Have you been teetering on the idea of 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 slowly transition into opening your own business. Here's a look back at some 2019 business trends and statistics to help motivate you to stop thinking and start doing in 2020.
Business Trend #1: Small Business Isn’t Really SMALL
When thinking of a small business, many think of their corner store mom-and-pop locations. And while they are correct, it’s much broader than just those family-owned businesses we are accustomed to seeing and shopping at.
According to the U.S. Small Business Administration Office of Advocacy, the 2019 Small Business Profile is quite BIG according to their statistics. How big? Well, let’s check out the figures:
During 2019 in the U.S. there were 30.7 million small businesses.
99.9% of U.S. businesses are considered a small business.
Small businesses employ more than 59.9 million people.
Small businesses created 1.8 million new jobs in 2019.
There are 8.7 million minority-owned business employees.
The unemployment rate is the lowest it’s been in years.
SBA Office of Advocacy
If such a large portion of businesses are small businesses, you may be wondering what the true definition of a small business is.
According to YourDictionary.com, the definition of a small business is: “An independently owned and operated company that is limited in size and in revenue depending on the industry. A local bakery that employs 10 people is an example of a small business. A manufacturing facility that employees less than 500 people is an example of a small business.”
Business Trend #2: Small Business Owners Are Happy
Looking at the business statistics put together by Guidant Financial, there are a lot of great signs that small business is thriving and entrepreneurship is booming. When looking at a happiness level scale with a 1 being unhappy and a 10 being the happiest someone could be, 53% of small business owners were between a 9 and 10. Do you want to be happy like them? Maybe owning your own business is the key to happiness.
Anyone Can Become a Successful Business Owner
According to Guidant Financial, of all small business owners, 73% were males and 25% were females. How educated are they? Well, the business statistics may surprise you. The highest percentage (31%) have an associate degree, with a high school diploma/GED falling close behind (30%). How many business owners in this survey had their doctorate? Only 4%. The bottom line is, whether you're a male or female, college dropout or highly educated, you can become a successful business owner.
And think you’re too old to start a business? Think again! 35% of small business owners are between 50-59. 25% are between 40-49. And 18% are between 60-69. Think about that if you’re still in your 20s or 30s. Start now and you can be well ahead of the game.
Small Business Success is Achievable
A lot of people will tell you that there’s a lot of risk involved with starting a business. That’s absolutely true. But the greatest risk is not acting upon your passion to start a business and never knowing what it could have become.
Sure, more than 90% of businesses fail within 10 years. But what if you’re in the 10% that succeed? The Guidant Financial survey found that 78% of those who responded said their business is currently profitable. That’s outstanding!
The even better news with all of this is that you don’t need a ton of capital to start a business. In fact, around 64% of small businesses are started with less than $10,000.
The economy is booming. The stock market is booming. People are spending money instead of holding onto it. If you want to take the chance and live out your dream, now is a perfect time to get out there and try. These business statistics are in your favor, and it’s always better to get in while the nation is thriving.
Are you ready to start your business in 2020? 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.
Matt Weik is the Founder/Owner of Weik Fitness, LLC and is a well-respected fitness expert/author with a global following. He’s a certified strength and conditioning specialist, personal trainer, and sports nutritionist. His work has been featured in over 85 fitness magazines and over 1,500 websites. You can contact Matt via www.weikfitness.com or on his social channels found on his website.