50 SMALL BUSINESS FACTS YOU SHOULD KNOW
50 small business facts you should know we’ll listed and explained here.
Do you know these simple enthusiastic intentions and demands of people?
People want to make money
People want to start a busines
People want to know the trends in the business industry
People wants to appear in the list of rich people in the world
People are always ready to learn and upgrade everyday
People are not always satisfied with what they have
Infact, people are always aiming high and aspiring to be big.
Today, Many people dream about starting their own businesses, based on their own ideas and dreams.
And they aspire to be big, hence, they try to break free from workplace rules, politics, work stress and all the internal chaos that can limit their growth and expansion.
This makes those people to strive for their financial freedom and Success. They keep on striving and working towards their desired goals and ambitions.
Whether you already have your own business or you are aspiring to have yours, you still have to get the ideas of the current business statistics and facts that you should know.
However, owning a small business isn’t at all a walk in the park. Honestly, approximately 20% of new businesses fail within the first two years of start up.
Most business, approximately 80% are not even able to get to the 5 years business journey.
It is therefore crucial and worth it to stay on top of the newest small business statistics and facts to create a business strategy built to succeed long term and always get new and innovative ideas for your business.
Hence, this 50 small business facts you should know
This article further explains the following keywords
Must know business facts
World business facts and statistics
small business facts you should know
US business facts and statistics
The impact of Covid-19 in business
Business growth rate in US
The business graph
Facts and statistics of business.
It further answers the following questions?
What is the US business statistics?
What is the impact of covid 19 in business?
What business can I do in 2022?
What factors can affect my business?
What is the popular business idea?
What are consumers saying?
What are the 50 small business facts you should know?
What are the top 50 small business facts you should know?
Top 50 small business facts you should know in US
In this article we will reveal to you small business facts and statistics that you should know. You ought to know these facts and statistics.
THE 50 SMALL BUSINESS FACTS YOU SHOULD KNOW LISTED BELOW;
1. Annually, small businesses create 1.5 million jobs and account for 64% of all new jobs in the U.S. (United States)
2. The number of small businesses operating in the U.S. has doubled since 1982.
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3. There are about 582 million entrepreneurs in the world.
4. 15 million Americans work full-time for their own business.
5. Annually, small businesses create 1.5 million jobs and account for 64% to 70% of all new jobs in the U.S.
6. In the year 2020, there were 31.7 million Small businesses in the U.S (99.9% of all businesses).
7. Small companies create 1.5 million jobs annually. This account for 64% of the new jobs created in the US as at 2019
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8. Over 90% of small businesses are small businesses and medium-size businesses
9. The most common reason why people create their own business is because they want to become their own boss
10. Over 70% of small businesses shut down in March 2020 in US as a result of the Covid-19 pandemic
Check out more reasons why businesses shut down CLICK TO READ
11. Statistics show us that the new generation of entrepreneurs is more likely to side-hustle
12. The primary reason and cause of the failure of small businesses is as a result of market demand
13. One of the top challenges that small businesses face is the poor quality of labor
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14. Over 99% of America businesses are small businesses
15. In 2020, small businesses accounted for 1.6 million new jobs
16. An estimate of 50% of small businesses start at home
17. The most popular for small business owners is rendering of service (service industry)
18. Approximately 86% of small businesses use Facebook ads for Advertising
19. About 73% of small businesses invest in social media marketing for them to make sales.
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20. There is a statistics of 60% of people discovering new products on the Instagram
21. About ⅓ of the most viewed Instagram stories are from businesses, especially small businesses.
22. 46% of consumers preferred to shop at a small business as at 2020
23. Over 75% of consumers are willing to pay more if they get good and warm Customer service
24. Over 40% of small businesses have debts of $100,000 and more
25. About 66% of small businesses face financial challenge
26. There was a 14% of credit growth in 2020
27. 89% of business owners work weekends while 81% work night.
28. Discipline is needed to have an entrepreneurial mindset, says 38% of small business owners
29. About 80% of small businesses are not taking full advantage of available technology for their business
30. About 28% of the data breaches in the year 2020 involved small businesses and forms
31. A total of 22% of SMBs went out of business between February and April 2020as a result of the Covid-19 pandemic
32. Currently, 62% of small business owners still feel the worst impact from COVID-19 is still yet to come in 2021 and they are afraid of that.
33. Small businesses have the need of about $1.5 trillion in every year.
34. $64,709 is the average income for a small business owner
35. The cheapest business to start is micro businesses.
36. Over 90% of business owners don’t regret starting their company
37. 37% of businesses were no longer profitable during the Covid-19 pandemic
38. 31% of small businesses in the US has become non-operational as a result of the Covid-19 pandemic.
39. About 64% of small businesses that were surveyed use social media in their marketing strategy.
40. As said by 5% of small business owners; “technology manages customer interactions”
41. About 85% of small enterprises have already invested in SaaS options in the year 2021.
42. In the year 2021, small businesses plan to step up their digital efforts for their business.
43. Close to 85% of small enterprises have already invested in SaaS options in 2021.
44. During the Covid-19 pandemic, African-American businesses were hit the hardest.
45. There was a 41% drop in business activity of African-American during the Covid-19 pandemic.
46. people were 11% less likely to say COVID-19 is causing their business problems.
47. The highest nuisance and dangerous impact caused by the Covid-19 pandemic was lack of turn-over for businesses
48. 65% of small businesses are more likely to invest in technology such as AI
49. 80% of business owners who invested in personalization will stop funding projects due to a lack of ROI as at the year 2025.
50. Online and digital channels will continue to grow for business owners to utilize.
There are a lot of things we can learn from the small business facts and statistics in the US and in the world too.
This will really help you if you are planning to start your own business or you are already running your own business.
Owning and running a business is not easy at all, but with this statityou can get the areas you need to focus on and the things that will help you grow and explore in your business.
These facts will help your business to grow and will guide you so as not to fall y the wayside while running your business.
You have a lot to learn from this small business facts.
The above statistics ( small business facts you should know ) are correct as they are gotten from world statistics on platforms like; Business wire, Workest, Gartner, JP Morgan Chase, SWZD, PNAS, NCBI, Shopify, Semrush, and so on.
Thanks for reading,
50 small business facts you should know
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