Must-Know Small Business Statistics [Latest Report]

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"Also, small businesses thrive in a range of sectors other than just job creation."

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"Small businesses are not just important domestically, they also play a critical role in global commerce."

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"Statistics further reveal that small businesses contribute up to 45% of the global GDP and employ up to 60% of the world’s workforce."

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"These rising costs have put a financial strain on small businesses, with some reducing their profit margins by up to 30% just to stay afloat."

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"The number of small businesses operating in the US at the moment is estimated to be 32.5 million."

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"Further, they drive the US economy in large part, accounting for 64% of all net new jobs created between 1993 and 2011."

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"96% of small businesses claim they use platforms such as Facebook and Instagram as part of their marketing plan."

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"Moreover, 96% of small business reviews were positive, which led to prominent growth."

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"In another study by Fundera, 42% of these businesses didn’t succeed due to their inability to generate enough demand for their products or services."

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Statistic 10

"23% lacked the right team members with the necessary skills and knowledge to drive the business forward."

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Statistic 11

"Statistics showed that 18% of businesses fail due to a lack of knowledge and experience, while 21% are attributed to poor management decisions."

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