Small Business Facts and Challenges in America

There are many challenges faced by Small Business Owners and Managers in America every day. As time goes on, the challenges grow. Between additional regulation of small business in some states to the cost of labor/maintaining employees in our country, the face of small business is constantly changing.

Small Business owners are challenged with different WAYS to set up/start up, develop and maintain their business in a cost effective manner. Today more than ever it is important to have a PLAN for each of these stages. Check out the list of facts below regarding small business.

There are many sources to obtain a business plan for your venture. This not only applies to NEW businesses in start up, but EXISTING business that is not making a profit, OR that wants to GROW and make more profit!

Check out our website and contact us if you would like help with a roadmap for your business! We always offer a FREE phone consultation!

www.TheMaxProfit.com  or call us at (360) 462-6600.

"At The Max Profit, Your Success is Our Success!"

FACTS you may not know about SMALL Business in America:

1)The SBA defines a small business as an enterprise having fewer than 500 employees

2)   There are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees (these are called nonemployers)

3)  Over 50% of the working population (120 million individuals) works in a small business

4)   Small businesses have generated over 65% of the net new jobs since 1995

5)   Approximately 543,000 new businesses get started each month (but more employer businesses shut down than start up each month)

6)   7 out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more

 7)  52% of all small businesses are home-based

8)   There were nearly 23 million nonemployer firms in 2014.

9)   To classify as a “nonemployer” business you must have annual business receipts of $1,000 or more and be subject to federal income taxes

10)   Approximately 75% of all U.S. businesses are nonemployer businesses

11)   19.4 million nonemployer businesses are sole proprietorships, 1.6 million are partnerships and 1.4 million are corporations

SOURCES

United States Census Bureau. “2011 Nonemployer Statistics.” U.S. Department of Commerce: http://censtats.census.gov/cgi-bin/nonemployer/nonsect.pl

Small Business Administration Office of Advocacy:http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf

United States Census Bureau: Statistics about Business Size (including Small Business)http://www.census.gov/econ/smallbus.html

United States Census Bureau: Statistics of U.S. Businesses:http://www.census.gov/econ/susb