Did you know that per the U.S. Small Business Administration (SBA), a small company has no more than 500 employees. Additionally, a small business may generate a yearly average revenue of between $750,000 and $38.5 million. Given that they pertain to a “small company,” these figures may come as a surprise to many people, and that surprise is justified.
However, bear in mind that these figures vary based on your sector. Not all small businesses hire close to 500 people. According to the 2019 SUSB Annual Data Tables by Establishment Industry, 89% of American small companies employ fewer than 20 people.
Additionally, 90% of all companies are small businesses. Small company owners must be diligent, careful, and creative in order to succeed in their various industries. It will be easier for you to maintain customer relationships and prepare your company for new challenges if you remain current with trends and changes in your industry.
One platform that we would like to mention that would help your small business succeed by giving you access to low cost, quality manufacturers and US based fulfillment centers is GoBiz USA. This is an all-in-one B2B and B2C operational system that is FREE to use so you can conduct your entire operation from wholesale purchasing, invoicing, to shipping, and MORE! GoBiz USA will help you save time, money, and resources so you can focus on scaling your company to new heights.
Also, in order to save you time, we have compiled the most recent small company statistics from reliable sources down below.
Let’s take a look…
General Figures for Small Businesses
- Around 95% of businesses globally are small businesses (Global Naps)
- According to Global Naps, there are about 400 million small companies worldwide and 95% of all companies are made up of these organizations.
- 60 to 70 percent of jobs worldwide are created by small companies.
- Nearly 99.9% of companies in the US are small businesses (SBA)
- A significant portion of the American economy is made up of small companies.
- The small business association estimates that there are 32.5 million small companies in the US.
- This is a huge figure and represents 99.9% of all businesses in the United States.
- In the USA, almost 46.8% of workers are employed by small companies (SBA)
- In the United States, there are 61.2 million people who work for small companies.
- These workers at tiny businesses account for 46.8% of all American workers.
- 83 percent of small companies now conduct at least some of their operations online (Salesforce)
- And 95% of them switched some of their activities online last year.
- The primary reasons for this change were employee and customer safety and convenience.
- The internet presence of small businesses increased by nearly 75% last year through social media, email, and advertisements.
- In the US, there are more than 9.2 million minority-owned businesses (SBA)
- Nearly 8.2 million of these companies operate without hiring any staff.
- Employees work for more than 1 million minority-owned companies.
- During the pandemic, 45% of Small Businesses reported having earned less than 50% of their previous revenue (SmallBizTrends)
- Almost 60% of small businesses permanently shut down because of the pandemic (Yelp)
- Almost 20% of small businesses fail within the first year, 33% within two years, 50% within five years, and 66% of small businesses meet their end within ten years (Bureau of Labour Statistics)
Knowing margaret stats can help you grow your business and know what is going on in the industry.
GoBiz USA has up to date information on what is trending right now and helpful resources and tools to optimize your B2B or B2C operation.
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