Did you know that the average American eats nearly 13 pounds of ice cream per year? Or that one-third of all adults sleep with a stuffed animal?
How about this? Are you aware of the total number of small businesses (SMBs) in the entire United States? Is it 100 million, or billion, maybe?
Well, small businesses play a very significant role in the US economy. In fact, they are the very engine that drives economic development and job creation across the nation. But exactly how many SMBs are there? I attempt to answer this question and more with a well-researched list of . . .
17 Fascinating Small Business Statistics
- There are 31.7 million small businesses in the US—that’s 99.9% of all US businesses.
- 60.6 million Americans are small business employees—47.1% of all U.S employees.
- It takes an average of four days to open a business in the US.
- Approximately 543,000 businesses are launched every month.
- Only 64% of SMBs have a functioning website, with 94% of these websites being mobile-friendly.
- Small business owners have an average annual income of $65,000.
- Nearly 70% of entrepreneurs start their business at home.
- A really low 17% of SMBs invest in SEO (search engine optimization).
- Only 40% of small businesses are profitable, 30% are perpetually losing money, and just 30% manage to break even.
- Most state laws require that every new LLC designate a registered agent within that state that will be available during regular business hours at a physical address.
- The US ranks 15th in the 2020 list of best countries to start a business.
- 60% of customers check Google My Business for information on local businesses.
- 42% of small businesses fail due to lack of demand for their products or services, while a staggering 82% fail due to cashflow issues.
- According to a survey, 93% of small businesses use Facebook as a marketing platform, followed closely by Twitter at 79%.
- As of February 2021, the single most important downfall for small businesses is poor sales.
- The cost of launching a start-up is between $2000 and $50,000.
- Americans are three times more likely to express confidence in a small business than they are in a larger business.
These are just a few facts on small businesses from across the US. Keep browsing my website for more comprehensive statistics on SMBs from all 50 US states.
- World Bank
- Blue Corona
- US News
- Social Media Examiner
- Excel Capital Management
- US Small Business Administration – Office of Advocacy