18 Amazing Facts About Small Businesses In America

1. There are 28 million small businesses in the U.S. — which outnumber corporations 1162 to 1

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2. 70% of small businesses are owned and operated by a single person

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3. Small businesses employ 57% of the country’s private workforce

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4. Small businesses pay 44% of U.S. payroll

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5. Northwestern states like Montana & Wyoming rely more heavily on small businesses

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6. The 77 million people that make up the US small business workforce would rank as the 17th most populous country in the world, just ahead of Iran

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7. It takes just 6 days to start a business in the US, compared to a whopping 38 days in China

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8. And it costs 6x as much to start a business in India than in the US

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9. Only 50% of businesses survive five years — though most (70%) hit the two-year mark

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10. Immigrants make up 12.5% of small business owners nationwide

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11. If a small business can’t resume operations within 10 days following a natural disaster, it probably won’t survive

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12. Small businesses create 13x more patents per employee than large patenting companies

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13. A small business went bankrupt every 8 minutes in 2009

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14. Small business bankruptcies (in red) peaked in ’09, but are now lower than consumer bankruptcies (grey) on the Equifax index

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15. One third of small businesses rely on credit for financing

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16. Only 2% of small businesses are franchises — most (54%) are home-based

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17. 60 to 80% of all new jobs come from small businesses

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18. In New York City, immigrants make up 46% of the incorporated self-employed

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