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8 Things You Should Know about Small Businesses in America

By Pramod Raheja   |    November 26, 2013   |    8:22 AM

In case you didn’t know, this Saturday marks the third annual Small Business Saturday. The brainchild of American Express, the shopping holiday comes the day after Black Friday and encourages shoppers to patronize small, local, brick and mortar stores in their areas.

In honor of Small Biz Saturday, here are 8 things you should know about small businesses in this country:

1. The Small Business Administration defines a small business as an enterprise with fewer than 500 employees.

2. There are 28million small businesses in the US, and these businesses create 50% of the jobs that are generated in the private sector.

3. Small businesses have generated over 65% of the net new jobs since 1995.

4. Approximately 543,000 new businesses are started each month (But even more than that are shut down).

5. 52% of U.S. small businesses are home-based.

6. 88% of small business owners serve as their own main marketers for their businesses.

7. 73% of small businesses are now using social media.

8. Last year, Americans spent $5.5 billion on Small Business Saturday, so let’s keep up the momentum: get out there and support your local businesses on November 30!

What small businesses in your area will you be supporting this Saturday?