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Small Business at a Glance
The Office of Advocacy defines a small business for research purposes as an independent business having fewer than 500 employees. Firms wishing to be designated small businesses for government programs such as contracting must meet size standards specified by the U.S. Small Business Administration (SBA) Office of Size Standards. These standards vary by industry; see www.sba.gov/size.How important are small businesses to the U.S. economy?
Small firms:
• Represent 99.7 percent of all employer firms.
• Employ just over half of all private sector employees.
• Pay 44 percent of total U.S. private payroll.
• Have generated 64 percent of net new jobs over the past 15 years.
• Create more than half of the non-farm private gross domestic product (GDP).
• Hire 40 percent of high tech workers (such as scientists, engineers, and computer programmers).
• Are 52 percent home-based and 2 percent franchises.
• Made up 97.3 percent of all identified exporters and produced 30.2 percent of the known export value in FY 2007.
• Produce 13 times more patents per employee than large patenting firms; these patents are twice as likely as large firm patents to be among the one percent most cited.
Source: U.S. Dept. of Commerce, Bureau of the Census and International Trade Admin.; Advocacy-funded research by Kathryn Kobe, 2007 (www.sba.gov/advo/research/rs299tot.pdf) and CHI Research, 2003 (www.sba.gov/advo/research/rs225tot.pdf); U.S. Dept. of Labor, Bureau of Labor Statistics.
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What share of net new jobs do small businesses create?
Firms with fewer than 500 employees accounted for 64 percent (or 14.5 million) of the 22.5 million net new jobs (gains minus losses) between 1993 and the third quarter of 2008. Continuing firms accounted for 68 percent of net new jobs, and the other 32 percent reflect net new jobs from firm births minus those lost in firm closures (1993 to 2007).
Source: U.S. Dept. of Labor, Bureau of Labor Statistics, Business Employment Dynamics. Note that the methodology used for the figures above counts job gains or losses in the actual class size where they occurred.
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Dr. Ron Mueller's **new 5th edition** book,
"Home Business Tax Savings MADE EASY!"
is now available in Printed format as well as a digital download!
(Formerly titled, "It's How Much You KEEP That Counts! Not how much you Make.")
Ron also Guarantees that this book will increase your REFUND by thousands
or he will buy the book back from you, in ANY condition, for a whole year!
Click this link to see the book that WILL save you thousands!
http://www.kickstartcart.com/app/?Clk=3305076
How many businesses open and close each year?
An estimated 627,200 new employer firms began operations in 2008, and 595,600 firms closed that year. This amounts to an annual turnover of about 10 percent for entry and 10 percent for exit.
Non-employer firms have turnover rates three times as high as those of employer firms, mostly because of easier entry and exit conditions.
What is small firms’ share of employment?
Small businesses employ just over half of U.S. workers. Of 119.9 million non-farm private sector workers in 2006, small firms with fewer than 500 workers employed 60.2 million and large firms employed 59.7 million.
Firms with fewer than 20 employees employed 21.6 million. While small firms create a majority of the net new jobs, their share of employment remains steady since some firms grow into large firms as they create new jobs. Small firms’ share of part-time workers (21 percent) is similar to large firms’ share (18 percent).
Source: U.S. Dept. of Commerce, Bureau of the Census: Statistics of U.S. Businesses, Current Population Survey.
In 2008, there were 29.6 million businesses in the United States, according to Office of Advocacy
Census data show that there were 6.0 million firms with employees in 2006 and 21.7 million without employees in 2007 (the latest available data).
Small firms with fewer than 500 employees represent 99.9 percent of the 29.6 million businesses (including both employers and non-employers), as the most recent data show there were about 18,000 large businesses in 2006.
Source: Office of Advocacy estimates based on data from the U.S. Dept. of Commerce, Bureau of the Census, and U.S. Dept. of Labor, Employment and Training Administration.
What is the survival rate for new firms?
Seven out of ten new employer firms last at least two years, and about half survive five years. More specifically, according to new Census data, 69 percent of new employer establishments born to new firms in 2000 survived at least two years, and 51 percent survived five or more years.
Firms born in 1990 had very similar survival rates. With most firms starting small, 99.8 percent of the new employer establishments were started by small firms. Survival rates were similar across states and major industries.
Source: U.S Dept. of Commerce, Bureau of the Census, Business Dynamics Statistics. Note that the figures could be skewed slightly by the rare occurrence of new firms opening multiple establishments in their first few years.
An estimated 627,200 new employer firms began operations in 2008, and 595,600 firms closed that year. This amounts to an annual turnover of about 10 percent for entry and 10 percent for exit.
Non-employer firms have turnover rates three times as high as those of employer firms, mostly because of easier entry and exit conditions.
What is small firms’ share of employment?
Small businesses employ just over half of U.S. workers. Of 119.9 million non-farm private sector workers in 2006, small firms with fewer than 500 workers employed 60.2 million and large firms employed 59.7 million.
Firms with fewer than 20 employees employed 21.6 million. While small firms create a majority of the net new jobs, their share of employment remains steady since some firms grow into large firms as they create new jobs. Small firms’ share of part-time workers (21 percent) is similar to large firms’ share (18 percent).
Source: U.S. Dept. of Commerce, Bureau of the Census: Statistics of U.S. Businesses, Current Population Survey.
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How many small businesses are there?In 2008, there were 29.6 million businesses in the United States, according to Office of Advocacy
Census data show that there were 6.0 million firms with employees in 2006 and 21.7 million without employees in 2007 (the latest available data).
Small firms with fewer than 500 employees represent 99.9 percent of the 29.6 million businesses (including both employers and non-employers), as the most recent data show there were about 18,000 large businesses in 2006.
Source: Office of Advocacy estimates based on data from the U.S. Dept. of Commerce, Bureau of the Census, and U.S. Dept. of Labor, Employment and Training Administration.
What is the survival rate for new firms?
Seven out of ten new employer firms last at least two years, and about half survive five years. More specifically, according to new Census data, 69 percent of new employer establishments born to new firms in 2000 survived at least two years, and 51 percent survived five or more years.
Firms born in 1990 had very similar survival rates. With most firms starting small, 99.8 percent of the new employer establishments were started by small firms. Survival rates were similar across states and major industries.
Source: U.S Dept. of Commerce, Bureau of the Census, Business Dynamics Statistics. Note that the figures could be skewed slightly by the rare occurrence of new firms opening multiple establishments in their first few years.
Home Business owners earn between $63,000 to over $1 million
- Money magazine, in a 1996 survey, found that 20 percent of home-based businesses had a yearly gross income of $100,000 to $500,000.
- 89% with household incomes greater than $80,000 have a home office compared to 14% of those with incomes below $25,000 according to the Pittsburgh Business Times.
- A recent IDC survey indicates that the average income for income-generating home office households is $63,000 a year.
- November 2000 report from the SBA's Office of Advocacy shows that in 2000 nearly 20,000 entrepreneurs grossed more than $1 million operating from a home-based environment.
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