Listening to small enterprise tendencies and statistics is effective to anybody who owns or needs to personal a small enterprise. As a result of it helps you perceive each dangers and alternatives.
The under record 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 possibly can give attention to which of them you’re most fascinated about studying extra about.
However earlier than the numbers, let’s begin with why it’s a good suggestion to evaluation small enterprise stats within the first place.
Why Statistics Are Vital 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 tendencies and applied sciences you possibly can leverage to gas progress
Briefly, you’ll have info to information you. So that you don’t should guess about what to do and what to keep away from.
Now, let’s get into the numbers.
50 Small Enterprise Statistics
The under record of statistics contains 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 US (SBA Workplace of Advocacy, 2023)
2. 63% of the brand new jobs created between 1995 and 2021 got here from small companies (SBA Workplace 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 Workplace of Advocacy, 2023)
4. A small enterprise is mostly 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 Workplace of Advocacy, 2023)
6. 99.6% of small companies with workers have fewer than 500 workers (Federal Reserve Board of Governors, 2022)
Statistics About Shoppers’ Choice 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 provided comparable conveniences as chain shops (GoDaddy, 2023)
8. The common American retailers at a small enterprise 213 instances per 12 months (AT&T, 2022)
9. 64% of Individuals sometimes really feel responsible after purchasing at large chain shops (AT&T, 2022)
10. 73% of shoppers say small companies provide higher and extra personalised customer support than companies (Zendesk, 2019)
11. 77% of shoppers say they’re keen 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)
13. Of all small companies that utilized for credit score in 2020, 68% did so by way 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 acquired 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 12 months. And near 50% stay open for no less than 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 Workplace of Advocacy, 2023)
24. 82% of small companies fail as a consequence of poor money move administration (U.S. Financial institution, 2023)
Small Enterprise vs. Massive Company Statistics
25. Small companies have accounted for over 40% of gross home product (GDP) over the previous few many years (SBA Workplace of Advocacy, 2018)
26. Each small and huge companies recovered all the roles misplaced through the second quarter of 2020 by the third quarter of 2022 (SBA, 2023)
27. In 2017, the common giant firm spent $330 million on analysis and improvement (R&D). However the common small firm spent solely $6 million on it. (Harvard Enterprise Assessment, 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 12 months (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 12 months (U.S. Chamber of Commerce, 2023)
33. In 2019, about 28% of small enterprise companies with workers have been family-owned (SBA Workplace 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 (Marketing 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. (Marketing campaign Monitor, 2023)
37. E mail advertising and marketing had the very best return on funding out of all channels for small enterprise entrepreneurs in 2023 (Marketing campaign Monitor, 2023)
38. Small enterprise entrepreneurs rank influencer advertising and marketing and web optimization advertising and marketing as probably the most troublesome channels to leverage (Marketing campaign Monitor, 2023)
39. Almost 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 companies use no less than 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 each day operations (SBA Workplace of Advocacy, 2023)
47. One in 4 small companies reviews utilizing synthetic intelligence (U.S. Chamber of Commerce, 2023)
48. Small companies which have adopted synthetic intelligence expertise a 12-point improve within the chance of rising their income (U.S. Chamber of Commerce, 2023)
49. lmost 95% of small companies say they’ve improved effectivity through the use of 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 Selections
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, web optimization, pay-per-click administration, social media, analytics, and far more. See the way it might help you by beginning a free trial right now.