Starting your ain business concern is a lot like falling in honey—equal parts exhilarating and terrifying. For every wonderful, magical matter that can happen in the course of getting your concern off the basis, in that location is always something that threatens to derail your dream of existence an entrepreneur.

Small Business Facts

Henry Ford, founder of Ford Motor Company (and a man who knew a thing or two near failure) once said, "When everything seems to exist going confronting you, recollect that the airplane takes off against the wind, not with it."

There is something about the ability to straight one's ain fate that draws humans to entrepreneurship like moths to a flame. A University of Phoenix report indicates that 63 per centum of adults nether the age of xxx want to run their own concern ane day, and in the coming years there volition certainly be more and more opportunities to do so.

Before you dive in your new entrepreneurial venture, you should know these 20 pocket-size business facts—even if they keep yous up at night—because, equally McDonald'southward founder Ray Kroc says: "If you're not a risk taker, yous should get the hell out of business organization."

So, some interesting pocket-sized business facts . . .

  1. A pocket-sized concern is defined as an enterprise that has fewer than 500 employees. So technically, that kid who opens his lemonade stand on the corner every summertime is a small-scale business owner. Except…
  2. In order to exist subject to federal income taxes, a pocket-sized business organization must have almanac business organization receipts of $1,000. And so much for Billy'south lemonade stand. However, rather than gnash your teeth every tax season, be glad you lot made enough income to file!
  3. In that location are about 28 one thousand thousand small businesses in America. Of those 28 million, a full 22 1000000 consists of 1 lone employee. Finally—a way to make money from beingness anti-social!
  4. Over 50 percentage of the 120 one thousand thousand Americans in the workforce works in a small-scale business. That means that the plumber yous called to fix your pipes last week who can't even afford a belt to concord his pants up is probably a small business owner.
  5. In 2009 a small-scale business filed for bankruptcy every 8 minutes. You lot probably didn't notice, however, with the whole Harry Potter and the Half-Blood Prince craze that year.
  6. Approximately 543,000 new businesses are started each month. Which ways you're going to take to create something a lot more than original than that bathroom finders app.
  7. Opposite to the popular belief that 50 percent of startups fail inside the showtime year and 95 per centum close shop by the 5-year mark, the truth is: 70 percent of minor businesses remain in operation for at least two years, 50 percentage are however around in five years, 33 percentage in ten years, and 25 per centum subsequently 15 years.
  8. With a pocket-size budget you lot may be wondering how to get the word out most your new concern. In 2013, 52 percent of companies found new customers on Facebook. Which ways that when people see you posting, liking, and commenting on giddy animal videos, you can tell them you are doing market place inquiry.
  9. The fastest growing sectors in the world of modest businesses include auto repair shops, dry out cleaners, and beauty salons. To actually get a leg upwardly on the small biz sector, effort opening a service store that frosts your tips and cleans your shirts while you look for your automobile!
  10. The average revenue for a modest business is in the $44,000 bracket. Obviously, most small business owners derive their satisfaction from existence their own boss rather than being rich.
  11. It takes as footling as 5 days to get-go a business in the U.S. That same business organisation startup in Brazil would take 107 days. It's probably best to keep your South American trips to pleasance only.
  12. Here's a scary fact: if a small visitor cannot resume business concern within 10 days of a natural disaster, it probably will not survive. Yikes. Now at that place's a subject for your adjacent horror motion-picture show, David Fincher!
  13. In 2011, the total revenue from all American minor businesses reached $989.6 billion. Yes, that's a "b". Imagine what would happen to the U.South. economy if risk takers like you did not exist. In fact, Montana and Wyoming's economies are actually dependent upon pocket-sized businesses.
  14. If you're unemployed right now, don't worry: in 2011, 5.5 percent of self-employed people were out of a job the previous yr. Steve Jobs, you'll be happy to know, was a higher dropout living with his parents when he, Steve Wozniak, and Ronald Wayne started Apple tree.
  15. Since 1990, big companies take eliminated 4 million jobs—but small businesses have added 8 million new ones. Way to become, small business organization owners!
  16. If the 77 million small concern employees in the U.S. were a country, it would be the 17th most populous country in the world, only backside Iran. We'd all secede except for the fact that we'd never decide which entrepreneur would run our new state.
  17. It costs six times as much to start a small business in India as it does in the U.Southward. There is a reason people from around the world still believe in the American dream!
  18. On a related annotation, 12.5 percent of pocket-size businesses are made up of immigrants from other countries. Every bit this Forbes study reveals: diversity is essential for innovation in the workplace.
  19. Small businesses inspire innovative ideas twice as much equally big businesses, and tend to produce environmentally-friendly products. Similar reusable chopsticks.
  20. Small businesses generate 13 times more patents per employee than large patenting companies. Innovators are far less likely to want to patent an idea that is going to belong to their big-name employer than to hold that patent themselves.

What small business concern owners should keep in listen

If starting your own business feels similar a gamble, y'all are probably right. There are no guarantees in life. Just as Albert Einstein once said, "A person who never made a mistake never tried annihilation new." Entrepreneurs today accept access to a host of resources (for example, online tools to create a quick invoice or customizable invoice templates) that earlier businesses could only dream of. So grab concord of those resource and dream more than others think is practical!

Sources:

  • https://www.forbes.com/sites/jasonnazar/2013/09/09/xvi-surprising-statistics-virtually-minor-businesses/
  • https://world wide web.businessinsider.com/facts-near-small-businesses-in-america-2011-8
  • https://www.rlrouse.com/pocket-size-businesses.html
  • https://www.slideshare.cyberspace/MightyCall/8-amazingfacts-mightycall
  • https://thoughtreach.com/facts-well-nigh-social-media-marketing-for-pocket-sized-businesses/
  • https://www.sba.gov/offices/headquarters/ocpl/resources/13493

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