Think Small, Grow Big: Top 10 Small Business Facts

There are currently a staggering 28 million small businesses in the United States with about 56.8 million employees. This means there are 1,162 small businesses for every single U.S. corporation. With such a high number of small businesses in the market, there’s bound to be a large impact in both the business market and in the surrounding community. But do you know how much of an impact these businesses are really making? Here are the facts.

  1. Starting a business in the U.S. only takes 6 days, whereas starting a business in China can take up to 38.
  2. About 70% of small U.S. businesses are owned and operated by a single person.
  3. 60 to 80% of all new jobs come from independent businesses.
  4. 77 million people make up the U.S. small business workforce. If that were a country, it would rank as the 17th most populated one in the world-just ahead of Iran.
  5. While 70% of businesses survive the first 2 years, only half of businesses will last 5 years.
  6. Almost half of all local businesses don’t have addresses, phone numbers and email addresses.
  7. Since 1990, big businesses have eliminated 4 million jobs while independent businesses added 8 million new ones.
  8. There are over 600,000 franchised U.S. local businesses which provide 8 million jobs and account for 40% of retail sales.
  9. Businesses with less than $5 million in yearly revenue have shown improved net profits for four years in a row up to 2016. Current trends show that 2017 may be the fifth year.
  10. In 2016 half of all established small companies planned to hire new employees (an 82% increase from 2015). With the constant increase in startups, there may be even more jobs available this year.