Small businesses, and small business owners, are different and that difference matters greatly. Not everyone has that entrepreneurial mindset and drive that makes small businesses the backbone of every economy in the world. Small business also faces challenges and obstacles not seen elsewhere but their fire and determination is what sets them apart and makes their existence matter. In some recent data compiled by Semrush, this special nature and its challenges can be seen in all of its myriad forms. The following is taken directly from that published data:
- Annually, small businesses create 1.5 million jobs and account for 64% of all new jobs in the U.S.
- There are 582 million entrepreneurs in the world.
- 15 million Americans work full-time for their own business.
- Small businesses in America occupy between 30% and 50% of all commercial space, an estimated 20 billion to 34 billion square feet.
- The number of small businesses in the U.S. has doubled since 1982.
- 73% of small businesses invest in social media marketing.
- In 2020, 46% of consumers said they were more likely to shop at a small business.
- 53% of people say shopping at small businesses gives back to their communities and gives them more purpose in their shopping habits.
- 48% of people shop SMEs for higher-quality items and 45% for personalized service.
- 91% of the time, consumers will choose small businesses when convenient, and 74% look for ways to support small businesses even if it’s not convenient.
- Consumers (77%) are willing to pay more if they receive excellent customer service from small businesses
- The biggest challenge small businesses face is cash flow.
- 81% of business owners work nights, and 89% work weekends.
- Most small business owners work between 40 and 49 hours per week.
- 32% of business owners have a completed bachelor’s degree, while 12% only finished high-school.
- Millennials and Gen Z are 48% more likely to say they started their business because they were passionate about an idea.
- 29% say their motivation for starting a business was to be their own boss.
-Written by Kevin Sawyer
