Have you been considering starting your own business? Have you been wanting to start an LLC and finally do something you love?
Now is the perfect time to put your ideas into motion and open your own business. To help, we've gathered some of the most important facts and stats about entrepreneurs and small businesses trending in 2023.
Small Business in 2023
When thinking about small businesses, you might think of mom-and-pop corner stores. But small businesses have evolved to be so much more than that in recent years.
Small Businesses Are Booming
Data from the most recent Small Business Profile by the U.S. Small Business Administration Office of Advocacy tells us that:
- Between March 2020 and March 2021, over 1 million small businesses opened up shop for the first time in the U.S.
- Small businesses gained 8.7 million jobs in that same time frame.
- In 2020, banks issued $114.3 billion in loans to small businesses with revenues of one million dollars or less.
- Small businesses employ over 61.7 million employees, a 17.2% increase since 1995.
Small Businesses Are Diverse
- 12 million small businesses are reported to be owned by women, and 17 million are owned by men.
- Over 1.7 million small businesses are owned by veterans.
- Most small businesses are owned by entrepreneurs that belong to Generation X (46.5%) or the Boomer generation (45.5%).
- When it comes to small business ownership and race:
- 84.7% are owned by white entrepreneurs.
- 4% are owned by Black entrepreneurs.
- 4.1% are owned by Hispanic or Latino entrepreneurs.
- 4.1% are owned by Asian or Asian-American entrepreneurs.
- 2.7% are owned by entrepreneurs that identify as “other.
Small Businesses Are Profitable
Looking at the business statistics put together by Guidant Financial and the U.S. Small Business Administration Office of Advocacy, there are a lot of great signs that small business is thriving and entrepreneurship is booming.
- Despite the Great Resignation, over 25% said hiring difficulty over the last year was the same as the year before.
- 65.3% of small businesses are currently profitable.
Small Business Owners Are Happy
In fact, the data shows that just about anyone can become a happy and successful entrepreneur with the right support.
- 39% of small business owners rated themselves as “very happy” on Guidant’s happiness scale.
Start Your Small Business Today
Are you ready to start your small business this year? Check out our How to Start a Business Guide. This resource will help you develop your business idea, decide on a business structure, file your taxes, brand your business, and more.