New businesses increasing in NC, breaking records in first months of 2024

RALEIGH, N.C. (WNCN) — North Carolina is breaking a record when it comes to new businesses in our state.

According to the North Carolina Secretary of State, there are more businesses opening than ever before, beating records in January and February.

“This is a place where people see business opportunity, and they’re on fire about it,” said N.C. Secretary of State Elaine Marshall.

She said LLCs are the most common businesses created in the state, and she tells CBS 17 certain types of businesses are seen more often.

“Things related to real estate, given the state of construction around here, was very high,” she explained. “It was personal services, it was design, it was technology things, it was bio-life sciences things.”

According to the below graph from the N.C. Department of the Secretary of State, new businesses are skyrocketing after the pandemic.

The co-owners of Flavor Hills, a new restaurant in downtown Raleigh, opened their first location in Jacksonville after the pandemic in 2021.

Tellers Pollard, one of the co-owners, said they specifically chose North Carolina to jumpstart their business.

“Our cultural expression and cultural phenomenon come to life here at the restaurant,” he explained. “North Carolina is a friendly state. The cost of living is great. The people here are great and it’s just very community-oriented.”

CBS 17 asked Pollard why he thinks more businesses have opened since the pandemic.

“[The pandemic] kind of exposed the fact that if you don’t have multiple sources of income, you can really get caught with your pants down if you’re not focused on creating other avenues to be successful,” he said. “Coupled with being home, being on the internet, being able to see the different opportunities that exist just kind of motivated everybody, like ‘you know what? Let me get into the space and kind of control my own fate instead of being so reliant on someone else’s system to survive.’”

Staying in business

According to the Secretary of State, data shows that 25% of North Carolina businesses from the mid-1990s until present day fail within the first three years. In seven years, that percentage jumps to 50%.

However, she says new technology streamlining the process, as well as their Rural RISE (Resources for Innovators, Startups and Entrepreneurs) N.C. program, make it easier for entrepreneurs to succeed.

With new technology helping to speed up the process and make less mistakes, Secretary Marshall says her office is approving anywhere from 650 to 700 new businesses each day.

Pollard tells CBS 17 the streamlined process is also a reason he and his partners chose North Carolina, and they’re happy to immerse themselves in the community.

“It causes economic waves to where now we’re stimulating the economy,” he said. “We’re creating jobs and we’re putting people in positions that are often normally overlooked.”

N.C. Secretary of State Elaine Marshall also wants to remind business owners that April 15 is the deadline for many entities to renew their registration.

She’s encouraging business owners to file online and avoid paper filings to speed up the process.

For the latest news, weather, sports, and streaming video, head to CBS17.com.