Here's What Millions of Small Businesses Have in Common, According to a New Survey

One week earlier National Small Business Week, a caller study examines immoderate astonishing things that nan millions of mini businesses crossed nan U.S. person successful common.

A Pew Research Center Survey released Monday delved into Census Bureau information points associated pinch 33 cardinal mini businesses crossed nan U.S. The study defined "small business" arsenic a patient pinch little than 500 workers, pinch astatine slightest 1 location.

In nan report, mini businesses overwhelmingly shared 1 awesome commonality: they seldom had employees. In fact, 27 million, aliases astir 82%, did not person immoderate workers, and astir 3 cardinal businesses pinch labor only had 1 to 4 group connected their payroll.

Still, mini businesses employed 56.4 cardinal group successful 2021 and achieved much than $16.2 trillion successful revenue. Larger businesses pinch much than 100 labor scored bigger pieces of nan gross pie, though they made up little than 1% of nan wide picture.

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Also, astir mini businesses are not mom-and-pop shops, according to nan survey. One successful 10 businesses successful nan U.S. were arsenic owned and operated by spouses, and conscionable 27% were family-owned overall.

It's besides not usually franchises. The mostly of mini businesses (95%) reported that they did not afloat aliases partially run arsenic a franchise.

A mostly of nan businesses surveyed, almost 3 successful five, person been moving for astatine slightest six years, and 15% were operational for complete a 4th of a century.

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Small businesses besides stock a affirmative nationalist perception. Most Americans (86%) indicated that mini businesses positively effect nan state successful a abstracted Pew Research survey conducted successful January. In contrast, only 53% thought positively astir tech companies and colleges.

A Constant Contact survey released Monday presents a world picture, showing that complete 80% of nan 1,300 mini businesses surveyed successful nan U.S., Australia, nan U.K., and Canada expressed interest astir really nan economical ambiance will impact their business this year.

Pew Research reports that nan number of U.S. business applications has trending up, pinch almost 1.8 cardinal applications revenge past year.