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Monday, February 16, 2015

Small Businesses

This economy is based on a Free Enterprise System. Either you are business owner/contractor and take advantage of tax breaks or you are an employee where the minimun wages are disappearing. 




There are 28 million small businesses in the U.S. -- which outnumber corporations 1162 to 1
Source: United States Small Business Association Office of Advocacy

70% of small businesses are owned and operated by a single person
Dan Frommer, Business Insider
Source: United States Small Business Association Office of Advocacy

Small businesses employ 57% of the country's private workforce
Source: United States Small Business Association Office of Advocacy
Small businesses pay 44% of U.S. payroll
Source: U.S. Small Business Association
Northwestern states like Montana & Wyoming rely more heavily on small businesses
Fee Fighters
Source: Fee Fighters
The 77 million people that make up the US small business workforce would rank as the 17th most populous country in the world, just ahead of Iran
By anirudhkoul on Flickr
Source: Intuit Small Business Innovation Study
It takes just 6 days to start a business in the US, compared to a whopping 38 days in China
AP Images
Here's how long it takes in some other countries around the world:

New Zealand -- 1 day
Singapore -- 3 days
Saudi Arabia -- 5 days
US -- 6 days
UK & Ireland -- 13 days
India -- 30 days
China -- 38 days

Source: Get Busy Media
And it costs 6x as much to start a business in India than in the US
Intuit Small Business
Source: Intuit Small Business Study
Only 50% of businesses survive five years -- though most (70%) hit the two-year mark
joanna orpia via Flickr
Source: Get Busy Media
Immigrants make up 12.5% of small business owners nationwide
fakepunju via Flickr
Source: United States Small Business Association Office of Advocacy
If a small business can't resume operations within 10 days following a natural disaster, it probably won't survive
Source: Bolt
Small businesses create 13x more patents per employee than large patenting companies
Source: United States Small Business Association Office of Advocacy
A small business went bankrupt every 8 minutes in 2009
flickr kevindooley
Small business bankruptcies 2005-2009:

2009 -- 60,837
2008 -- 43,546
2007 -- 28,332
2006 -- 19,696
2005 -- 39,201

Source: United States Small Business Association Office of Advocacy
Small business bankruptcies (in red) peaked in '09, but are now lower than consumer bankruptcies (grey) on the Equifax index
Source: Equifax
One third of small businesses rely on credit for financing
moacirpdsp on flickr
This figure used to be closer to 50% of small businesses. The number declined in this past year, as "credit cards have dropped from first to third place on the list of most commonly-used sources of small business financing," according to the Los Angeles Times.

This likely has to do with the recent credit card legislation; as well as a different economic landscape where businesses are more cautious about financing from credit cards.
Only 2% of small businesses are franchises -- most (54%) are home-based
Mike Ambs via flickr
Source: U.S. Small Business Administration

60 to 80% of all new jobs come from small businesses
"This number fluctuates when some small businesses grow enough to become classified as large businesses, and when new small businesses are created. From 1999 to 2000, small businesses accounted for 75 percent of all new jobs created. By 2010, small businesses account for three quarters of net new jobs in the United States."

Source: U.S. Small Business Administration

In New York City, immigrants make up 46% of the incorporated self-employed
Getty Images Ltd. From 100 Places to Go Before They Disappear, published by Abrams.
Source: U.S. Census Bureau, American Community Survey


10:07 am est 


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