Small Business in the US
To understand how profitable most small businesses in the United States are, how much debt they have, a breakdown of how much small businesses make, and how many hours per week the average small business owner works.
During our preliminary research, we were able to determine how much debt small businesses have, a breakdown of how much small businesses make, and how many hours per week the average small business owner works. Below is an overview of our early findings.
- Based on a survey conducted by Experian in 2016, the average U.S. small-business owner has $195,000 of debt.
- Based on a survey Business Know-How in 2018, the amount of sales a small business makes depends on whether the business is full-time or part-time.
- In terms most of the respondents to the survey whose small businesses are part-time claimed that they made under $10,000 (22%). This is followed by $200,000-$499,999 (15%), $10,000-$24,999 (13%), $25,000-$49,999 (13%), and $100,000-$149,999 (11%).
- The remainder of the respondents claimed they made sales of $50,000-$74,999 (9%), more than $1 million (7%), $75,000-$99,999 (4%), $150,000-$199,999 (3%), and $50,000-$1 million (3%).
- Full-time small businesses, on the other hand, have a different breakdown, with 19% of respondents claiming that made sales of $200,000-$499,999. This is followed by under $10,000 (16%), $100,000-$149,999 (14%), $25,000-$49,999 (12%), and $50,000-$74,999 (11%).
- The remainder of the respondents claimed they made sales of $10,000-$24,999 (9%), more than $1 million (9%), $500,000-$1 million (4%), $150-$199,999 (3%), $75,000-$99,999 (3%).
Small Business Owner Hours
- Bureau of Labor Statistics found that the majority of small business owners work at least 50 hours per week.
- In fact, based on to a recent poll by the Bureau, 33% of respondents claim they work 50+ hours a week.
- Further more, 25% of respondents said they work 60 or more hours in a week.
- 70% of respondents also claimed to work at least one weekend on a regular basis.
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