GITNUX MARKETDATA REPORT 2024

Must-Know Small Business Statistics [Latest Report]

Statistic 1

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

Sources Icon

Statistic 2

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

Sources Icon

Statistic 3

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

Sources Icon

Statistic 4

"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."

Sources Icon

Statistic 5

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

Sources Icon

Statistic 6

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

Sources Icon

Statistic 7

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

Sources Icon

Statistic 8

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

Sources Icon

Statistic 9

"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."

Sources Icon

Statistic 10

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

Sources Icon

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."

Sources Icon

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!