In the United States, small businesses play an integral role in the functioning of our economy. The majority of companies in the U.S. are considered small businesses and employ over 60 million employees. As more businesses emerge, it’s essential to keep updated on the latest small business trends.
To help you keep up with the latest trends, we’ve gathered some intriguing small business statistics below.
Revenue Statistics for Small Businesses
Since small businesses are so ubiquitous, the amount of money they bring in indicates how well our economy is doing. For this reason, it’s essential to keep up with the revenue trends of small businesses. So here are some relevant statistics on the subject.
- On average, small business owners make $67,140 yearly. – PayScale, 2021
- 60% of small businesses anticipate revenue increases within the following year. –Bank of America, 2021
- 55% of small business owners in 2018 reported that they didn’t search out financing for their business since their cash flow is sufficient. – AP News, 2018
- 50% of small business owners said that the national economy would improve over the next year. – Bank of America, 2021
- When customers spend money at small businesses, $48 of every $100 spent goes to the local economy. – SBA, 2019
Online Small Business Statistics
Particularly as the COVID-19 Pandemic limited in-person business operations, online businesses have continued to flourish. These days, it’s easier than ever to launch a company online, whether you’re going into eCommerce or creating a blog.
Here are some relevant statistics on online small businesses:
- 84% of small businesses are using at minimum one central digital platform to inform their customers. – U.S. Chamber of Commerce, 2018
- Over 50% of Americans surveyed said they were more likely to spend money at a small business if online ordering was an option. – Union Bank, 2020
- 32% of owners of small businesses said they expect a more digital sales strategy in the future. – Bank of America, 2021
- 79% of small businesses communicate with customers and suppliers using digital tools. – U.S. Chamber of Commerce, 2018
- 39% of small businesses said that productivity software was a top tech budget priority. – Salesforce, 2021
COVID-19 Statistics for Small Businesses
The advent of the COVID-19 pandemic had a monumental impact on the operations of small businesses. Some were forced to close down, while others had to restructure the way their company operated.
Below are some interesting COVID-19 small business statistics.
- As of December 2020, 25% of small- and medium-sized businesses had closed. – Facebook and Small Business Roundtable, 2021
- More than 50% of small business entrepreneurs reported that they experienced operational challenges during the pandemic. – Bank of America, 2020
- 68% of small business owners used various funding sources to help their business stay afloat amidst the COVID-19 pandemic. – Bank of America, 2020
- 25% of small business owners reported that the COVID-19 pandemic altered the types of employee roles and skills needed for the success of their business. – Bank of America, 2021
- Over 50% of Americans reported that they increased how much they shopped at local and small businesses during the pandemic to help them stay in business. – Union Bank, 2020
Whether you’re an employee or trying to start a business of your own, it’s important to keep up with the latest business statistics and trends. When you keep yourself informed, you empower yourself and your business to succeed.
Author Bio: Rhett Rivera is a content marketer at Siege Media who previously worked as a public relations intern at Social Wise Communications. He graduated from California State University, Fullerton, with a Bachelor of Arts in Communications Studies. During his time in university, he wrote articles and headed the outreach committee as Vice President of Outreach for the Public Relations Student Society of America.