Many people worldwide like to start a new small business. It’s an excellent way to express your passion and create a successful business. But owning a small business isn’t an easy task.

Small Business: Stats You Need to Know for 2022

Stats show that 20% of new businesses fail within the first two years.

It’s crucial to know the newest small business stats and also you need to create a successful business strategy.

Here are some useful stats you need to know about small businesses in 2022.

1. Small Businesses Stats In The U.S.

In 2020, there were 31.7 million small businesses in the U.S (99.9% of all businesses).

Out of the 31.7 million small businesses, 3.7 million are microbusinesses (one to nine employees).

Annually, small businesses create 1.5 million jobs and 64% of all new jobs in the U.S.

15 million Americans work full-time for their business.

The number of small businesses in the U.S. has doubled since 1982.

2. Small Business and Social Media Stats

86% of small businesses use Facebook for advertising and marketing.

73% of small businesses invest in social media marketing.

In 2019, 63% of small businesses increased investments in social media.

60% of people discover new products on Instagram.

130 million accounts open shopping posts to learn more about products every month.

One-third of the most viewed Instagram stories are from businesses.

3. Consumer Preferences and Small Business Stats

In 2020, 46% of consumers said they like to shop at a small business.

53% of people say shopping at small businesses gives back to their communities and gives them more purpose in their shopping habits.

Most consumers (77%) are willing to pay more if they receive excellent customer service from small businesses.

4. Characteristics of Small Business Owners Stats

81% of business owners work nights, and 89% work weekends.

Most small business owners work between 40 and 50 hours per week.

32% of business owners have a bachelor’s degree and 12% finish high school.

Millennials and Gen Z are 48% more likely to start their business because they are passionate about an idea.

29% say their motivation for starting a business was to be their boss.

38% of Small business owners say it’s a must to have an entrepreneurial mindset.

Women entrepreneurs like to start a business in retail and wholesale (26%), government, health education, and social services (21%), and professional administrative services (18%).

5. Small Business Technology Stats

84% of small businesses are using at least one digital platform to share their products.

80% are using digital tools to communicate with suppliers and customers.

Small businesses in 2022 plan to step up their digital efforts.

55% of small business owners say that technology manages customer interactions.

The most important factors when looking for new technology are ease of use (69%), trustworthy vendor (63%), and price (61%).

85% of small businesses have invested in SaaS options in 2021.

Small businesses that utilize technology earn two times more revenue per employee, experienced nearly four times the revenue growth annually, and were almost three times more likely to create jobs in the next year.

6. The Future of Small Business Stats

65% of small businesses will invest more in new technologies (artificial intelligence for automation).

Online and digital channels will continue to grow.

No-touch payments, including contactless cards and mobile payments, increased among small businesses in 2021.

Remote work is here to stay and will increase 13.5% even after the pandemic.

Customers will look to get more out of their money and place more importance on value.

Last Tip

The stats can tell us that starting a new business isn’t easy and many businesses fail within the first year. But the new stats can give you fresh business ideas and how to innovate.

If you’re a small business owner, a successful SEO strategy can help you to gain brand awareness, increase targeted traffic, and generate more sales.

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