Small Business is TOUGH…How you are structured makes it easier.
What is Small Business in America? By some definition it is companies of less than 100 employees. By others it is less than 500 employees. Some include home based businesses, some do not. For simplicity we will focus on companies of less than 100 employees and exclude home based business.
There are 8.1 Million Small Businesses in America today. They employ over half of all private sector workers and almost 40% of those in High Tech jobs (approximately 130 million workers). They provide between 60% and 80% of all net new jobs annually. They produce more than half of all nonfarm private gross domestic profit in the US (roughly $6 Trillion). Small Business is important.
Pretty impressive stuff. They also account for over 52% of all retail sales, over 46% of all wholesale sales and almost 25% of all manufacturing sales. The average annual gross revenue of a small business is $3.6M. Small Business is profitable.