Data from the US Census Bureau shows that an average of 4.4 million businesses are started every year. That average is from the past five years of business formation data in the United States. The onset of the pandemic in 2020 has driven a surge in new business creation, so the number of new businesses […]
What is a Small Business? Here’s How the SBA Defines Small Businesses.
The US Small Businesses Administration defines a small business as a corporate entity with between less than $41.5m in annual revenue and fewer than 1,500 total employees. The SBA’s definition of a small business depends on the industry the business operates in. The full list can be found here. Here’s the definition of a small […]
10 Small Business Statistics Everyone Should Know (Updated Frequently)
Small businesses are the backbone of both local and global economies. And while businesses spend countless hours trying to understand their customers, a comparatively small amount of ink is spent trying to understand small businesses. Now, we’ll look at some of the most recent and interesting data available on the state of small business and […]
How Many Small Businesses Are There in the US in 2022? Data Reveals the Number.
How many small businesses are there in the United States? According to the Small Business Administration, there are currently 32,540,953 million small businesses in the US. Small businesses represented 99% of all businesses in the US. Of these small businesses, 81% have no employees and 19% have paid employees. The SBA defines a small business […]
What Percentage of Small Businesses Fail Each Year? Fewer Than You Think.
Data from the Small Business Administration shows that an average of 80% of employer businesses survive the first year, 70% survive at least two years, 50% survive at least five years, 30% survive at least ten years, and 25% survive at least fifteen years. That’s a much better survival rate than the frequently cited myth […]
What is Linkpop?
Linkpop is a new link-in-bio tool offered by Shopify that specializes in commerce and driving direct sales from your social media profile.