Major Small Business Stats
1: The US has 33.27 million small businesses, which are those with less than 500 workers (SBA). 2: About 81.6% of small businesses in the US don’t have any workers. That’s 27.15 million businesses (SBA).
3: A small business in the US only has 16.44% workers between 1 and 19 (SBA).
4: The 61.6 million people who work for small businesses make up 45.9% of the US population (SBA).
5: Professional, scientific, and technological small enterprises make up 13.62% of all small businesses with 4.53 million. Only this industry has almost 4 million small enterprises. (SBA)
6: In 2021, America’s small enterprises produced $16.2 trillion in revenue, according to the Pew Research Centre.
7: In 2021, small businesses in the US sent $546.1 billion worth of goods abroad. This was 34.9% of all known export value (SBA).
8: It is estimated that small businesses added 17.3 million net new jobs between 1995 and 2021, which is 62.7% of all new jobs created during that time (SBA).
9: The main reasons small business owners start their own companies are “ready to be their own boss” (28%), “dissatisfied with corporate America” (23%), and “want to follow an interest” (14%). (Guidant)
10: The US’s GDP (gross domestic product) comprises 43.5% of small businesses (SBA).
11: A small business usually has 11.7 workers. As a point of comparison, the average business had 24.9 employees in 2020 (SBA).
12: The poll found that small business owners’ biggest fears in 2024 will be inflation or the economy (47%), having to raise prices (32%), and more competition (24%). (Salesforce)
13: As of 2024, 57% of owners of small businesses anticipate the creation of additional jobs, according to Goldman Sachs.
14: A poll discovered that sixty-five per cent of small businesses believe that their company is doing well in terms of its overall health (Small Business Index).
15: Six out of ten small businesses say they are worried about cyber risks (Small Business Index).
16: 86% of Americans say that small businesses make the world a better place. According to the Pew Research Centre, only 29% of US people say that big businesses are good.
Statistics on Small Business Owners
17: In the United States, women own 43.4% of all small businesses (SBA).
18: 20.4 % of small businesses in the US are owned by people of colour (SBA).
19: Most small business owners are from Gen X (43% of them) or Boomers (37% of them) (Guidant).
20: Pew Research Centre says that 27% of small businesses in 2021 were owned by families.
21: According to the Pew Research Centre, only 1 in 10 small businesses in the US were owned and run equally by both couples in 2021.
Small Business Financing Statistics
22: Most small businesses (71%) say they get their money from personal savings and 67% say they use credit cards (Small Business Index). 23: In 2023, the average SBA loan under the 7(a) loan programme was $479,685.Survival and Failure of Small Businesses
24: According to March 2021 data, 20.9% of new firms fail during the first year. By year 2, 32.8% of startups fail. (BLS) 25: An average of 67.7% of new enterprises survived two years between 1994 and 2020. US Small Business Administration 26: Pew Research Centre reports that 61% of small enterprises have been operating for at least six years in 2021. 27: Pew Research Centre found 15% of small firms over 25 years old in 2021. 28: Inflation, labour quality, and taxation are US small business owners’ biggest issues (Statista).
29: Verizon says that 77% of small and medium-sized businesses either use social media marketing to boost online traffic and get more customers, or they plan to do so.
30: Small and medium-sized business owners are most likely to use Facebook to promote their goods (81% of those surveyed). Other social networks that a lot of people use are Instagram (59%), LinkedIn (48%), X/Twitter (39%) and TikTok (34%).
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