Opening a small business, whether its an online business or offline, lets you be the boss. You can take a few days off work for vacation without worrying about what a supervisor might think and put all the money you make in the bank instead of giving it to someone else. Budding entrepreneurs should look at the market and other factors before they launch a business to make sure that they have an idea people need and that the market can support that company. As someone who wants to open and run a small business, you will find some of the following small business statistics for 2020 interesting.
Top Small Business Statistics
- In the United States, roughly half of all businesses last for at least five years
- More than 80% of new businesses fail because the owners have problems securing the financing they need
- The 32+ million small businesses in the US have more than 57 million employees
- Half of all small businesses in the country are based in the owners’ homes
- Around 540,000 new small businesses launch every month
- Out of all the small businesses in the US, minorities own 47% of those companies
- 64% of people who started small businesses did so with $10,000 or less in capital
- 60% of all new restaurants will fail within the first three years of operation
- The owner of a small business in the US earns an average salary of $71,900 every year
- Technology and maintenance are two of the fastest-growing small businesses
