Looking to learn the ins and outs of small businesses? One of the best ways to familiarize yourself with these ventures is by taking a look at the numbers behind them. Here are small business statistics, from success rates to finances and marketing, that will help you form your own business plan or shore up your company’s deficiencies.
Growth and Survival Statistics
How many small businesses are in the United States?
In which industries are startups most likely to succeed?
Startups in the following industries are the most likely to last 4 years or more: Finance Insurance & Real Estate, Education & Health, Agriculture, Services, and Wholesale. (Source: Statistic Brain Research Institute 2016) – Tweet This
What stops small businesses from growing and surviving?
The greatest challenge to small business growth and survival is economic uncertainty, followed closely by lower consumer spending and regulatory burdens. (Source: (NSBA) National Small Business Association 2016) – Tweet This
What percent of small businesses fail in the first year?
Do banks approve small business loans?
Big banks only approved around 24.1% of small business loans. Smaller banks have a much higher approval rate of around 48.9%. Alternative Lenders approved 58.2% of loan requests. (Source: Biz2Credit 2017) – Tweet This
How much is the average SBA 7(a) loan amount?
How much capital is needed to start a small business?
Who handles marketing for small businesses?
How many small business have a website?
What percentage of small businesses use social media?
How many small businesses have mobile apps?
What percentage of small businesses use mobile marketing?
How much money is spent on mobile advertising?
What makes employees happy?
What percentage of applicants are not qualified for job openings?
How long does it take to hire a new employee?
Should you use social media to find new employees?
Where do you find quality employees/hires?
48% of businesses say their quality hires come from employee referrals. After that was third-party website or online job boards at 46%. In third was social professional networks at 40%. (Source: LinkedIn 2017) – Tweet This
For more incredibly useful hiring statistics, check out our article.
These small business statistics give a good look into what makes small businesses tick – and potential problems they may face. Be sure to take these statistics into account when forming your business plan so that you can ensure that your company survives and thrives.