Whether it’s a brick-and-mortar business, a financing company, or e-commerce store, entrepreneurs and small business owners are out there handling their clients, employees, and everything in between.
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Here’s an insightful compilation of small business statistics to give you an idea of the recent trends that have been apparent over the last few years. They might help provide perspective on your own budding ideas, or a friend who’s established their brand marketing already. You might be a successful business owner yourself. You just never know who needs to see a good stat!
Small Business Statistics: General
Over 99% of U.S. employers are small business owners (Cision, 2016).
Small businesses in the U.S. employ 57 million people (StartBlox, 2018).
About 543,000 new businesses are started each month (Yahoo).
4. Popular industries for startups in 2018 included healthcare, e-commerce, technology, marijuana and maintenance (LendEDU, 2018).
5. 23% of small businesses in the U.S. are located in the south (StartBlox, 2018).
6. The majority of small-business owners say their employees stay with their business for at least four years (NSBA, 2017).
7. 25% of small companies with 500 employees or less are more than 20 years old (Wall Street Journal, 2015).
8. 66% of small businesses will outsource services to other small businesses (FreshBooks, 2017).
49. 74% of tech startups fail because they scaled too fast (Crowdspring, 2017).
50. 14% of small businesses fail because they ignore their customers (Fundera, 2018).
51. 42% of small businesses fail because there’s no market for their product or service (Blue Corona, 2018).
It seems like a great time to take advantage of opportunities!
Seeing statistics like these puts a perspective on the world of business and commerce in the U.S. Especially when we have a record-breaking number of small businesses that pop up overnight and entrepreneurs with new, creative ideas every day.
If you’re starting on your own venture, make sure to keep some of these small business statistics in mind so that you maximize your potential and have the upper-hand on your competition.
Bianca is a Marketing Specialist at Parkey Dewey. After completing her degree in Public Relations at Columbia College Chicago, she previously was Content Promotion Specialist at G2. To take a break from everyday life, her adventures usually involve hiking in the mountains, attending music festivals, and eating great food.