Leap Day Celebrations and The Power of Small Business (Pt. 2)

I want to share a few more facts from the Forbes Advisor Small Business Report – it’s full of such great stuff! I am a small business coach because I believe that small businesses are the lifeblood of our communities! It turns out that small business is the lifeblood of the entire US economy!

Here are just a few points pulled from the 2024 report:

Almost all businesses across the U.S. are small businesses

Recent data from the U.S. Small Business Administration reveals a remarkable figure: 33.3 million businesses (under 500 employees) in the

United States qualify as small businesses, making up 99.9% of all U.S. businesses. (Take that tech giants!)

Small Business have added over 12.9 Million jobs in the last 25 years.

Despite the average small business being operated by a solo founder, these enterprises have been a significant source of job creation in the U.S. In the past 25 years, small businesses have been responsible for generating nearly 13 million net new jobs. This accounts for approximately two-thirds of all new jobs added to the economy during this period. (You’re welcome economy)

The average salary of a small business owner is just 16% above the annual mean wage in the U.S.

Business owners and entrepreneurs may make up some of the wealthiest people in the world; however, the average small business owner salary is just 16% above the national average mean wage of $59,428 at $69,119. Of course, the salary of the average business owner varies greatly. On the low end, small business owners earn an average salary of $32,000 and earn as much as $147,000 on the average high end, according to pay rate data from Payscale. (I help my clients set up systems to pay themselves regularly – while building joyful profit in their business – set up a call to find out how)

One in five businesses fail within the first year  – Worth repeating.

Chances are you’re familiar with the statistic that half of all businesses fail. However, this only paints a partial picture. To get the complete picture, it should be noted that 20% of businesses fail in the first year, 30% in the second year and 50% by year five. This illustrates how pivotal the first five years of business are for new ventures. (All the more reason to hire a business coach to help you put the right strategies in place)

I encourage you to take action and read the entire report – it’s full of great information that will help you understand the importance of small businesses in our economy.

If you need some help with your business – schedule a 30 minute FOCUS call with me today!