Curious about small businesses? They might seem a little mysterious if you’ve never owned one or worked for one.
Mystery solved when you read this post. We’re sharing 9 small business facts that will surprise you.
Who knows? After you finish reading, you might decide to start your hot dog stand or one-person bookkeeping office.
- Small Businesses Dominate
Don’t let the word small throw you off—small businesses make a huge impact on the workforce in the United States.
In 2018, 58.9 million people worked for a small business. That’s a little over 47% of the private workforce.
With a staggering 30.2 million (and counting) small businesses in the U.S., this sector dominates the workplace. Small businesses make-up 99.9% of businesses in this country. If you find it difficult to wrap your head around that number, refer back to our definition of small business.
You might even work for, or own one yourself.
- Small Business Owners Care About People
Most large corporations say they care about people, but often the people they claim to care about, don’t think they care. It may have more to do with size and corporate missions but for the average employee, it feels like treading water alone at sea.
Small business owners have their people on their minds. In a recent survey, they answered questions about their top challenges.
Hiring new employees is considered a major goal and one of the small business owner’s biggest challenges.
Once they hire them, they also want to make sure they have enough meaningful work to do. Learn more about how small business owners strike a balance between adequate staffing and keeping employees happy with their schedules.
They’re also challenged with ensuring their employees have access to good healthcare.
They want to create jobs and fill them. They want healthy employees who can participate in a robust healthcare plan. Sounds like they care, right?
- All in the Family
If you’re a family and you own a business, you’re in good company. In the U.S., 19% of businesses are family-owned.
Family-owned businesses are also focused on creating jobs. Creating 78% of jobs in the United States and employing 60% of the workforce is impressive, isn’t it?
To qualify as a family-owned business, there must be at least 2 employees, but many of these companies provide jobs for thousands of employees.
- I Will Survive Is Their Theme Song
We’ve all heard the stories of the small business that failed. If you’ve ever come home and announced you’re starting one, you’ve likely heard one too.
While it’s true that some small businesses fail in the first year, 4 out of 5 survive. The percentage of failing small businesses increases in the 2nd, 5th, and 10th year.
The businesses most likely to succeed (or at least stay in business) beyond the first year? Health care and social assistance.
- The Work at Home Business
If working from home is your dream, why not start a small business?
Home-based businesses make up around 60% of the companies that have no paid employees. Companies considered small businesses due to staff size make up around 23% of home-based businesses.
If you can dream it up, you can work it from home. Home-based workers include (but aren’t limited to):
Even large firms offer the perk of working remotely. Maybe those small business owners influenced them!
- It’s Not Just an American Thing
If you think only Americans own small businesses in American, take a look at this interesting fact.
About 3.2 million immigrants in the States manage their own businesses. Those 3.2 million business owners provide jobs for a significant number of us.
Not only do they own businesses, but immigrants also contribute millions of dollars in federal, state, and local tax revenue.
- You Can Start Up on a Shoestring
It’s not only the size that’s attractive about small businesses. It’s the start-up costs associated with many small business