Have you recently started your own small business, or are looking to do so in the immediate future? Like any big decision, it’s important to do your research and know all of the facts in the beginning. Doing your homework now will help you set your expectations and know what’s in store for your business.
1. How Many Small Businesses Are There in the U.S.?
- As of 2013, there were 28.8 million small businesses in the country
- 80 percent were businesses with no other employees (other than the owner)
- 20 percent were businesses with paid employees
2. What Percentage of Firms Do Small Businesses Comprise?
- 99.9 percent of all firms are small businesses
- 99.7 percent of all firms with paid employees are small businesses
3. What is the One-Year Survival Rate For New Small Businesses?
- Roughly 80 percent of small businesses will make it past the one-year mark
4. What is the Five-Year Survival Rate For New Small Businesses?
- Roughly 50 percent of small businesses will make it past the five-year mark
5. What is the Ten-Year Survival Rate For New Small Businesses?
- Roughly 33 percent of small businesses will make it past the ten-year mark
- Another 33 percent are said to be sold or acquired by other businesses
6. How Many Small Businesses Are Home-Based?
- 50 percent of small business are home-based
- The most common home-based small businesses are information construction, construction, and professional services
7. How Are Small Businesses Most Commonly Funded?
- 22 Percent - Personal/Family Savings
- 6 Percent - Profits & Assets
- 5 Percent - Business Loans
- 3 Percent - Business Credit Cards (Banks)
Knowing all you can about small businesses before starting one is important for your own expectations and success. When your small business is looking for ways to grow and cut costs, consider installing a VoIP phone service provided by Reliable Voice & Data Systems. To learn more or to schedule a free estimate, give us a call at (877) 385-6657.
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