Small businesses play an important role in creating jobs, supporting local communities, and generating income for thousands of families. Here are some impressive facts from the Small Business Administrations Office of Advocacy:
1. Nearly all businesses are small. Out of 29.6 million businesses, all but 19,000 are small. (2014 data)
2. Small businesses generate three-fifths of net new jobs, driving a big share of U.S. employment growth. In total, small businesses employ 58 million, or 47.8 percent of all private-sector employees.
3. About one in five firms are family-owned. Industries that have the highest share of family-owned businesses are management of companies and enterprises (46.4 percent of firms in this industry are family-owned), real estate and rental and leasing (37.3 percent), and accommodation and food services (33.2 percent).
4. Nearly a quarter of small employer firms are home-based, while 4 of every 5 firms without paid employees are home-based. Industries, where home-based businesses dominate, are information (70.0%), construction (68.2%), and professional, scientific, and technical services (65.3%).
5. Nearly all employer firms (98.5 percent) in high-tech industries are small businesses. The majority of the 248,122 small employer firms in high-tech industries provide services in either computer systems design or architecture and engineering.