10 Surprising Small Business Facts You Need to Know
Are you thinking of starting a small business? Or maybe you already have one but are struggling to keep it afloat. Whatever the case may be, it’s essential to stay informed on the latest trends and statistics. Here are ten surprising small business facts you need to know:
1. Small businesses employ over 59 million Americans
Small businesses are a vital part of the United States economy, employing almost half of the private workforce. If you’re a small business owner, you’re not only contributing to your community but also to the overall economic growth.
2. 80% of small businesses survive their first year
Contrary to popular belief, only 20% of small businesses fail in their first year. Although it’s not always smooth sailing, the good news is that most small businesses make it past the first hurdle.
3. Over 90% of small businesses use social media
Social media isn’t just for teenagers and influencers. Small businesses are hopping on the bandwagon too. Platforms like Facebook and Instagram are excellent ways to connect with customers and reach a wider audience.
4. Only 64% of small businesses have a website
In an era where we do everything online, it’s surprising to learn that a significant number of small businesses don’t have a website. If you’re one of them, you’re missing out on potential customers and revenue.
5. 50% of small businesses fail because of cash flow issues
Money matters. Poor financial management can lead to the downfall of your small business, even if everything else is going well. Keeping a tight grip on your finances is vital for long-term success.
6. 70% of small businesses are owned and operated by a single person
Small businesses are often associated with a mom-and-pop operation. That’s because, in many cases, they are. The majority of small businesses are run by one person, which can be both a blessing and a curse.
7. 68% of small business owners work more than 40 hours per week
Small business owners wear many hats and juggle multiple responsibilities. It’s all too common for them to work long hours, sacrificing their personal time and well-being.
8. Women-owned businesses have increased by 58% since 2007
Women entrepreneurs are making strides in the business world, with more and more starting their own companies. This growth is an excellent sign for gender equality and diversity in the workplace.
9. Minority-owned businesses have increased by 38% since 2007
Minorities are also making progress in the business world, with a significant increase in the number of minority-owned businesses. It’s a promising trend for promoting equality and inclusivity.
10. Small businesses donate 250% more than large businesses to charitable causes
Small businesses may not have as much money as large corporations, but they are still generous. Small businesses often give back to their communities, donating more to charitable causes than larger companies.
In conclusion, these ten surprising small business facts shed light on the challenges and opportunities that come with starting and running a small business. Whether you’re a seasoned veteran or a newcomer, staying informed on these trends and statistics can help you make informed decisions and increase your chances of success.
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