrepreneurial Resolutions and Financial Focus

      The survey revealed that New Year’s resolutions are popular among business owners, with 64% of current entrepreneurs planning to make positive changes in 2025. Financial goals are at the top of the list, with 65% of business owners committed to achieving them, compared to 44% of non-business owners.

      A significant 54% of respondents expressed interest in starting a new business in 2025, with 64% of experienced business owners considering new ventures. The median reported startup cost is $5,000, and 37% of business owners said they started their businesses with less than $1,000. For many, a tax refund could provide the capital needed, as 32% of aspiring entrepreneurs plan to use refunds to fund their startups.

      Side Hustles: A Path to Wealth and Satisfaction

      Side hustles continue to gain popularity, with 33% of respondents planning to start one in 2025. Entrepreneurs often pursue side hustles to increase financial security and achieve autonomy, with 71% of side-hustlers maintaining other jobs for steady income and benefits.

      The survey found that 64% of respondents are satisfied with their current lives, but 61% believe earning more money would improve their happiness. Among business owners, 70% identified increased income as a key driver of satisfaction.

      Economic Challenges and Resilience

      Inflation remains the top obstacle to business success, cited by 61% of business owners. Rising costs have driven entrepreneurs to seek innovative strategies, including adjusting prices, sourcing materials creatively, and diversifying revenue streams. Despite these challenges, 72% of business owners plan to invest in growth during 2025, focusing on e-commerce and online sales.

      Digital platforms continue to play a vital role, with 71% of business owners reporting that their businesses operate online to some degree. Social media is seen as a critical growth driver, with 57% of respondents identifying it as the most powerful tool for business expansion.

      Hiring Plans and Workforce Expansion

      Although over half (51%) of business owners currently operate without employees, 44% plan to hire in 2025. This includes full-time and part-time roles as well as contract workers, highlighting a shift toward scaling operations. Additionally, 21% of entrepreneurs are considering hiring accountants or bookkeepers to manage financial complexities.

      Tax Confidence Amid Common Errors

      While 84% of business owners feel confident about handling their taxes, 34% admitted to past errors, including filing at the wrong time or overpaying. Nearly half (45%) rely on professional tax advisors, while others seek assistance from family or friends.

      As 2025 approaches, business owners remain optimistic, driven by a focus on financial success and growth. The rise of side hustles and digital platforms reflects a dynamic shift in how businesses operate, with entrepreneurs balancing autonomy and stability. Despite economic hurdles, business owners are planning for expansion and innovation, signaling a year of ambition and adaptability.

      Connect with an Old National Small Business for more insights to help your business grow.

      This article was written by Joshua Sophy from Small Business Trends and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.

      Subscribe for Insights

      Subscribe