35+ Key Small Business Statistics
Small businesses are the backbone of the American economy (and in many parts of the world) and provide jobs for nearly half (45.9%) of US employees. Nearly 9-in-10 Americans state small businesses have a positive impact, whereas only 29% of Americans view large corporations positively. Want to learn about the state of small businesses, what is their role in today’s economy, how many businesses fail and what are the current challenges? Let’s dive right in. Here’s a quick summarily of what you’ll learn: General Small Business Statistics There are 33.27 million small businesses (with less than 500 employees) in the US (SBA) Around 81.6% of small businesses in the US have no employees, which amounts to 27.15 million businesses without employees (SBA) Only 16.44% of small businesses in the US have between 1 and 19 employees (SBA) There are 61.6 million small business employees, accounting for 45.9% of the US workforce (SBA) There are 4.53 million small businesses in the professional, scientific and technical industry, accounting for 13.62% of all small businesses. It’s the only industry with more than 4 million small businesses. (SBA) Small businesses in the US generated $16.2 trillion in revenue in 2021 (Pew Research Center) Small firms in the US exported goods worth $546.1 billion, accounting for 34.9% of known export value in 2021 SBA) From 1995 to 2021, small businesses have been responsible for generating 17.3 million net new jobs, making up 62.7% of all new jobs created during this period (SBA) Small business owners primary motivations to go into business include “ready to be their own boss” (28%), dissatisfaction with corporate America (23%) and “want to pursue a passion” (14%) (Guidant) Small businesses in the US are responsible for 43.5% of gross domestic product (GDP) (SBA) On average, small businesses have 11.7 employees. To…
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