If you’re a small business owner, you’re a member of an exclusive tribe of hard-working, motivated individuals who make a huge impact on the nation. Small businesses and small business franchises provide jobs, increase sales, and are a significant part of our economy.
We’re all connected to small business somehow. Small business might be just that–small–but the effects of each business are far-reaching and accumulate to produce big results.
Small business is changing the way we do business in the United States. Here’s how.
Small Business and the Economy
The easiest way to show how important small businesses are to the nation is through statistics. The small business numbers might surprise or even shock you.
- American small businesses occupy up to 50% of all commercial space in the United States. That’s an estimated 34 billion square feet.
- There are about 28 million small businesses in America.
- Those 28 million businesses account for more than half (54%) of all sales in the United States.
- Those same 28 million businesses provide more than half (55%) of all jobs in the United States.
- There are 600,000+ franchised small businesses that account for 40% of all retail sales and more than 8 million jobs in the United States.
- And this trend is nothing new–small businesses have provided 66% of all new jobs since the 1970s.
Did you know small business was this integral to our economy? Let’s put this into perspective. If all small businesses were to suddenly disappear or go under, here’s what we’d be left with:
- Half of our commercial space would suddenly be empty.
- Our national sales would be cut in half.
- We’d lose more than half of our nation’s jobs, leaving millions unemployed.
It helps to look at it from this perspective. We can see that small business has been a driving force of the national economy for decades.
But what can we expect in the future? Will small businesses continue to be an integral part of the American economy? The statistics say: Absolutely.
To predict the future, we look to the past. What have the overarching trends been? What does the graph look like over the last several years? We know that small business isn’t going anywhere anytime soon. Forget “too big to fail.” Think “Too small to fail!”
Take a look at these numbers:
- The sheer number of small businesses is up 49% since 1982.
- Small businesses have added more than 8 million new jobs since 1990.
- Big business has eliminated nearly 4 million jobs in the same time period.
Providing jobs, boosting national sales, renting or owning huge amounts of commercial space–small businesses do more than their part to keep our country afloat. These statistics show they’ll only continue to do so, and as more businesses pop up each day, on a bigger scale. To all the small business owners out there: We salute you.
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