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.
- Starting a business in the U.S. only takes 6 days, whereas starting a business in China can take up to 38.
- About 70% of small U.S. businesses are owned and operated by a single person.
- 60 to 80% of all new jobs come from independent businesses.
- 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.
- While 70% of businesses survive the first 2 years, only half of businesses will last 5 years.
- Almost half of all local businesses don’t have addresses, phone numbers and email addresses.
- Since 1990, big businesses have eliminated 4 million jobs while independent businesses added 8 million new ones.
- There are over 600,000 franchised U.S. local businesses which provide 8 million jobs and account for 40% of retail sales.
- 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.
- 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.