How well do you know the small business world? Forbes has gathered 6 years worth of knowledge to help give you a bit more insight behind the reality of small businesses. According to Forbes statistics and Entrepreneur’s Small Business at a Glance, it is apparent small businesses represent a huge chunk of the market with over 20 million small businesses in the U.S. alone.
1. Over 500,000 new businesses start each month (but more employer businesses shut down than start up each month) It can be a scary thing starting a new business, especially knowing more employer businesses shut down than start up each month. Make sure you build out the right plan and budget accordingly before opening up shop. Scope out your neighborhood competition and see what makes your business different, how to market you differentiator, and find ways to stand out from the rest.
2. Small businesses have generated over 65% of new jobs since 1995 More small businesses, more jobs! It’s always great adding more employees to your team. Try to find easier and simpler ways to manage all your new hires. Employee management is key to having an organized business and these days you can find all types of solutions to help with employee scheduling, payroll, and labor forecasting.
3. 52% of all small businesses are home-based Home-based small businesses are more common than you think. Imagine all of the cost-savings alone. With today’s modern technology, find the right set of tools that will help you monitor your business on-the-go from your mobile phone so you’re always in the know, even when you’re not home.
4. The small business category spent $130.1 billion on technology. You read correctly - over $100 billion on technology. Start getting out there and find the best technology to help grow your business. With the most advanced technology, you can gain a competitive edge and stand out from the rest. Make sure you are always choosing the fastest, smartest, and sleekest tools to help take your business to the next level. If it’s a Point of Sale system you are looking for, make sure you’re getting your money's worth with the most advanced POS technology out there that allows you to monitor your business on-the-go, offers employee management, and differentiates your business.