The BizFilings blog covering business tips and trends.
Small Business Makes Huge Impact
Published on Apr 6, 2012
Read 'Small Business Makes Huge Impact' at 'Time to Start Up,' the small business blog by BizFilings.
By Brooke Miller Hall
As a small business owner, especially during difficult times, you might feel isolated and alone. You may even question the impact of all your time, effort and struggles.
But try taking a step back. It may boost your spirits and help you walk just a little bit taller to know that you’re in very good company as the owner of a small business in America.
Small businesses have a phenomenal impact on the U.S. economy. Just take a look at the numbers.
In most states, small businesses account for about 30 percent of the economic activity. They also account for about 30 percent of the total U.S. payroll, or $1.5 trillion.
Approximately 60-80 percent of new jobs created in the U.S. can be attributed to small businesses.
Small businesses with less than 100 employees represent 99 percent of all U.S. employers, or 5.9 million of the 6 million business firms.
The average small business generates approximately $1.3 million in annual revenue.
The total yearly revenue generated by U.S. small businesses adds up to $7.8 trillion. This accounts for about 20 percent of the total $37.8 trillion in yearly revenue.
On Aug. 17, 2010, at a roundtable discussion in Seattle, President Barack Obama called small businesses “the backbone of our economy and the cornerstones of our communities.” The numbers clearly back up his statement.
As a small business owner, hold your head up high. You are making a huge impact on your local community and the U.S. economy as a whole.