18 Facts About Small businesses

Small businesses vary a great deal in terms of size, revenues, and regulatory authorization, both within a country and from country to country.

Many small businesses are sole proprietor operations consisting only of the owner, but many have additional employees.

Some small businesses that offer a product, process or service, do not have growth as their primary objective.

Many small businesses can be started at a low cost and on a part-time basis, while a person continues a regular job with an employer or provides care for family members in the home.

In developing countries, many small businesses are sole-proprietor operations such as selling products at a market stall or preparing hot food to sell on the street, which provide a small income.

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One study showed that small, local businesses are better for a local economy than the introduction of new chain stores.

Small businesses are legally obligated to receive a fair portion of the total value of all the government's prime contracts as mandated by the Small Business Act of 1953.

Owners of small businesses often participate heavily in the day-to-day operations of their companies.

Employees of small businesses must adapt to the higher failure rate of small firms, which means that they are more likely to lose their job due to the firm going under.

Small businesses typically find themselves strapped for time to do marketing, as they have to run the day-to-day aspects of the business.

The relational nature of social media, along with its immediacy and twenty-four-hour presence lend an intimacy to the relationships small businesses can have with their customers while making it more efficient for them to communicate with greater numbers.

The evidence suggests that small businesses indeed create a substantial majority of net new jobs in an average year.

Local Small businesses provide competition to each other and challenge corporate giants.

Some small businesses are further financed through credit card debt—usually a risky choice, given that the interest rate on credit cards is often several times the rate that would be paid on a line of credit at a bank or a bank loan and terms can change unpredictably.

The 8 Business Development Program assists in the development of small businesses owned and operated by African Americans, Hispanics, and Asians.

Canadian small businesses can take advantage of federally funded programs and services.

Small businesses often join or come together to form organizations to advocate for their causes or to achieve economies of scale that larger businesses benefit from, such as the opportunity to buy cheaper health insurance in bulk.

Such groups often serve a dual purpose, as business networks to provide marketing and connect members to potential sales leads and suppliers, and as advocacy groups, bringing together many small businesses to provide a stronger voice in regional or national politics.