Five Amazing Facts About Small Business that you should know
Believe it or not, small business is actually a huge part of American business, life and economics. Many Americans dream of owning a small business, which would give them the opportunity to work for themselves instead of someone else and do something they love each day. Millions of Americans pursue their small business dream accordingly. They take the financial and professional risk to start their adventure into small business ownership.
The most ironic part about small business is that there is nothing small about it. In fact, these five great facts about small business help to show how impactful and important small business is not to just American citizens but to the world. If you have been considering opening a small business or investing in a franchise, these facts could help you decide. These facts are also a great, quick look into the American environment of small business.
The small business umbrella includes franchises
There are tons of ways to define what a small business entails. However, most easily it is most commonly based on the number of employees (less than 500 in some states for example) and average annual revenue. That being said, it’s important to note that franchise locations are considered a small business. Therefore, franchisees are also considered small business owners.
There are more than 28 million small businesses in the US
When you think about small business, you don’t often think about all of the small businesses open nationally. With more than 28 million small businesses operating in the United States today, large corporations are extremely outnumbered. In fact, small businesses even employ a vast majority of America’s private workforce in comparison to large, international corporations.
70% of American small businesses are owned and operated by just one person.
The best example of this is franchisees that purchase their own location. A single owner then builds a team of employees and starts providing a product or service to the local community. They alone are responsible for the business and whether is succeeds or fails.
It takes just 6 days to start a business in the US
In just under a week you can invest in a franchise or open up a small business in the United States. The simplicity and timeliness of this process is what makes small business so popular in the US. On average it takes only 6 days to open a business in the United States compared to 13 days in the United Kingdom and Ireland, 30 days in India and a lengthy 38 days in China.
Around 540,000 new small businesses open each month
Thanks to the quick turnaround time and the increasing opportunity, more than 500,000 small businesses open each month in the United States. From franchise locations to home-based services, each month brings new opportunities to get started. Across all industries there is a great opportunity to open and operate the small business or franchise location of your choice. Will your franchise location be one of next month’s new businesses opened in America?