Small Businesses Are Charging Ahead

Many small business trends are worth studying. Now, let’s consider how small businesses are charging ahead.

According to

“A small business is privately owned and operated. And it typically employs a small number of workers. In the United States, the the U.S. Small Business Administration (SBA) sets the criteria for legally defining a small business.”

These are among the criteria by the SBA [Source: SBA’s definition of a small business concern]. Besides the ones listed, a number of criteria determine whether a firm is defined as a small business:

See How Small Businesses Are Charging Ahead

In the view of Katie Horne, writing for Digital.com:

According to the U.S. Small Business Administration, nearly 30 million small businesses exist in the United States. And they employ 47.8 percent of US workers. Furthermore, all of these small businesses have a big impact on the US economy through job creation, innovation, and economic impact.”

To bolster her case, Horne cites these data:

 

Startups

“Startup owners span the whole gamut in age, gender, race, and other background/demographic factors. With one-half between 50 and 88 years of age. And with two and a half million owners being veterans of the armed forces.”

Small Businesses Are Charging Ahead -- Startups

 

Income

“According to PayScale, the median income for a small business owner averages around $59,000 per year. And most people fall into the range of $26,000 to $153,000. Also, PayScale cites geographic location with the largest influence on the owner’s income.”

Small Businesses Are Charging Ahead -- Earnings

 

Survival

Statistics about business survival rates: Two-thirds survive at least two years. Half survive at least five years. One-third will survive at least ten years.”

Small Businesses Are Charging Ahead -- Survival

 

Cybersecurity

“Hackers, more often than not, target small businesses. Thus, 43% of cyber attacks target small businesses. And unfortunately, only 14% can mitigate such risks effectively.”

Small Businesses Are Charging Ahead-- Cybersecurity

 

Social Media Marketing

“In 2015, only 13% of small businesses reported that they use social media for communicating with customers. But given the growth in spending by small business owners, clearly many realize the importance of social media marketing.”

Small Businesses Are Charging Ahead - Social Media
 

This entry was posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 8: Putting It All Together and tagged , , , , , , . Bookmark the permalink.

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