Small businesses play a vital role in the economy, accounting for a significant portion of job creation and economic growth. However, starting and running a small business can be challenging, with numerous factors impacting success. By understanding the latest trends and insights on small business statistics, entrepreneurs and business owners can gain valuable insights into the current state of the small business landscape and develop effective strategies to thrive.
In this blog post, we will explore key statistics on small businesses, including sentiment, funding sources, and common challenges.
In this blog post, we will explore key statistics on small businesses, including sentiment, funding sources, and common challenges.
Growth and revenue
Small business growth and revenue statistics.
- There are 33.3 million small businesses in the United States.
- 5.5 million new business applications were filed in 2023 continuing a surge in small business growth since the pandemic. (U.S. Census Bureau)
- Small businesses make up 99% of all U.S. companies.
- Small businesses employ 61.6 million people and nearly 46% of all private-sector workers.
- Small businesses saw a gross revenue of $13.3 trillion annually.
- The number of businesses owned by Black, Hispanic, and Asian Americans has increased by more than 50% from 2007 to 2020.
- The most common industries to start a business include retail, professional services, and construction.