Small Businesses in the United States
There are 30.7 million small businesses in the U.S. making up 99.9% of businesses all across the country. What’s more, they employ 59.9 million (47.3%) of all our friends and neighbors.
How are Small Businesses Doing in the Midst of COVID-19?
According to the U.S. Chamber of Commerce, there are some small businesses that are not only surviving—they are thriving in the middle of this health/economic crisis. Some are obvious, but others aren’t.
The Lifespan of a Small Business
Building a business isn’t for the faint of heart when you consider the average lifespan of a small business is only 8-½ years. It takes a real never-say-die attitude to take the entrepreneurial leap.
How Fast Do Small Businesses Grow?
We regularly read about those rare businesses that seem to double or even triple their size in just a few short years—but those businesses are the exception, not the rule. A healthy small business will grow 2%-3% every year; with the real overachievers seeing 7%-8%.
Why Do Small Businesses Fail?
Although there are a number of reasons small businesses struggle and often fail, there are a handful that always seem to be at the top of the list. Some of them are more obvious than others, but include a lack of capital at the top of the list with 82% of failing businesses struggling with cash flow.
Why Do People Start Their Own Business?
There are probably as many reasons to start a small business as there are business owners, but many people tend to start their own businesses for many of the same reasons—beyond wanting to be your own boss.
What Are Common Startup Costs?
Although many business startup costs are predictable, make sure you include these 13 things or you might be missing something really important. There’s a lot more to getting undway than making sure you have a business license and a place to do business.
Is Your Business Profitable?
If your business is profitable, you’re in the minority. It’s hard to imagine that of all the 30.7 million small businesses in the United States only 40% of them turn a profit.
What Are The Most Profitable Businesses to Start?
There are profitable and successful businesses in every industry, but starting a business in one of this list of 15 improves the odds of business success.
How Many Home-Based Businesses Are There in The US?
There are a lot of solopreneurs and other small businesses that do business out of the home. In fact, in the United States alone there are 38 million home-based businesses.
How Many Home-Based Businesses Actually Have Employees?
It’s not just solopreneurs doing business from home, 60.1% of all firms with paid employees are home-based businesses in the U.S.
How Many Minority-Owned Businesses Are in the United States?
There are now more than 4 million minority-owned businesses in the U.S. And, they do close to a whopping $700 billion in annual sales.
How Old is the Average Small Business Owner?
We read a lot about the young CEOs that build successful businesses in the U.S., but the average age of a business owner is 50.3 years old and earns 21% more than the average U.S. population.
Technology is an Important Part of Small Business
Regardless of the type of small business, 84% of business owners are using at least one major digital platform to get business done. Producing, sales, and marketing all leave a pretty big digital footprint.