It’s no surprise that small businesses are a driving force of the American way of life. They are the quintessential American Dream and help keep the economy afloat. While these facts may seem obvious to most there are numerous facts that are not as well known. For this year’s Small Business Week we thought it would be a great idea to collect some interesting facts about small businesses that may not be as obvious.
10 Interesting Facts About Small Businesses
1. There are almost 28 million small businesses in the US and small businesses are defined by the SBA as a company that has fewer than 500 employees.
2. 120 million people (over 50% of the employed population) work for a small business.
3. Since 1995 small businesses have generated the majority of new jobs, over 65% of new jobs have been generated by small businesses.
4. Out of all the small businesses in the US 52% of them are run from home. Running a business from home helps cut costs and free up valuable resources to make sure that the business has the best chance at success possible.
5. About 543,000 new businesses are started each month in the United States. Unfortunately more small businesses close down per month than get started. A sobering statistic that needs to be actively changed for the sake of our country’s economic growth.
6. The fastest growing industries among small businesses are beauty salons, repair shops, and dry cleaners.
7. The average revenue for non-employers (or those who do not have employees) was $44,000
8. 18 million businesses (or around 80% of nonemployer businesses) had less than $50,000 in receipts.
9. There are over 22 million entrepreneurs who are self-employed, also known as nonemployers, with no other employees or workers on payroll.
10. In 2011 there were 22.5 million nonemployer firms which is a 2% increase from 2010.
Sadly, as stated above, more small businesses close per month than open. As part of Small Business Week why not consider helping the cause of entrepreneurs and small businesses in America? Small businesses and entrepreneurs are what keep America’s economy thriving and allow the average American to fulfill their American Dream. You can do this by either buying strictly from local, small businesses or maybe even starting a small business of your own!