GITNUX MARKETDATA REPORT 2024

Small Business Revenue Statistics [Fresh Research]

With sources from: census.gov, sba.gov, guidantfinancial.com, bls.gov and many more

In this post, we present a compilation of key statistics highlighting the significant role small businesses play in the US economy. From their contribution to business revenues and job creation to survival rates and industry trends, these statistics shed light on the challenges and opportunities faced by small business owners in today’s market.

Statistic 1

"In the United States, small businesses make up 99.7% of employer firms."

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Statistic 2

"Small businesses generate 32.9% of the total US business revenues."

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Statistic 3

"Only 31.4% of businesses in the goods-producing sector survive past the 5-year mark."

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Statistic 4

"The average revenue for a small business is $388,000 per year."

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Statistic 5

"Small businesses created 1.6 million net jobs in 2019."

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Statistic 6

"Small businesses have created 62% of new jobs since 1993."

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Statistic 7

"Small businesses with less than 100 employees have the lowest survival rate at 79.1% after one year."

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Statistic 8

"In 2019, the United States had 31.7 million small businesses."

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Statistic 9

"Veteran-owned firms had $1.14 trillion in total receipts in 2017."

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Statistic 10

"Women-owned businesses had $1.8 trillion in receipts in 2017."

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Statistic 11

"Service sector businesses have the highest 5-year survival rate at 37.6%."

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Statistic 12

"In 2020, there was a 24% increase in new business applications compared to 2019."

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Statistic 13

"79% of small business owners use social media to promote their business."

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Statistic 14

"40% of small businesses are profitable, 30% break even, and 30% lose money."

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Statistic 15

"Only 40% of small businesses are predicted to survive the COVID-19 pandemic."

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Interpretation

Small businesses play a significant role in the US economy, representing the majority of employer firms and contributing a substantial portion of total business revenues. Despite their importance, small businesses face challenges such as low survival rates, with only a third of goods-producing sector businesses surviving past the 5-year mark. However, small businesses are crucial for job creation, with statistics showing they have generated a significant number of new jobs over the years. The data also highlights disparities among small businesses, such as varying survival rates based on business size and sector. Additionally, the impact of external factors like the COVID-19 pandemic has raised concerns about the future viability of small businesses, emphasizing the need for strategic planning and adaptation in the ever-changing business landscape.

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