The United States has a thriving small business culture, with over 30.7 million small businesses across the country. Statistics on the future of small businesses reveal a growing economy that encourages innovation and entrepreneurship—so it’s no surprise that small businesses are becoming more and more relevant in our current work climate.
But not every small business is a success story. In fact, according to the BLS, 50% of small businesses fail after five years. However, there are some characteristics that help small businesses succeed.
Small business statistics and tips
Here are the tips that successful small business owners should follow to accelerate your business’ growth.
1. Know your market
Understanding your market is one of the most important factors in determining whether your small business will succeed. Determining how you will set yourself apart from competitors and perfecting your niche is key for successful small business owners to do when starting up a business.
2. Make a business plan
As a small business owner, you need to be prepared for whatever comes your way. Whether it’s investors wanting to see rapid growth or venture capitalists interested in your business, you need to be prepared with a concrete business plan that has a clear purpose, mission statement, and core values.
3. Have SMART goals
It’s important for all business owners to be setting goals, but having SMART goals is what will set you apart from the rest. SMART, which stands for specific, measurable, attainable, relevant, and timely, is a method of planning that helps business owners set effective and efficient goals.
4. Actively seek clients
According to Statista, the most successful small businesses are always actively seeking new clients. Although businesses should always expect some level of client turnover, new clients are the key to successfully scaling your business.
5. Prioritize your team
With the growing flexibility of startup work culture in the United States, small business owners can ensure happy and hardworking employees by promoting a positive company culture with benefits such as a remote work policy and unlimited PTO. By prioritizing your team, you are investing in your company—which will more than pay for itself in the long run.
The popularity of small businesses
The popularity of small businesses is growing in the United States, with small businesses now accounting for over 59.9 million employees across the country.
To set yourself apart from the rest, it’s important to understand the future of small businesses in the upcoming year. Seeing as most small businesses start with $10,000 or less, it’s crucial to be making the right decisions from the get-go to ensure your business is successful and avoid making costly mistakes.
Interested in learning more about the future of small businesses in the United States? Check out the infographic below from ZenBusiness with small business statistics and tips.
This infographic was created by ZenBusiness.