According to a 2011 U.S. Census, there were 5.68 employer firms in the United States. Companies with less than 20 works made up 90% of those firms. If you were surprised by that number, you’re not alone.
In today’s market, it’s easier to be a small business owner. In the past, large corporations had access to technology that was very expensive. Today, that same technology has plummeted in price making it much easier to have a small business. Accounting, marketing and staffing,, and other software tools help entrepreneurs keep their overhead low.
Since 1995, small businesses have created 65% of the net net jobs. Additionally, 543,000 new businesses open their doors each month. On the other hand, many of these business shut their doors as well. 7 out of 10 new businesses will stay in business for 2 years, half at least 5 years, a third at least 10 years, and a mere 25% will stay in business for 15 years or more.
In 2011, there was a total of 22.5 million non-employer firms. That was a 2% increase from 2010. This number is expected to rise as more and more managers are seeing the benefits of an at-home employee force. To classify your business as a “non-employer” you must have annual receipts of $1,000 or more and you must pay federal income taxes.
Of the total non-employer firms, 19.4 million were sole proprietorships, 1.6 million were partnerships and 1.4 million were corporations. That should be an encouraging number for all small business owners.
Do you own a repair shop, beauty salon or dry cleaning business? Congratulations, you’re part of the fastest growing sector of freelance businesses.
Lastly, total revenues from non-employers hit an all time high of $990 billion in 2011. That is up 4.1% from 2010.
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