What Is a Small Business?

What Is a Small Business?

Saturday, November 27, is Small Business Saturday, but what is a small business and how many of them are there in the United States?

According to the US Small Business Administration Office of Advocacy’s 2021 Small Business Profile report, there are 32.5 million small businesses in the US.

In this report, small businesses were defined as firms with fewer than 500 employees.

61.2 million employees or 46.8% of all active employees in the country work for a small business.

81.4% of employees were self-employed, while 16.6% worked in firms of 2-19 employees, and remaining 2% or so in firms of 20-499 employees.

Professional, Scientific, and Technical Services, Construction, Real Estate, Transportation, Retail, and the Health Care industries were amongst the top employers.

Women made 47.3% of all small business employees, Racial Minorities 24.8%, Hispanics 17.6%, and Veterans 5.0%.

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