Taking note of small enterprise traits and statistics is effective to anybody who owns or desires to personal a small enterprise. As a result of it helps you perceive each dangers and alternatives. 

The under listing of small enterprise statistics gives a high-level overview of the small enterprise panorama in 2024. 

And so they’re organized by class. So you’ll be able to concentrate on which of them you’re most fascinated by studying extra about. 

However earlier than the numbers, let’s begin with why it’s a good suggestion to evaluate small enterprise stats within the first place.

Why Statistics Are Essential to Small Companies

Reviewing small enterprise stats may give you a baseline for strategic planning and decision-making. Which might result in greater income and higher effectivity.

Extra particularly, making sensible use of statistics lets you:

  • See how aggressive you’re within the total market
  • Perceive the widespread challenges that may result in small enterprise failure
  • Uncover rising traits and applied sciences you’ll be able to leverage to gas progress

In brief, you’ll have data to information you. So that you don’t must guess about what to do and what to keep away from.

Now, let’s get into the numbers.

50 Small Enterprise Statistics

The under listing of statistics consists of probably the most up-to-date details about small companies from sources just like the U.S. Small Enterprise Administration (SBA), the U.S. Chamber of Commerce, and extra

Basic Small Companies Statistics

1. There are 33.2 million small companies in the USA (SBA Office of Advocacy, 2023)

2. 63% of the brand new jobs created between 1995 and 2021 got here from small companies (SBA Office of Advocacy, 2023)

3. There are 61.7 million small enterprise workers within the U.S.—that’s 46% of the non-public sector workforce (SBA Office of Advocacy, 2023)

4. A small enterprise is usually outlined as a small enterprise with lower than 1,500 workers (SBA, 2023)

5. The common small enterprise with workers has a employees of 11.7 workers (SBA Office of Advocacy, 2023)

6. 99.6% of small companies with workers have fewer than 500 workers (Federal Reserve Board of Governors, 2022)

Most small businesses have fewer than 500 employees

Statistics About Shoppers’ Desire for Small Companies

7. 73% of Gen Z and 75% of Millennials say they might store extra at small companies in the event that they supplied related conveniences as chain shops (GoDaddy, 2023)

8. The common American outlets at a small enterprise 213 occasions per yr (AT&T, 2022)

9. 64% of Individuals sometimes really feel responsible after procuring at huge chain shops (AT&T, 2022)

10. 73% of shoppers say small companies supply higher and extra personalised customer support than firms (Zendesk, 2019)

11. 77% of shoppers say they’re prepared to pay extra for a small enterprise with a greater customer support expertise (Zendesk, 2019)

Small Enterprise Financing Statistics

12. The highest financing sources for small companies are private financial savings, bank cards, and native banks and credit score unions (U.S. Chamber of Commerce, 2023)

Top financing sources for small businesses

13. Of all small companies that utilized for credit score in 2020, 68% did so by means of a financial institution (Federal Reserve Board of Governors, 2022)

14. Financial savings establishments held $40 billion in small enterprise loans in 2021 (Federal Reserve Board of Governors, 2022)

15. 31% of small companies that utilized for credit score in 2020 obtained full funding (Federal Reserve Board of Governors, 2022)

16. The common SBA mortgage is $479,685 (SBA, 2023)

17. 33% of small companies launched with lower than $5,000. And 58% launched with lower than $25,000. (U.S. Chamber of Commerce, 2023) 

18. 60% of small companies have $50,000 in debt or much less (Federal Reserve Board of Governors, 2022)

19. Over 50% of small companies say inflation is their high problem (U.S. Chamber of Commerce, 2023)

Small Enterprise Success vs. Failure Statistics

20. 44% of small companies reported income will increase in 2022. And 18% recorded no change in income. (Federal Reserve Banks, 2023)

21. About 80% of small companies survive their first yr. And near 50% stay open for at the least 5 years. (Bureau of Labor Statistics, 2023)

22. Feminine-owned small companies have a median annual income of $263,092. That compares to a median annual income of $469,372 for male-owned small companies. (Biz2Credit, 2023)

23. In 2020, 1.02 million small enterprise institutions completely closed (SBA Office of Advocacy, 2023)

24. 82% of small companies fail on account of poor money move administration (U.S. Bank, 2023)

Small Enterprise vs. Massive Company Statistics

25. Small companies have accounted for over 40% of gross home product (GDP) over the previous few a long time (SBA Office of Advocacy, 2018)

26. Each small and huge corporations recovered all the roles misplaced throughout the second quarter of 2020 by the third quarter of 2022 (SBA, 2023)

27. In 2017, the typical giant firm spent $330 million on analysis and growth (R&D). However the common small firm spent solely $6 million on it. (Harvard Business Review, 2019)

Statistics on the Traits and Habits of Small Enterprise House owners

28. The common age of a small enterprise proprietor is 46 years outdated (Zippia, 2023)

29. The common wage of a small enterprise proprietor is $69,119 per yr (PayScale, 2023)

30. 52% of small enterprise house owners have a bachelor’s diploma. And 21% have an affiliate diploma. (Zippia, 2023)

31. 15% of small companies are owned or partially owned by a veteran (Federal Reserve Banks, 2023)

32. Greater than 50% of small enterprise house owners say they’re working extra hours now in comparison with final yr (U.S. Chamber of Commerce, 2023)

33. In 2019, about 28% of small enterprise corporations with workers have been family-owned (SBA Office of Advocacy, 2023)

Advertising Statistics for Small Companies

34. 15.3% of small enterprise house owners handle their very own advertising and marketing. And 56.9% of small companies have a workforce of in-house entrepreneurs (Campaign Monitor, 2023)

35. Solely 25% of small companies have a web site—a key a part of many advertising and marketing efforts (GoDaddy, 2023)

36. About 70% of small companies use Fb for advertising and marketing. About 64% use e-mail advertising and marketing. And about 43% use paid search. (Campaign Monitor, 2023)

Top marketing channels for small businesses

37. E mail advertising and marketing had the very best return on funding out of all channels for small enterprise entrepreneurs in 2023 (Campaign Monitor, 2023)

38. Small enterprise entrepreneurs rank influencer advertising and marketing and website positioning advertising and marketing as probably the most tough channels to leverage (Campaign Monitor, 2023)

39. Practically 50% of small enterprise house owners say their advertising and marketing efforts are efficient (Keap, 2020)

Small Enterprise Cybersecurity Statistics

40. There have been 1,037 cyber incidents towards small companies in 2021 (Verizon, 2021)

41. 93% of cyberattacks towards SMBs are financially motivated (Verizon, 2021)

42. 65% of small companies handle their cybersecurity in-house (Bullguard, 2020)

43. 50% of small companies say it took them longer than 24 hours to recuperate from a cyberattack (Bullguard, 2020)

44. 50% of small enterprise house owners say their workers obtain no cybersecurity coaching (Bullguard, 2020)

Small Enterprise Know-how Statistics

45. 95% of small corporations use at the least one know-how platform of their operations (U.S. Chamber of Commerce, 2023)

46. 38% of small companies with workers use specialised software program of their every day operations (SBA Office of Advocacy, 2023)

47. One in 4 small companies stories utilizing synthetic intelligence (U.S. Chamber of Commerce, 2023)

48. Small companies which have adopted synthetic intelligence expertise a 12-point improve within the probability of rising their income (U.S. Chamber of Commerce, 2023)

49. lmost 95% of small companies say they’ve improved effectivity by utilizing know-how platforms (U.S. Chamber of Commerce, 2022)

50. Half of small companies are involved over potential know-how rules (U.S. Chamber of Commerce, 2023)

Make Information-Pushed Enterprise Choices

Because the statistics present, small companies face a good variety of challenges. 

However these numbers might help you establish methods to beat them. So long as you do your analysis and make sensible use of know-how. 

For instance, Semrush has instruments for market analysis, website positioning, pay-per-click administration, social media, analytics, and rather more. See the way it might help you by beginning a free trial at present.

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