5 Small Business Statistics to Know in 2023

Did you know that 99.7 percent of all businesses in the United States are considered small businesses by the Small Business Administration? While big tech companies and brand name businesses that you likely rely on every day generally grab the headlines, its your friends and neighbors who are truly keeping the community thriving. At MORBiZ we salute the efforts and sacrifices of small business owners across the country in all different sectors. To show our appreciation, we collected these 5 small business stats that paint a picture of the commercial landscape of 2023.
1. 180,000 New Small Businesses
In the last year approximately 180,000 more small businesses opened than closed in the United States. This illustrates an outstanding recovery following the COVID-19 pandemic and shows entrepreneurship is alive and well in our country.
2. Millennials Own 7 Percent of Small Businesses
According to Forbes, millennials make up 7 percent of small business ownership and Gen Z comes in at just one percent. The rest are owned by Baby Boomers and Gen X’ers. However, the average age to start a business is 35, so in time those numbers are sure to shift.
3. Nearly Half the Employed U.S. Popular Work for Small Businesses
A whopping 46.4 percent of employees in the US punch their time cards at small businesses. Interestingly, about 80 percent of small businesses have no employees besides the owner. In addition, just 16 percent of small business have between 1 and 19 employees.
4. Half of All Small Businesses Fail Within 5 years
This is a scary but true fact, and one that’s held steady for some time. While a multitude of reasons contribute to businesses closing, unfortunately, a lack of marketing is often one of the primary causes. Even in areas that have demand for a product, if a business isn’t being found or seen, it isn’t contributing to the local economy or making money.
5. Nearly 1 out of 3 Small Businesses Don’t Have a Website
Despite a world that is more digital every day, about 30 percent of small businesses still don’t utilize a website for marketing or sales. If your business falls into that category, there’s also a higher chance it will also be a part of that 50 percent that fail.
At MORBiZ, we take pride in helping small businesses grow their footprint online and off by creating beautiful, responsive websites as part of our local SEO and
web presence campaigns. To find out how our digital marketing and content team can boost your revenue, give us at
855-266-7249 or fill out this
contact form and we will be in touch. Let’s make 2023 the year that your business thrives and adds to the good stats of small business in America.









