Small Business -- 16 Facts You Must Know Before Starting


Having your own Small Business where you can earn a decent living as well provide jobs for a few of your brothers and sisters would be a dream come true for many of us in the world. And add to that the idea of being your own boss where you can work out your own schedule and not being too big a business where you have hundreds of employees and thousands of headaches, then you are ready to take that first step toward becoming a Small Business Owner. But Hold On! Before you do, here are 16 Facts you need to be aware of:


1. There are 28 million small businesses in the U.S. -- which outnumber corporations 1162 to 1


2. 70% of small businesses are owned and operated by a single person


3. Small businesses employ 57% of the country's private workforce


4. Small businesses pay 44% of U.S. payroll


5. Northwestern states like Montana & Wyoming rely more heavily on small businesses


6. The 77 million people that make up the US small business workforce would rank as the 17th most populous country in the world, just ahead of Iran


7. It takes just 6 days to start a business in the US, compared to a whopping 38 days in China

It takes just 6 days to start a business in the US, compared to a whopping 38 days in China
AP Images
Here's how long it takes in some other countries around the world:
New Zealand -- 1 day
Singapore -- 3 days
Saudi Arabia -- 5 days
US -- 6 days
UK & Ireland -- 13 days
India -- 30 days
China -- 38 days


8. And it costs 6x as much to start a business in India than in the US


9. Only 50% of businesses survive five years -- though most (70%) hit the two-year mark


10.Immigrants make up 12.5% of small business owners nationwide


11. If a small business can't resume operations within 10 days following a natural disaster, it probably won't survive

Source: Bolt


12. Small businesses create 13x more patents per employee than large patenting companies


13. A small business went bankrupt every 8 minutes in 2009

Small business bankruptcies 2005-2009:
2009 -- 60,837
2008 -- 43,546
2007 -- 28,332
2006 -- 19,696
2005 -- 39,201


14. Small business bankruptcies (in red) peaked in '09, but are now lower than consumer bankruptcies (grey) on the Equifax index


15. One third of small businesses rely on credit for financing

This figure used to be closer to 50% of small businesses. The number declined in this past year, as "credit cards have dropped from first to third place on the list of most commonly-used sources of small business financing," according to the Los Angeles Times.
This likely has to do with the recent  credit card legislation; as well as a different economic landscape where businesses are more cautious about financing from credit cards.


16. Only 2% of small businesses are franchises -- most (54%) are home-based



BONUS FACTS:

60 to 80% of all new jobs come from small businesses

 60 to 80% of all new jobs come from small businesses
"This number fluctuates when some small businesses grow enough to become classified as large businesses, and when new small businesses are created. From 1999 to 2000, small businesses accounted for 75 percent of all new jobs created. By 2010, small businesses account for three quarters of net new jobs in the United States."

In New York City, immigrants make up 46% of the incorporated self-employed

In New York City, immigrants make up 46% of the incorporated self-employed
Getty Images Ltd. From 100 Places to Go Before They Disappear, published by Abrams.
Source: U.S. Census Bureau, American Community Survey


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