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Business, Diversity & Inclusion

12 Small Business Facts You Should Know for Small Business Saturday 2017

Small-Biz-Saturday-2017This 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:

  1. Small businesses (defined as businesses with fewer than 500 employees) account for 99.7% of all business in the U.S. (Fundera)
  2. Small businesses (firms with 1-499 employees) continue to add more net new jobs than large businesses (500+ employees). (SBA.gov)
  3. 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)
  4. 51 percent of Americans prefer to shop online. (BigCommerce)
  5. Entrepreneurs who own a home are 10% more likely to start a business than entrepreneurs who don’t. (SBA.gov)
  6. 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)
  7. 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.
  8. 43 percent of cyber-attacks target small businesses. (Small Biz Trends)
  9. 74 percent of small business websites have no e-Commerce. (Small Biz Trends)
  10. 55% of B2B buyers search for product/vendor information on social media.
  11. 75% of B2B buyers and 84% of executive-level personnel use social media to help make purchasing decisions.
  12. 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:

  1. The U.S. Small Business Administration
  2. U.S. Census Bureau
  3. The Ultimate Guide to Small Business Facts, Digital.com, https://digital.com/blog/small-business-statistics/
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About Vi Brown

Vi is principal and CEO of Prophecy Consulting Group, LLC, an Arizona firm that provides business and engineering services to private and public clients. Prior to establishing her consulting practice in 2001, Vi worked with Motorola, Maricopa County Government, Pacific Gas & Electric, CH2M Hill, and Procter & Gamble. As an adjunct faculty member, Vi teaches undergraduate calculus classes and graduate level environmental courses. She is also a professional speaker.

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