Oct 21
The Not So Small “Small Business”
They are a major driving force of the U.S. economy. They are a dynamic part of the economy that generates three-fourths of the jobs in the U.S. and contributes to employment growth. They know their customers well and are geared especially to meet local needs and that is why they do well, or sometimes do not! Here are some interesting statistics on small businesses that otherwise go unnoticed:
- There are 28 million small businesses in the U.S. — which outnumber corporations 1162 to 1
- Northwestern states like Montana & Wyoming rely more heavily on small businesses
- One third of small businesses rely on credit for financing
- Only 2% of small businesses are franchises — most (54%) are home-based
- 70% of small businesses are owned and operated by a single person
- 60 to 80% of all new jobs come from small businesses
- Small businesses employ 57% of the country’s private workforce
- Small businesses pay 44% of U.S. payroll
- It takes just six days to start a business in the US, compared to a sizeable 38 days in China
- And it costs 6 times as much to start a business in India than in the US
- Immigrants make up 12.5% of small business owners nationwide
- Only 50% of businesses survive five years — though most (70%) hit the two-year mark
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