What is a small business?
To quote the United States Census Bureau, the majority of U.S. businesses have fewer than five employees. One can wonder – do these qualify as “small businesses”?
Well, the short answer is, yes.
As of 2023, there are approximately 33.2 million small businesses in America, which account for 99.9% of all U.S. businesses.
According to the latest study, the home service business employed approximately 5M professionals in 2020 and close to 5.8M in 2021
Small businesses play a crucial role in the American economy, serving as the backbone of job creation and economic growth[1]. They contribute significantly to the overall economy by driving innovation, fostering competition, and providing employment opportunities.
At OneBook, we believe ‘less is more’, or rather, ‘small is gargantuan’ when it comes to how local small businesses conveniently provide personalised services to their customers and yet manage to keep their revenue books in tip-top shape. Along with that, small businesses truly shine by way of job creation, economic growth, workforce expansion, entrepreneurship and innovation, and business diversity.
2024 Small Business Statistics: A snapshot
Small firms, or those with less than 250 employees, make up 99.9% of all enterprises in the US.
60% launched a company to be their own boss.
More than 65% of small companies turn a profit.
64 % of bootstrapped small firms begin with $10,000
Small firms make up 90% of all enterprises worldwide.
Small businesses create an average of 1.5 million jobs in the U.S. every year.
How small businesses boost the American economy
Job Creation
It is said that "Investing in job creation is investing in our future."
And the flagbearers of this noble cause are local and hyperlocal small businesses.
They accounted for 62% of the new jobs created between 1995 and 2020, outpacing large enterprises[2]. In fact, small businesses are responsible for creating the majority of employment opportunities in the country[3].Economic Growth
Who doesn’t love to see an upward curve in their financial graph?
The growth of small businesses amps up this northward curve of the nation’s economy by spurring financial prosperity at a local, regional, and national level.
While their share of GDP fluctuates, small businesses accounted for 44% of economic activity in the U.S. in 2014[1].Workforce Expansion
A strong economy encourages individuals to start small businesses and expand existing ones, leading to workforce expansion.
Small businesses provide opportunities for employment and help decrease unemployment rates[2]. In contrast, during times of economic downturns, small businesses may face challenges, leading to layoffs and a decrease in the workforce[2].Entrepreneurship and Innovation
Let’s admit that entrepreneurship is no longer a phase or a fleeting fad, it is the need of the hour.
Small businesses promote entrepreneurship and innovation by bringing new ideas, products, and services to the market. The successful ones hold the first mover’s advantage, credit to their outstanding product/service offerings.
They often have the agility to adapt quickly to changing consumer demands, driving competitiveness and growth[1].Business Diversity
Too many cooks spoil the broth, but a business is a potluck and we are here for a richer exchange of ideas.
Small businesses contribute to the diversity and vibrancy of the economy by offering a wide range of products and services. Home services, such as electrical work, carpentry, painting, cleaning, personal care, and pet control, are examples of small businesses that meet various consumer needs[2].
When we talk about small businesses, the local home services have our heart at ONEBOOK. Their personalised service delivery, their contribution to the community’s welfare, & ‘ready-for-action’ nature is deserving of the limelight in every scenario.
We exist to level the playing field for small businesses with our platform, empowering them to compete with larger firms in their industry.
No marketing budgets? No star-spangled advertising? NO PROBLEM.
OneBook is your ONE true solution to finding quality leads, consistent cash-bucket gigs and the platform to do what you do best – delivering exceptional local home services.
10 FOOL-PROOF tips on how Small Businesses can achieve sky-high growth:
Leverage Digital Marketing: Increase your visibility and reach a wider audience by enhancing your online presence and listing your services on popular platforms.
Focus on Customer Experience: Track customer history, manage reviews and ratings, and communicate directly with clients to build strong customer relationships.
Expand Your Online Presence: Ensure your services are easily found by potential customers, boosting your online visibility to attract new clients.
Network and Collaborate: Connect with a community of service professionals to share tips, collaborate, and discover new business opportunities.
Invest in Technology: Utilize advanced tools like automated reminders, real-time notifications, and streamlined scheduling to manage your business efficiently.
Diversify Your Offerings: Highlight a diverse range of services to attract a wider audience and test new services to see what resonates with your clients.
Optimize Your Finances: Simplify payment processing to free up your time for delivering exceptional services and managing your business finances effectively.
Enhance Your Branding: Create a professional and consistent brand image across all customer touchpoints to build trust and recognition.
Offer Loyalty Programs: Build customer loyalty by creating tailored loyalty programs that reward your best clients based on their history and feedback.
Seek Continuous Improvement: Stay ahead of industry trends and continuously improve your business by accessing resources and support whenever you need it.
Guess what? OneBook is capable of making all this possible.
