From May 1-7, National Small Business Week honors those entrepreneurs in our country who have introduced a large variety of new ideas to grow our economy.
Small businesses in America are defined as independent businesses with fewer than 500 employees and include family-owned restaurants, mom-and-pop shops, local book stores, nail salons, spas, and more. The United States is home to 32.5 million small businesses representing 99.9 percent of all businesses. Some 50% of all small businesses operate from home with small businesses accounting for 44% of US economic activity.
Over 60 million employees constitute 48.6 percent of the total private workforce, and small businesses created 1.6 million new jobs in 2019. Last year saw an increase in the number of applications to start companies. 2021 saw 5.4 million applications, a 53 percent increase over 2019 pre-pandemic figures.
Support your local small businesses next week and thank them for their community involvement.
Source: Small Business Trends