This coming Saturday, November 25, 2017, is Small Business Saturday® – a day to celebrate and support small businesses in your community as well as online. As a small business owner, I encourage you to shop small on this day, but don’t stop there. Patronize small businesses every day of the year.
The term, small business, encompasses a wide variety of business types, from freelance writers to bricks-and-mortar stalls, street food vendors, and growing multinational corporations. To kick-off the shopping season for the remainder of this calendar year, here are 12 some small business stats that may be of interest to you:
- Small businesses (defined as businesses with fewer than 500 employees) account for 99.7% of all business in the U.S. (Fundera)
- Small businesses (firms with 1-499 employees) continue to add more net new jobs than large businesses (500+ employees). (SBA.gov)
- About two-thirds of business survive 2 years in business, half of all businesses will survive 5 years, and one-third will survive 10 years. (Fundera)
- 51 percent of Americans prefer to shop online. (BigCommerce)
- Entrepreneurs who own a home are 10% more likely to start a business than entrepreneurs who don’t. (SBA.gov)
- The top 3 challenges of running a business are economic uncertainty, the cost of health insurance benefits, and a decline in customer spending, with regulatory burdens almost tying for that third place spot. (National Association of Small Businesses)
- According to PayScale, the median income for a small business owner is around $59,000 per year, with most people falling into the range of $26,000 to $153,000.
- 43 percent of cyber-attacks target small businesses. (Small Biz Trends)
- 74 percent of small business websites have no e-Commerce. (Small Biz Trends)
- 55% of B2B buyers search for product/vendor information on social media.
- 75% of B2B buyers and 84% of executive-level personnel use social media to help make purchasing decisions.
- In 2014, small businesses were responsible for creating 1.4 million net new jobs.
Remember, shop small and spend big!
Sources cited for this post include:
- The U.S. Small Business Administration
- U.S. Census Bureau
- The Ultimate Guide to Small Business Facts, Digital.com, https://digital.com/blog/small-business-statistics/