As we noted earlier this month, many small business trends are worth studying. Now, let’s consider how small businesses are charging ahead.
“A small business is privately owned and operated. And it typically employs a small number of workers. In the United States, the the U.S. Small Business Administration (SBA) sets the criteria for legally defining a small business.”
These are among the criteria by the SBA [Source: SBA’s definition of a small business concern]. Besides the ones listed, a number of criteria determine whether a firm is defined as a small business:
See How Small Businesses Are Charging Ahead
In the view of Katie Horne, writing for Digital.com:
According to the U.S. Small Business Administration, nearly 30 million small businesses exist in the United States. And they employ 47.8 percent of US workers. Furthermore, all of these small businesses have a big impact on the US economy through job creation, innovation, and economic impact.”
- “Recently, small businesses added more new jobs than large businesses (500+ employees). In addition, firms with 1-49 employees contributed most to this growth.
- Despite declining in number since the 1970s, microbusinesses (those with fewer than ten employees), still make up 75.3% of private-sector employers. And these firms account for 10.5% of all workers in the private sector.”
“Startup owners span the whole gamut in age, gender, race, and other background/demographic factors. With one-half between 50 and 88 years of age. And with two and a half million owners being veterans of the armed forces.”
“According to PayScale, the median income for a small business owner averages around $59,000 per year. And most people fall into the range of $26,000 to $153,000. Also, PayScale cites geographic location with the largest influence on the owner’s income.”
“Statistics about business survival rates: Two-thirds survive at least two years. Half survive at least five years. One-third will survive at least ten years.”
“Hackers, more often than not, target small businesses. Thus, 43% of cyber attacks target small businesses. And unfortunately, only 14% can mitigate such risks effectively.”
Social Media Marketing
“In 2015, only 13% of small businesses reported that they use social media for communicating with customers. But given the growth in spending by small business owners, clearly many realize the importance of social media marketing.”