Growth & Survival Stats
There is no denying that both small business owners and entrepreneurs go through a lot of stress and strain. Entrepreneurs have an almost maniacal approach to business growth and their focus is almost totally on profit. They balance business development with family and personal life, but in the end, they generally find their efforts rewarding.
Businesses big and small are required to meet the constant competition in the market place and in order to compete successfully, they need to understand the business dynamics closely.
This article looks at some business statistics, analyzing some of the key entrepreneurial traits of all successful small business owners.
The U.S. had a record number of business applications in Q2 of 2021, with 883,174.
Around 47% of small business owners say their revenue will decrease over the next 12 months.
As of 2021, there are 31.7 million small businesses in the U.S.
Small business is the backbone of our economy, employing more than half of the country’s workforce. It is vital that we get this statistic right when speaking about the economy and small businesses. Those who take the time to understand the breadth, depth, and complexity of small business are more likely to understand the issues that will shape our economy during the next ten years and beyond.
As a small business owner, you might know about some of these statistics as they affect your business, such as high startup costs, competition, regulation, small offices, and so much more. But there are many other small business statistics that you may not be as familiar with. This list of statistics covers the top ten that you should know about, including number of businesses, number of employees, employees per business, and so much more.
Quality of labor is the most important issue for small business owners.
The demands on the time of the already-overworked owner and the lack of immediate access to help from skilled, reliable, trained labor are enormous.
The majority of the owners of small businesses would prefer a more stable, full-time, employee-type job, but it is simply not practical to work that way. Some of these owners feel guilty to just hire a few part-time workers, thus creating extra work for themselves and their employees.
Some of these small business owners feel it is more difficult to get new employees at other businesses, and it is going to be a bigger pain to work with someone who is a little older.
Making a business successful usually takes months, even years, before it really takes off. You have to have a long-term vision, and must stay motivated, observant, proactive, and persistent if you want to make it work. In addition, the stress level is always high.
So hiring part-time employees is the best option. You can easily get younger employees who are interested in building their own careers by making a good first impression and promising a stable future.
One of the reasons for the higher tax liability of small businesses is that the employees are less inclined to ask for a raise or to work for more money, and many employees are afraid to complain, so they don’t.
About one in 12 businesses close every year.
And that’s 1 in 3 businesses during their first five years. In the United States, there’s a better chance of seeing a UFO or a meteor than seeing the owner of a new business stay in business for more than five years.
That US statistic, coupled with the UK’s General Register Office’s (GRO) assertion that ‘every fourth business fails’, is ample reason to check your small business survival statistics more frequently (too infrequently, by the looks of things!) than you’re wont.
And no, the statistics aren’t good.
So let’s investigate these hard facts a bit closer, meaning, looking below the surface, so to speak, to the more complicated explanations for our above-listed statistics.
Roughly 50% of small businesses will survive five years or more.
According to the Bureau of Labor Statistics, about 50 percent of small businesses will be in business for at least five years. Roughly 50 percent of small businesses will survive 10 years or more. Businesses mostly last longer when they serve their customers adequately and meet their basic needs. They also last longer if they control their costs well. Whether the business is new or already in business for some years, these three factors are important: you need to know the answers to these two questions in order to make your business last: How can I adapt to changes in the marketplace? How can I make my business more efficient?
Ironically, as businesses grow, they acquire new technologies and hire new people, but they decrease the amount of time they spend with customers. This can impact the longevity of these businesses. When many small businesses approach bankruptcy, it is because they cannot adapt to changes while remaining properly staffed and in business. Don’t let this be your business’s fate. Use these statistics to help guide your business forward and to ensure its long-term success.
Learning the answers to these questions can be complicated, and this can be a difficult task. This is why using statistics can guide your business to long-term success. When you learn how businesses live and die, it can help you plan for the future or adjust to a shifting marketplace.
Around 48% of small businesses with employees are registered as an S corporation.
The numbers for COVID-19 statistics are presented in the table format below. You can use the table to sort, filter and compare COVID-19 statistics by any column.
Covidien is a sponsor of COVID-19, and the statistics on this page are from the latest data presented by COVID-19 during the annual meeting.
The following features are available to sort, filter and compare COVID-19 statistics by:
COVID-19 statistics are listed by device type. You can filter by device type by using drop-down buttons in the following Table (Top of Page).
Device Types for a Comparison:
The following device types are defined by COVID-19.
COVID-19 statistics are listed by device category. Using the drop-down buttons on the following Table (Top of Page), you can sort, filter and compare COVID-19 statistics by:
Device Category for a Comparison:
For a list of device categories defined by COVID-19, please refer to this document.
COVID-19 statistics are listed by device type and television role. You can filter by television role by using the drop-down buttons on the following Table (Top of Page).
Since COVID-19 began, about one in four businesses report increasing the use of online platforms to offer goods and services.
Those with fewer than 3 full-time equivalent employees most often report online platforms as a way to meet business needs.
From this small business survey, COVID-19 can conclude that those with a limited number of full-time equivalent employees are not as likely to use online and mobile platforms as those with full-time equivalents.
But, it also shows that across all platforms, small business owners with employees have a higher likelihood of using online and mobile platforms than those without employees.
Around 17% of businesses report COVID-19 has had little impact on their business—6% report a positive impact.
The city that reports the most considerable adverse effect of COVID-19 is NYC—the lowest is Salt Lake City.
This city had 2,135 unfavorable consequences of this place-of-residence/work place illness indicator. I have added a few key figures right at the top of this report so you can quickly see your locality ranked by the latest BLS data released that incorporates 2015 National Census data. BLS also has cities in the U.S. that have the lowest and highest reports indicating more COVID-19 occurrence than they should.
I have put the leading locales by their per cent of occurrence at or below what ought to be normal for their place-of-residence/work place ratios. State per cent of occurrence by place of residence/work place for COVID-19 is listed for this reporting which includes a state and local cost for unfavorable COVID-19 occurrence. A total list of the U.S. towns with the most substantial adverse effects of COVID-19 is available.
75% of small businesses applied for the Payment Protection (PPP) loan program.
We found one of the key reasons should be the cost of credit. However, 75% of small businesses are still struggling to get access the credit. This is why most of the small businesses would apply for programs which are credit based.
1 Million Small Businesses are Turned down for a loan by Banks or credit unions annually.
The main reason for this percent is that they might not be able to secure enough collateral. In other words, they might lack the money or assets to back their business. They might not have enough collateral to present to the bank in their emergency.
20% of Small Business Owners Run out of Cash.
Running out of cash is the main reason why small business owners become anxious. This is probably due to the fact that they are not able to secure the capital they need.
18% of Small Business Owners Have to Cut Back on their Hours.
This is a great reason why small business owners fail. They tend to cut back on their price thereby attracting more customers. However, in case they cut back on price, they might expect more profit, this might lower the profit margin.
14% of Small Business Owners Are Seeking Valuation from the bank.
This is probably due to the fact that lenders might ask for an appraisal before approving a commercial loan.
The SBA approved 4.88 million PPP loans—totaling over $521 billion.
The average PPP loan size is approximately $107,000.
Some of the biggest pieces of data we have daily access to (aside from Twitter stats, mind you) are from the Department of Labor Query.
First discovered by WSJ journalist Richard Vedder, the query allows you to find out the numbers behind small business loans. So, who were the worthy recipients of these loans, and what areas did they spring from?
The areas that qualified for the most loans:
- Wholesale Trade
- Retail Trade
- Professional, Scientific and Technical Services
- Leisure and Hospitality
And the longest post-recession growth:
- Retail Trade
- Professional, Scientific and Technical Services
- Leisure and Hospitality
Data from the SBA, OSDBUQ, and Tableau Public.
Roughly 43% of small businesses had to close temporarily due to COVID-19.
The number of people who own a business in the United States has gradually increased through the years. According to the recently released 2012 Census of Business data, the number of sole proprietorships and partnerships grew by about 1.8 million and 2.2 million, enough to keep pace with the number of new business starts. However, small business is still the backbone for the majority of America’s economy, employing more people than any other sector, and its growth has not kept pace with the growing number of business owners.
Around 17% of small businesses say they would close if they experienced a two-month revenue loss.
59% of small business owners would use a personal guarantee as collateral to secure debt.
Big banks approved around 26.9% of small business loans.
Small banks approved around 27.1% of small business loans.
Big banks approved around 50.6% of small business loans after first loan.
Small banks approved around 40.8% of small business loans after first loan.
Small banks approved around 27.4% of small business loans after 2nd loan.
Big banks approved around 15.8% of small business loans after 2nd loan.
Small banks approved around 12% of small business loans after 3rd loan.
Big banks approved around 7.6% of small business loans after 3rd loan.
Small banks approved around 17.9% of small business loans after 4th loan.
Big banks approved around 6.3% of small business loans after 4th loan.
Small banks approved around 5.3% of small business loans after 5th loan.
Big banks approved around 3.4% of small business loans after 5th loan.
Small banks approved around 1.7% of small business loans after 6th loan.
Big banks approved around 0.8% of small business loans after 6th loan.
Small banks approved around 0.6% of small business loans after 7th loan.
Big banks approved around 0.2% of small business loans after 7th loan.
Small banks approved around 0.3% of small business loans after 8th loan.
The average SBA loan amount from large national banks is $59,000 and is $165,000 from small national or regional banks.
Google 59% of businesses nationwide have less than 3 years of profit. In 2012, as the economy slows, business owners are feeling the effects. In fact, nearly 1 in 5 business owners are thinking about shutting down their business because of the economy, 46% have less revenue than expected or trouble paying their employees, and 25% are finding it hard to make payroll. Google in 2013, about half the businesses in the U.S. reported being financially stressed to the SBA, up 8 points from 2009. 60% of the businesses accepted their first SBA loan in 2005. 68% of businesses are still distressed. 70% are still distressed and are thinking about closing or selling. 75% of small businesses sales come from social media. 70% of small business owners have opened a business because of an idea.
In 2019, small businesses borrowed $28 billion from the Small Business Administration.
Small businesses are the heart and soul of our economy. Nearly half of all American private sector jobs are located in small businesses. Small businesses are the country’s largest employer, accounting for 33.5 million of the 82.7 million jobs in the United States.
Yet in spite of these figures, small businesses are often overlooked by government agencies and media in favor of large, multinational corporations. In most pockets of the country, you can find small business owners fighting against big box retailers, competing with franchises and trying to make ends meet in a struggling economy.
However, that’s doesn’t mean the local business owner is without hope. Having a small business isn’t easy, but it doesn’t have to be a losing battle. With the availability of startup loans, small businesses can score a competitive advantage by carefully selecting their industry and the best small business lenders.
To help small business owners determine how to use their resources more effectively, here are 41 statistics about small business owners.
The median income for self-employed individuals at their incorporated business was $51,816 in 2018.
This showed a 2.6 percent increase from the previous year.
Women in Business Statistics
Women Entrepreneurs and Trends
The percentage of women starting business in the United States has steadily been increasing since 1970. As of 2005, during the first ten years of business ownership, a full 50% of the businesses that came out of the ground belonged to women. That’s over half the businesses started in the United States. This statistic alone speaks volumes on the success of women business owners, their perseverance and how they’re succeeding where men are not.
The percentage of women who lead companies was estimated to be around 16% as of 2001. The percentage of women on corporate boards was an estimated 12,000, a number that substantially increased between 2000 and 2005. Women-owned firms employs more than 3 million people, 10% of those in the U.S. alone.
Women managers in the United States earn 8% less that men, on average. A National Association of Women Business Owners report shows that women-owned businesses are also more profitable than non-women owned businesses.
The Changing Face
The number of women in the United States in the workforce has increased every year since 1990, except in 2000, reaching up to 68% in 2005.
Small Business Statistics
The average number of full-time employees for a women-owned business in 2005 was 7, compared to the national average of 4.2.
Between 2014 to 2019, the number of women-owned businesses grew by 21% to 13 million.
From 2019 to 2021, women saw a 4% increase in small business ownership.
With women earning nearly 70% of Bachelor’s degrees, and almost half of all Master’s degrees, there’s no way we can overlook this group entirely as an untapped resource for small business ownership. So, despite the rather startling statistics about women’s small business ownership, women’s entrepreneurial spirit refuses to be ignored and has shown signs of growth. With an even greater number of women earning Master’s degrees, and more women owning their own small businesses, women are clearly not simply taking up the men’s space. As a matter of fact, the women’s entrepreneurial spirit is spreading. In fact, 44% of the future owners of restaurants are women, and in sales the number is even higher at 59%. Women now account for majority ownership of many different industries, and the trend will only continue to grow.
With women being more educated and more successful in business and in elementary school social studies courses, there seems to be an innate benevolence in the female entrepreneurial spirit. Women, it appears, are the proverbial personification of the ideal entrepreneur. They are more likely to find innovative ways of meeting the needs of the customer, and they seek to serve others. Their ability to balance those goals with a family and work life makes them perfect for small business ownership.
1.7% of women-owned businesses generated more than $1 million in revenue—a 46% increase over the past 11 years.
Add to that, the number of women-owned firms that have paid staff is rising once again, and employment growth has accelerated over the past year. An increase of 15.6% in small businesses that have pay staff in 2014 is indicative of the business women are going into and sustaining.
Woman-owned businesses generate $1.9 trillion in revenue.
Women are significantly more likely to launch businesses in the healthcare and educational sectors than men.
Women are a little more likely to launch and have steady profits from a business than men are. The majority of new businesses launched by women (58%) were in the healthcare and educational sectors, and there were plenty of studies citing the lower costs of women to launch and run their business.
In fact, in post-secondary education alone, women have maintained a higher proportion of women in full-time, undergraduate, degree enrollment, along with obtaining equivalent or better grades.
Women are also more involved in the entrepreneurial activities than males. They are more likely to make a major career decision based on their own business idea. And if they are at a higher education level, they are three times more likely than males to start their own business
According to research, 55% of new business owners are women.
According to the 2012 State of Women-Owned Businesses Report, 18% of small business owners are female.
The percentage of women entrepreneurs grew by 52% between 2002 and 2008, and by 11% between 2008 and 2012.
Women-owned firms employed over 4.4 million people in 2012.
Some of the Most Successful Female Entrepreneurs Include Lululemon’s Marilyn Auer and Yoga Wear Maker Sara Blakely
According to Tom Peters, it takes twice as long for a new idea to mature to a successful scale in the business world when it comes from a woman than from a man.
Minority-Owned Business Statistics
With over 11 million businesses in the US Small Business Association, the diversity numbers are just as staggering as the raw numbers. In fact, it is estimated that over 70% of all businesses in the US are minority-owned, the vast majority of which are small businesses.
SBA defines small businesses as businesses with less than 500 employees. The Small Business Association defines small businesses as any firm with 100 or fewer employees.
There are 5.2 million self-employed minorities in the U.S.
The self-employed have higher earnings than non-self-employed. As with any statistics, however, this depends upon your industry.
Some figures show that self-employed blacks earn 59 percent what their white counterparts do, due to segregation and discrimination in the workforce.
Black women who are self-employed have a 9.9 percent gain in income in comparison to their black counterparts who are not self-employed.
Between 1989 and 2009, the income of self-employed minorities increased by 28.4 percent.
Self-employed women have a 5.9 percent income increase in comparison to self-employed men. This is in comparison to non-self-employed men and women who have a 5.5 percent gain in income.
There is a difference of 7.5 percent between the income of men and women who are self-employed.
66 percent of the self-employed are business owners of incorporated companies and 34 percent work for themselves as an independent contractor.
In 2007, a total of 8.9 million individuals held a business license. This is an increase of 48 percent in comparison to 2006.
The unemployment rate for self-employed minorities has hovered around 13 percent since the Global Recession.
Over the years, the self-employed have accounted for 70 percent of the job growth in the United States.
Women of color own 47% of all women-owned businesses.
Women entrepreneurs represent 15% of all businesses in the United States.
Women comprise nearly two thirds of all small businesses in the United States.
And they are also responsible for 98% of all new small businesses that are started each year …
Women start 17.6% of new businesses …
Women Are More Likely to Be the Primary Breadwinners of Their Families …
Women account for approximately 20% of all workers in the United States. …
Here are the statistics on professional women and their average income:
Nearly half of all law firms are headed by women.
The U.S. National Science Foundation reports that women account for 57% of graduate students in the United States and 60% of all students enrolled in biology programs.
Eighty-two percent of female engineers say they've worked too many hours.
This is what statistics say about women and small businesses and how females are viewed in the U.S. economy.
From 2014 to 2019, businesses owned by women of color grew 43%.
Black women account for 2.7% of all businesses owned.
They own businesses in a wide variety of industries and sectors, and more than 4 out of every 10 black women entrepreneurs report that their businesses are privately held, as opposed to publically held.
But even when it comes to the question of women and small business ownership, the stats are often skewed. On the one hand, the Small Business Administration reports that many black-owned businesses are women-owned as well as black-owned. And on the other, it’s not uncommon to hear established pundits talk about African Americans’ propensity to “opt out” of the small business sector entirely as they pursue more lucrative careers or choose to “opt in” to the white collar world. The truth is somewhere in-between. While it’s true that many black women are taking a break from the small business world, they’re not abandoning it altogether. The question is, why?
Due to COVID-19, Black-owned businesses saw a decrease of 18.4% since July 2019.
A study by the Institute of Small Business and Entrepreneurship (ISBE), shows that barely any progress has been made in terms of minority entrepreneurship in the US. The study involved a 2016 census data analysis and a representative survey of the US topics of economics, business practices and small business. The ISBE collected data from the US Census Bureau and analyzed it based on race and ethnicity. The result shows that there is proportionate representation of white people (white 49.3%, Hispanic 22.9% and African American 22.3%). This proportionate representation remains stagnant for the past 30 years. During this time span, there’s been a noticeable decline for black business owners (black 61.9% in 1990 and black 47.4% in 2017). Even though the minority business ownership has decreased, more and more entrepreneurs and leaders are stepping up to the plate in the minority community. Black business owners are also more progressive and educated compared to their white counterparts.
Since business owners have to use their own capital to start a business, they are much more price sensitive than consumers are. Business owners know that low prices means competition among producers. They buy only when there is a shortage of the product they need, and they buy only when they can find a way to profit from the low price.
Knowing that their customers are more price sensitive than they are, business owners also know that they need to have quality to prevent customers from deserting to another jungle — price.
Competing on price is difficult under the best of circumstances. In a free enterprise system, it can be very difficult. In the end, business owners can only work with what they have. And they have to hope that the costs of their business are less than their revenues.
For more information about the number of small business owners who have success with the use of social advertising as well as the planning and writing strategies used to build great marketing copy, check out Luna Star's Digital Marketing Report.
40% of small businesses currently don’t have a website.
According to a study done by Entrepreneur Magazine, 80% of small businesses do not have a website. So, that’s 40% (of 80%) who currently don’t have a website.
The 40% figure is based on two surveys. The first drew the sample from a group of business owners who had already made the choice to have a website. The second survey based its sample on a random group of small business owners. Results from both surveys show that 40% of small businesses do not currently have a website.
According to both surveys, the lack of a website is not solely due to difficulty in creating one; in fact, less than 10% of business owners who don’t currently have a website say it’s due to difficulty in creating a site. It’s simply because they’re not interested in having a website.
When asked what reason led them not to create a site, only 12% of business owners said that they don’t have time to devote to their websites. Another 12% said that they lack the technical knowledge to create a site. The majority of those (82%) who did not create a site were simply not interested
Around 50% of online traffic is from mobile devices in the U.S.
With conversion rates on the rise, it’s more important than ever that your online business use effective tools to engage and convert potential customers.
In 2013, mobile traffic surpassed desktop traffic for the first time and is expected to do the same in 2014. It’s important to realize that all online traffic is mobile traffic, whether or not it uses a smartphone. Converting mobile traffic is one of the best ways to put more money in your pocket. And we do that through mobile advertising solutions such as AdWords.
Businesses post on average three to four times a week on social media.
- At least 56% of those surveyed consider their target customers to be Millennials.
- Only 7% of respondents had contacted their customers via email to provide them with customer service information in the last year.
- 83% of businesses who use social media said that it has increased their customer service.
- 50% of social media users are more interested in purchasing a product or service that someone they know personally recommended.
- The top three social media applications used are: Facebook, Twitter and LinkedIn.
- Only 28% of B2B surveys said that they only engage with customers on social media.
- Only 50.6% of businesses actively use websites to provide information on their products and services.
- 89% of small business owners are interested in advertising.
Nearly 50% of small businesses spend $10,000 or less on digital marketing each year.
61% of businesses say that improving search engine optimization and online presence is a top marketing priority.
67% of small businesses are less likely to go with a new product or service recommended by a customer or colleague.
50% of small businesses use social media to reach new customers.
Most Americans use only one social network to engage online.
80% of Americans spend just as much time online as they did five years ago.
75% of internet users regularly share information about their favorite websites on social media.
80% of all new online purchases were completed through a mobile device.
Mobile advertising is growing faster than desktop and will soon be the largest advertising advertising medium on the planet.
53% of mobile users make an online purchase within 24 hours of finding a discount and 42% of them do it during their lunch break.
70% of online buyers perceive their discovery to be very important.
Social media sites are second only to search engines in helping people find products or services they need.
58% of internet users first heard about a product from social media content.
Small Business Employee Statistics
The U.S. Small Business Administration compiled some interesting small business employee statistics to help small business owners and aspiring business owners. The agency’s findings distill much of the research and hard data into actionable information small business owners can use to identify and overcome potential issues before they happen.
According to the SBA, 71 percent of the workforce in all industries is composed of small businesses. But the average small business has 4.5 employees, and the median number is 3.5.
Many small businesses have more than three employees. Sometimes, businesses will grow faster than others. That’s why it’s important to have a solid business plan in place, including a preventive maintenance plan.
Small businesses would benefit from better stability in their workforce over the long term. This is an area where attempts at educating current and prospective employees would help. Employees who feel appreciated do a better job, and in turn, this boosts worker productivity and customer satisfaction.
Often mistaken for traditional employees, independent contractors are not. Small businesses may feel they have control over independent contractors, but it’s difficult to expect independence from contractors whose benefits they must provide. Workers not getting benefits often refuse to give up their independence or they resort to workarounds to get covered. Either way, it is not a win-win for the parties involved.
Small businesses employ 60.6 million people.
Small businesses listed now on LinkedIn, paid over 2 billion dollars in taxes in 2016.
42% of small business owners work on their business while they are sleeping.
70% of small business owners work all the time and are always available.
52% of small businesses were independent before they were bought out. You can do a lot in 52% of a year.
Employees say the best part of working for a small business is feeling like a family.
That’s why their small business is more likely to have a corporate vision, mission statement or motto than a large-based business. Small businesses tend to be more personal than large-based businesses. They have the potential for serving their customers on a more individual basis through social media.
You might think that these businesses are floundering while larger-based businesses are getting bigger. However, the opposite is true.
Small businesses are struggling, too. A recent survey shows the number of businesses in the United States falling to 15,000,000 after having reached a peak of 16,500,000 in 1937. As many as 75% of small business owners say they don’t expect their company to be around in another year, with the economy being the major reason for these small businesses failing.
Survey of Small Business Owners
The survey of small business owners shows that those in the online sector are the most optimistic about the fate of their business. As might be expected, those in the construction and real estate sectors can expect the worst. Of all the business owners surveyed, a third said they were struggling or planning to close their doors within the next 12 months, with just over 10% planning to downsize and close within the next two years. Of those who are struggling or planning to close, one in five said the micro-niche that served them best is disappearing.
64% of employees say working for a small business is less stressful than a large business.
58% of pet owners say they would rather go into their pet store regardless of the name or location.
43% of people will pay more for locally produced products.
44% of smaller companies that have social media gained new customers.
45% of CEOs have created regular blogs.
46% of larger companies have daily, weekly, or monthly meetings that discuss tech security.
52% of employees believe the Internet has increased unethical behavior.
54% of employees believe they will make more money in a smaller business.
66% of small businesses list a web site as the main reason to enter a new market.
52% of people are more likely to turn to social media for shopping information.
64% of employees trust customer reviews.
66% of people say they would rather buy from a smaller business; 77% of people say they would rather buy from a local store.
65% of social media users say they feel bored by big company marketing messages.
72% of people are more likely to stay loyal to a small business than a large company; 84% of people are more likely to buy from a small business than a large company.
81% of people will buy a product because of an advertisement that is one minute long.
88% of people say brands that have some name recognition are less likely to keep their promises.
For the first time in eight years, small business owners say they will decrease staff at a higher percentage than those who are increasing staff.
†89 percent of small businesses have at least one job vacancy. †Seven percent of small business owners say no qualified applicants apply for jobs they–re currently considering to hire. †Six percent of small business owners say most of the candidates they’re considering to hire don’t have experience. Additionally, 49 percent of small business owners agree that more than half of job applicants lack the necessary skills to qualify for a job. †Eighty-five percent of small business owners say hiring in the near future is their number one priority. †A total of 32 percent of small business owners say they’ve tapped their vendor network. Twenty-one percent of small businesses have solicited job seekers from social media sites like LinkedIn and Monster. †When asked specifically about advertising on social media, 43 percent of small business owners said they don’t currently advertise on LinkedIn, and 26 percent of small business owners said they don’t currently advertise on Monster. †When asked specifically about advertising on Facebook, 12 percent of small business owners said they don’t currently advertise on Facebook and a total 14 percent of small business owners said they’ve never advertised on Facebook.
In 2019, small business owners who say recruiting and retaining employees is a top issue increased by 22%.
This is up from 16% in 2018 and the highest percentage since the survey began in 2013.
About half of small businesses (47%) offer benefits to employees.
75% of small business owners have retirement accounts.
74% of small business owners could not survive financially for three months if they lost their business.
70% of small business owners do their own bookkeeping.
59% of small business owners have health insurance for their employees.
55% of small business owners have paid attention to employee turnover costs over the past two years.
53% of small business owners believe they require more financing than they currently have to launch or grow their business.
50% of small business owners do not offer employee discounts.
49% of small business owners believe paid vacation time is important to their business.
49% of small business owners believe a retirement plan is important to their business.
48% of small business owners have considered purchasing a business book.
39% of small business owners have traded some time with their spouse for their business.
28% of small business owners have participated in networking meetings.
27% of small business owners have never sought out an angel investor.
26% of small business owners have participated in a consultation with an accounting firm.
Marketing is Showing Off
Marketing is probably one of the most important components of any business or organization. It can mean the difference between success and failure. Detecting what your competition is doing, or what niche your business serves in, can give you an edge over the competition. Developing a strategy that is in tandem with what your business needs is an important step to take in order to improve your chances of success.
It is important to be able to separate the signals and the noise. Through concentrating on the numbers in your niche, you can positively impact how your business will grow. Being content to crank out products and services without understanding the needs of your niche can lead to your business becoming static and possibly bringing you closer to failure. With the help of data, your business can improve better and faster than ever before.
Business Success = Focus and Follow Through
To a certain extent, you are your own worst enemy. If you don’t trust yourself, how can you expect your customers to trust you? Be confident in the process you are going through and don’t let your ego get in the way. If you are committed to your business and you work hard at it, it tends to pay off.