With numbers totaling more than 33 million across America, small businesses are essential drivers of the U.S. economy. This May, Intuit celebrates the owners of those businesses and their place in their communities with its fourth annual.
Whether you currently own a small company or you’re in the process of starting one, the findings of this survey — along with additional data about small business ownership — are helpful for understanding your business better: 2. Small business owners reported that their businesses need to earn an average of $351,000 to be successful in 2024.This suggests that small businesses face challenges that larger businesses don’t.
7. Community is everything for small business owners, and 89% say they feel that consumers need to support small businesses by shopping locally.8. Millennial small business owners reported getting and giving the most community support. Of those surveyed, 62% of small business owners said they’ve previously started or owned a business. While the majority of those businesses failed, that hasn’t deterred business owners from trying again.*All data provided by Intuit QuickBooks.
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