There are more than 33 million small businesses in the United States, creating jobs, fostering innovation and driving the economy. However, running a small business can be challenging. From important definitions to expert growth tips, this guide is full of helpful resources to help you start, manage and grow your business.
While the official definition of a small business varies worldwide, in the United States, the Small Business Administration (SBA) defines companies as small businesses based on their size, number of employees and annual revenue. SBA’s size standards vary by industry, but in general, companies with fewer than 500 employees in manufacturing sectors and less than $7.5 million in annual receipts for most non-manufacturing businesses are considered small.
Whether they are local shops, design studios or coffee spots, small businesses contribute to the economy by promoting self-sufficiency in communities and providing employment opportunities for millions of people. To make sure they can continue to do so, many of them rely on government loans and support programs.
Despite many setbacks, these small businesses are resilient. For example, Sara Blakely started Spanx with $5,000 and a single idea: cutting the feet off pantyhose to create smoother lines under white pants. Her persistence led to a global success story and made her one of the youngest self-made billionaires. Other examples include Jeff Bezos, who started Amazon from his garage and made it a retail powerhouse by focusing on customer satisfaction and reinvesting profits.