Little Known Facts About Small Businesses

Here are some interesting but little known facts about small businesses:

1. Small businesses make up the majority of businesses in the United States. According to the Small Business Administration, small businesses make up 99.9% of all businesses in the country.

2. Many small businesses are owned and operated by a single person. In fact, over 50% of small businesses in the U.S. are owned and operated by a single person.

3. Small businesses often have a significant impact on their local communities. In addition to providing employment opportunities and contributing to the local economy, small businesses often support community events and organizations.

4. Small businesses often face unique challenges, such as difficulty accessing financing and limited resources for marketing and advertising.Despite these challenges, small businesses can be very successful.

5. According to a study by the National Bureau of Economic Research, small businesses have a higher rate of success than large businesses in their first few years of operation.

6. Many small businesses are able to adapt and innovate in ways that larger businesses may not be able to. This ability to adapt and innovate can be a key factor in the success of small businesses.

7. Small businesses often have a strong sense of community and personal connections with their customers. This can be a key factor in building a loyal customer base and contributing to the overall success of the business.