{"id":275,"date":"2023-10-06T13:48:18","date_gmt":"2023-10-06T13:48:18","guid":{"rendered":"https:\/\/bellmarketingsolutions.com\/index.php\/2023\/10\/06\/49-essential-small-business-stats-you-need-to-know\/"},"modified":"2023-10-06T13:48:18","modified_gmt":"2023-10-06T13:48:18","slug":"49-essential-small-business-stats-you-need-to-know","status":"publish","type":"post","link":"https:\/\/bellmarketingsolutions.com\/index.php\/2023\/10\/06\/49-essential-small-business-stats-you-need-to-know\/","title":{"rendered":"49 Essential Small Business Stats You Need to Know"},"content":{"rendered":"<div class=\"hs-featured-image-wrapper\">\n <a href=\"https:\/\/blog.hubspot.com\/marketing\/small-business-statistics\" title=\"\" class=\"hs-featured-image-link\"> <img decoding=\"async\" src=\"https:\/\/blog.hubspot.com\/hubfs\/small%20business.png\" alt=\"small business owners read small business owner stats\" class=\"hs-featured-image\" style=\"width:auto !important;max-width:50%;float:left;margin:0 15px 15px 0\"> <\/a>\n<\/div>\n<p>Small businesses are the lifeblood of any economy. Mom-and-pop restaurants, corner stores, family-owned shops, boutique tech firms, and other ventures drive economic growth, foster innovation, and generate employment opportunities.<\/p>\n<p>Small businesses are the lifeblood of any economy. Mom-and-pop restaurants, corner stores, family-owned shops, boutique tech firms, and other ventures drive economic growth, foster innovation, and generate employment opportunities.<\/p>\n<p>These businesses are the beating heart of the community. They provide essential services and goods, adding a unique flavor to local markets.<\/p>\n<p>2023 continues to illustrate the importance of small businesses as they navigate through challenges and seize new opportunities.<\/p>\n<p>In this article, we delve into the nitty-gritty of small business statistics for 2023 and provide insights into their triumphs, tribulations, and trends.<\/p>\n<p><a class=\"cta_button\" href=\"https:\/\/www.hubspot.com\/cs\/ci\/?pg=7c8f775d-8b7b-475b-ada5-04fd0d9c3781&amp;pid=53&amp;ecid=&amp;hseid=&amp;hsic=\"><img decoding=\"async\" class=\"hs-cta-img \" style=\"height: auto !important;width: auto !important;max-width: 100% !important;border-width: 0px\" alt=\"Free Download: Scale Your Business with Email Newsletters\" height=\"59\" width=\"537\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/53\/7c8f775d-8b7b-475b-ada5-04fd0d9c3781.png\"><\/a><\/p>\n<p><a href=\"#general-small-business\">General Small Business Statistics<\/a><\/p>\n<p><a href=\"#small-business-owner-stats\">Small Business Owner Statistics<\/a><\/p>\n<p><a href=\"#industry-wise-small-business\">Industry-Wise Small Business Statistics<\/a><\/p>\n<p><a href=\"#financial-small-business\">Financial Small Business Statistics<\/a><\/p>\n<p><a href=\"#jobs-in-small-buisness\">Jobs in Small Businesses Statistics<\/a><\/p>\n<p><a href=\"#small-business-marketing\">Small Business Marketing Statistics<\/a><\/p>\n<p><a href=\"#small-business-tech\">Small Business Technology Statistics<\/a><\/p>\n<p><a href=\"#small-business-challenges\">Small Business Challenges Statistics<\/a><\/p>\n<p><a><\/a> <\/p>\n<h2>General Small Business Statistics<\/h2>\n<ul>\n<li>Most businesses are small \u2014 99.9% of American businesses. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>Small businesses pay 39.4% of the private sector payroll. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>There are 33 million small businesses in the United States. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>From 1995 to 2021, small businesses created 17.3 million net new jobs, accounting for 62.7% of net jobs created since 1995. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>Business owners primarily go into business because they are \u201cready to be their own boss\u201d (28%) and overall dissatisfaction with corporate America (23%). (<a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\">Guidant Financial<\/a>, 2023)<\/li>\n<li>Small businesses generate 32.6% of known export value. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>Small businesses employ 61.7 million Americans, which equals 46.4% of private sector employees. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<li>About 38% of small businesses use specialized software in their business operations. (<a href=\"https:\/\/advocacy.sba.gov\/2023\/03\/07\/frequently-asked-questions-about-small-business-2023\/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995\">SBA<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/MtGGgbopzptUHi7fwLpWY-r3TxgtS9T9u_46TiuW6p-mWAzMV4TL6VcFJXvPw1AeW1R6xB2PXmHUN8qbNspyIr-j7FSru45tLLZGGw6iOVUJNnh8vy2m5joaTbrilPhVJmYSGZlTPdA5Vve1px4BO_c\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business stats, motivation\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\"><em>Image Source<\/em><\/a><\/p>\n<p><a><\/a> <\/p>\n<h2>Small Business Owner Statistics<\/h2>\n<ul>\n<li>Baby Boomers (39.63%) and Gen X (47.20%) make up the majority of small business owners. (<a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\">Guidant Financial<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/afXXJtTpsKLXY2qeo6U9o2GDeDMDXKdWAtOg9hhIMk1QUtqzm2AlC_tao5djINK4-9sCKctZuCmT4hyJPToEMSyZ1LwD6X5lQxaFRlBaVnh1XjRV5rMktH5ctIEnTDjy8JXR4esI4cakeQK5mj9B94Y\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, small business owner stats\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Females only own 43.2% of small businesses. Racial minorities own 19.4% of small businesses. (<a href=\"https:\/\/www.forbes.com\/advisor\/business\/small-business-statistics\/#sources_section\">Forbes<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/CxCFY3yYEpVqwD-b8pB8EvDFe9iFsy6s24MWGv2M0aHcWJO7F5NYu1dEIwvGs2Srd54Llb4Iuwk-udgIe4kpLdp1UeAt_-1EvrnD6RynGnSGjKPdiiPc0lByzhK48bMEHOyjwLt4jgl4BxnmGAHDJDo\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, business ownership by demographic bar graph\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.forbes.com\/advisor\/business\/small-business-statistics\/#sources_section\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Over 70% of small business owners feel satisfied as business owners, with 37% feeling \u201cvery happy\u201d and 35% feeling \u201csomewhat happy.\u201d (<a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\">Guidant Financial<\/a>, 2023)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>Industry-Wise Small Business Statistics<\/h2>\n<ul>\n<li>The fastest-growing industries are healthcare and social assistance. (<a href=\"https:\/\/www.forbes.com\/advisor\/business\/small-business-statistics\/#sources_section\">Forbes<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/SjT2k1keNd7H8UzHHPXK_GzZBkMPVPXr9azEo4qCUfjJuGvxy8qibwLhohWfpVt9Um54fVHxk8qVV7D_jc_ebDBhR_PmvE4I3BwkFCHuxheutI9ngwgfx-krIogFvyYyp6-SpuNK5sC7Jfu67q8Qd3o\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, happiness\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>The largest decrease in closures was observed in the transportation and storage sector, where the rate of closure fell by 8% from 21% to 13% in 2022, pointing to a progression toward business as usual or at least a new normal. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Of small and midsize businesses (SMBs) in the hotels, cafes, and restaurants sector, 35% reported increasing their number of workers. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Respondents in more traditional face-to-face industries like food &amp; beverage, restaurant &amp; bar, and retail are more worried than those in other industries about maintaining inventory\/fulfillment, bouncing back to pre-COVID business levels with a more cost-conscious public and cash flow disruptions. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>Financial Small Business Statistics<\/h2>\n<ul>\n<li>Startup costs for most small businesses are between $250k to $500k (27.3%). The second-highest reported startup costs are between $500k to $1 million (16%). (<a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\">Guidant Financial<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/Oi4sg2qTCpI6dl_GfY-ElAJC-Iz7SygkFb2Au9keiD4da2qrIW-cnJrGvANM03rSN_wqfRrJv7-ynQ6bfaKpaNz-XxwqiAFVVGdxVKaRLzDFlVQY8bDFRFDZtOBBUSkowkqL4LvVh5MfE_tldM9FiWA\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics pie chart of cost to start a small business\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Almost half of small business owners use 401(k) business financing to start their ventures. Others also use cash, SBA loans, lines of credit, and term and unsecured loans. (<a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\">Guidant Financial<\/a>, 2023)<\/li>\n<li>The average small business owner\u2019s salary is $69,579 per year. (<a href=\"https:\/\/www.payscale.com\/research\/US\/Job=Small_Business_Owner\/Salary\">Payscale<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/9-tKQIg1CVfRXy110szJtAvyzdL1kr6njT4z-iUuRlRgzteic1r7cq7M5hZ9e3XldBdznUSGRRg3su08Kp2gISqUoSaXcVQMKX7yd7rI7Ee-d6kmcuP7io9hf4y_0C7tWuRALQcpStsJrbgenev8Bw8\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics average annual salary of small business owners\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.payscale.com\/research\/US\/Job=Small_Business_Owner\/Salary\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Of SMBs globally, 24% reported increasing their prices by 20% or more in the first half of 2022. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Of SMBs reporting increases, those that reported at least a 10% increase in price were also likely to report an increase in costs of at least 10%. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<\/ul>\n<p style=\"text-align: center;font-size: 12px\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/ivmFC-g-4IPU_xm2pLN-TPTt0cuV5--OXxpSqQZOjif-GuKsG1zCyE0nx9zKJTTP8zj4KQL8BBbiXqFSIszDocaHr5c_GJx6qtFSVVqyjztfywSPk349hL4syZLeLd_TVoddsbEHHdJDdq4jsd_9FLg\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, financing \"> <a href=\"https:\/\/www.guidantfinancial.com\/small-business-trends\/\"><em>Image Source<\/em><\/a><\/p>\n<p><a><\/a> <\/p>\n<h2>Jobs in Small Businesses Statistics<\/h2>\n<ul>\n<li>Small businesses have added over 12.9 million jobs in the last 25 years. (<a href=\"https:\/\/www.forbes.com\/advisor\/business\/small-business-statistics\/#sources_section\">Forbes<\/a>, 2023)<\/li>\n<li>The industry with the most job openings is the education and health services industry. (<a href=\"https:\/\/www.forbes.com\/advisor\/business\/small-business-statistics\/#sources_section\">Forbes<\/a>, 2023)<\/li>\n<li>Approximately 20% of women-led SMBs reported increasing their number of employees in the first half of 2022, and 13% reported decreasing their number of employees, compared to 25% and 17% of men-led SMBs, respectively. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Over 80% of US SMBs reported their workforce either increased or remained the same in the first half of 2022. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>US minority-led SMBs were more likely to report increasing their number of workers (20%) than other SMBs (16%). (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>Small Business Marketing Statistics<\/h2>\n<ul>\n<li>Of small businesses in the US, 55% were advertising on social media in 2021. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Of those small businesses advertising on social media, 66% used Facebook, while 42% used YouTube. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Of all small businesses, 28% don\u2019t have a website. (<a href=\"https:\/\/topdesignfirms.com\/web-design\/blog\/online-presence-management\">Top Design<\/a>, 2021)<\/li>\n<li>Almost half of small businesses (46%) have in-house employees managing their websites, and 32% use DIY website builder software. (<a href=\"https:\/\/topdesignfirms.com\/web-design\/blog\/online-presence-management\">Top Design<\/a>, 2021)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>Small Business Technology Statistics<\/h2>\n<ul>\n<li>Women-led SMBs reported higher proportions of sales made digitally than men-led SMBs at a global level. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Women-led SMBs used digital tools accordingly for marketing-led purposes (advertising, communicating directly with customers, and selling goods and services) more often than men-led SMBs. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Nearly two-thirds of SMBs (63%) on the Facebook app generated some proportion of their sales in the past 30 days through digital channels. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Sub-Saharan Africa stands out as the region where the highest proportion of SMBs reported digital sales of over 50% (32%). (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Over a third of U.S. Black-led SMBs reported that over half of their sales were made digitally (39% of respondents), leading all minority groups. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Most respondents say their business has added or upgraded its internet connection to a high-speed or high-capacity plan in the past year. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/aKhE6W2oPb5zJFi35kNi1IGhNf6cL8MexEypg6H9H4rZLkpLP3QrhpWATyCrxZnkDqSfHDc9ioZGnys0XzcTHPIelKyGz2uO5vG07MHPiUG0gGMkhhQlzMIMgjBYlKIH6h45mtqawK6I_sSsvGFVUec\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, bar graph of internet services and cybersecurity\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>44% have added or upgraded network security services, and 29% have invested in employee cybersecurity training. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>Respondents most commonly say their business has added connectivity technology in the past year to streamline operations (78%). About half say they added technologies to connect with existing customers (53%) or acquire new ones (48%). (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>Small Business Challenges Statistics<\/h2>\n<ul>\n<li>Inflation and quality of labor are the most important problems for small businesses in the United States. (<a href=\"https:\/\/www.statista.com\/statistics\/220371\/single-most-important-problem-for-small-businesses-in-the-us\/\">Statista<\/a>, 2023)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/lYDLR73-NKO3ki0j80ldE7ciJ2ESKTy5wAFDbWUpAHzMEcdy0ghj8ivhFTzZfnXb2ZtfjQzWQ3qaOe35n8CuXeGh3hvAI00IgZ9dM05Q4Sip7skeDo08MI89wUYDd4nltXA7TsCyGhhgwz6GzTnc8TI\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, top concerns for small businesses\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/www.statista.com\/statistics\/220371\/single-most-important-problem-for-small-businesses-in-the-us\/\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Women-led SMBs reported higher proportions of business closures at 23%, versus 17% of men-led SMBs. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>Despite higher closure rates, women-led SMBs reported better sales performance compared to men-led SMBs. Approximately 33% of women-led SMBs reported decreasing sales in the past 30 days, relative to 39% of men-led SMBs. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>In the US, 20% of SMBs reported that they were closed in October 2022. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>US minority-led SMBs were 8% more likely to report closure than other SMBs. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<li>31% of US Black-led SMBs reported being closed. (<a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\">Meta<\/a>, 2022)<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/Ux0LPm42KU7DZzOkYQz_CtAR-pKrdbUvyZIjq0Irw0n0RwQIkVsFaxL9eBZCvWGfuIgjuiS5CGoEz8ZiB3IZuet_sfBtcyqeeFkAepeXVfXveYu_SuANl2R9O9YsQ9GylAURp2blxjqeMsywMwF9p88\" style=\"margin-left: auto;margin-right: auto;width: 650px;height: auto;max-width: 100%\" title=\"\" alt=\"small business statistics, diversity\"><\/p>\n<p style=\"text-align: center;font-size: 12px\"><a href=\"https:\/\/scontent-ord5-1.xx.fbcdn.net\/v\/t39.8562-6\/10000000_3404771206515632_1651479328787268894_n.pdf?_nc_cat=101&amp;ccb=1-7&amp;_nc_sid=ae5e01&amp;_nc_ohc=HfvNe9JsY98AX8c5HWO&amp;_nc_ht=scontent-ord5-1.xx&amp;oh=00_AfBI2eocOF5eD6PUIMeBuBgY1sxq7zTbBqmYyNWYe_8lFg&amp;oe=64990224\"><em>Image Source<\/em><\/a><\/p>\n<ul>\n<li>Nearly 9 in 10 respondents (89%) say they\u2019re concerned about the state of the US economy, and more than 4 in 5 say they\u2019re concerned about small businesses in the US and the global economy. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>Nearly 4 in 5 respondents (78%) say their business has experienced increased costs in 2021, far exceeding other financial and personnel challenges. Along with increased costs, nearly half (46%) report declining sales, and more than a quarter (27%) withdrew from cash reserves. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>More than half of respondents (53%) say their business has experienced operational issues sourcing materials due to supply chain disruptions in the past year. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>Interest in resources for SMBs is generally highest among respondents in the construction &amp; contracting and food &amp; beverage industries and lowest among those in entertainment &amp; recreation. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>Nearly 3 in 5 respondents (58%) say they\u2019d find an online network of SMB leaders helpful as they carry their business forward for the rest of the year. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<li>Respondents are broadly interested in programs supporting small businesses, particularly free self-paced courses in social media marketing and finance. (<a href=\"https:\/\/www.verizon.com\/about\/sites\/default\/files\/Verizon-Business-Third-Annual-State-of-Small-Business-Report-2022.pdf\">Verizon<\/a>, 2022)<\/li>\n<\/ul>\n<p><a><\/a> <\/p>\n<h2>The Role of Small Business Statistics in Strategic Decision-Making<\/h2>\n<p>Small business statistics are pivotal in strategic decision-making and help entrepreneurs understand market trends and economic health.<\/p>\n<p>These data-driven insights guide critical decisions related to investment, marketing strategies, and policy formulation. You can recognize the patterns and projections these stats offer to make more informed, future-proof decisions.<\/p>\n<p><a class=\"cta_button\" href=\"https:\/\/www.hubspot.com\/cs\/ci\/?pg=f7df24a4-ece0-4e71-9042-5fd5dc5b8893&amp;pid=53&amp;ecid=&amp;hseid=&amp;hsic=\"><img fetchpriority=\"high\" decoding=\"async\" class=\"hs-cta-img \" style=\"height: auto !important;width: auto !important;max-width: 100% !important;border-width: 0px\" alt=\"New call-to-action\" height=\"226\" width=\"646\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/53\/f7df24a4-ece0-4e71-9042-5fd5dc5b8893.png\"><\/a><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/track.hubspot.com\/__ptq.gif?a=53&amp;k=14&amp;r=https%3A%2F%2Fblog.hubspot.com%2Fmarketing%2Fsmall-business-statistics&amp;bu=https%253A%252F%252Fblog.hubspot.com%252Fmarketing&amp;bvt=rss\" alt=\"\" width=\"1\" height=\"1\" style=\"min-height:1px!important;width:1px!important;border-width:0!important;margin-top:0!important;margin-bottom:0!important;margin-right:0!important;margin-left:0!important;padding-top:0!important;padding-bottom:0!important;padding-right:0!important;padding-left:0!important\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small businesses are the lifeblood of any economy. Mom-and-pop restaurants, corner stores, family-owned shops, boutique tech firms, and other ventures drive economic growth, foster innovation, and generate employment opportunities. Small businesses are the lifeblood of any economy. Mom-and-pop restaurants, corner stores, family-owned shops, boutique tech firms, and other ventures drive economic growth, foster innovation, and [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>49 Essential Small Business Stats You Need to Know - Bell Marketing Solutions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bellmarketingsolutions.com\/index.php\/2023\/10\/06\/49-essential-small-business-stats-you-need-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"49 Essential Small Business Stats You Need to Know - Bell Marketing Solutions\" \/>\n<meta property=\"og:description\" content=\"Small businesses are the lifeblood of any economy. 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Mom-and-pop restaurants, corner stores, family-owned shops, boutique tech firms, and other ventures drive economic growth, foster innovation, and generate employment opportunities. Small businesses are the lifeblood of any economy. 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