Small Businesses in the United States
There are 30.7 million small businesses in the U.S. making up 99.9% of businesses all across the country. What’s more, they employ 59.9 million (47.3%) of all our friends and neighbors.
![Small Business Statistics | Nav (1) Small Business Statistics | Nav (1)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1@2x.png)
How are Small Businesses Doing in the Midst of COVID-19?
According to the U.S. Chamber of Commerce, there are some small businesses that are not only surviving—they are thriving in the middle of this health/economic crisis. Some are obvious, but others aren’t.
![Small Business Statistics | Nav (2) Small Business Statistics | Nav (2)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy@2x.png)
The Lifespan of a Small Business
Building a business isn’t for the faint of heart when you consider the average lifespan of a small business is only 8-½ years. It takes a real never-say-die attitude to take the entrepreneurial leap.
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How Fast Do Small Businesses Grow?
We regularly read about those rare businesses that seem to double or even triple their size in just a few short years—but those businesses are the exception, not the rule. A healthy small business will grow 2%-3% every year; with the real overachievers seeing 7%-8%.
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Why Do Small Businesses Fail?
Although there are a number of reasons small businesses struggle and often fail, there are a handful that always seem to be at the top of the list. Some of them are more obvious than others, but include a lack of capital at the top of the list with 82% of failing businesses struggling with cash flow.
![Small Business Statistics | Nav (5) Small Business Statistics | Nav (5)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-4@2x.png)
Why Do People Start Their Own Business?
There are probably as many reasons to start a small business as there are business owners, but many people tend to start their own businesses for many of the same reasons—beyond wanting to be your own boss.
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What Are Common Startup Costs?
Although many business startup costs are predictable, make sure you include these 13 things or you might be missing something really important. There’s a lot more to getting undway than making sure you have a business license and a place to do business.
![Small Business Statistics | Nav (7) Small Business Statistics | Nav (7)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-6@2x.png)
Is Your Business Profitable?
If your business is profitable, you’re in the minority. It’s hard to imagine that of all the 30.7 million small businesses in the United States only 40% of them turn a profit.
![Small Business Statistics | Nav (8) Small Business Statistics | Nav (8)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-7@2x.png)
What Are The Most Profitable Businesses to Start?
There are profitable and successful businesses in every industry, but starting a business in one of this list of 15 improves the odds of business success.
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How Many Home-Based Businesses Are There in The US?
There are a lot of solopreneurs and other small businesses that do business out of the home. In fact, in the United States alone there are 38 million home-based businesses.
How Many Home-Based Businesses Actually Have Employees?
It’s not just solopreneurs doing business from home, 60.1% of all firms with paid employees are home-based businesses in the U.S.
![Small Business Statistics | Nav (10) Small Business Statistics | Nav (10)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-9@2x.png)
How Many Minority-Owned Businesses Are in the United States?
There are now more than 4 million minority-owned businesses in the U.S. And, they do close to a whopping $700 billion in annual sales.
![Small Business Statistics | Nav (11) Small Business Statistics | Nav (11)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-10@2x.png)
How Old is the Average Small Business Owner?
We read a lot about the young CEOs that build successful businesses in the U.S., but the average age of a business owner is 50.3 years old and earns 21% more than the average U.S. population.
![Small Business Statistics | Nav (12) Small Business Statistics | Nav (12)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-11@2x.png)
Technology is an Important Part of Small Business
Regardless of the type of small business, 84% of business owners are using at least one major digital platform to get business done. Producing, sales, and marketing all leave a pretty big digital footprint.
![Small Business Statistics | Nav (13) Small Business Statistics | Nav (13)](https://i0.wp.com/www.nav.com/wp-content/uploads/2020/09/Artboard-1-copy-12@2x.png)