In today’s ever-evolving business landscape, understanding small business revenue statistics is crucial for both aspiring and established entrepreneurs. Small businesses make up a staggering 99.9% of all US businesses, contributing significantly to job creation and the overall economy.
With an average salary of $69,301 per year for small business owners, it’s essential to explore factors that contribute to their success or failure in generating revenues.
In this insightful blog post, we will dive deep into the world of small business revenue statistics and uncover trends that could help you maximize your profits and remain competitive in the market.
- Small businesses make up a vast majority of US businesses and are responsible for creating almost half of all jobs in the country.
- While there is great variability in revenue across different industries, it’s notable that non-employer establishments have an average annual revenue of $49,489 compared to employer establishments, with one to four employees earning an average annual revenue of $387,366.
- Women-owned businesses experience significant disparities in revenue compared to male-owned businesses. On average, female-owned small businesses earn 44% less than their male counterparts. Closing this gap could lead to significant economic benefits for the US economy by adding trillions of dollars over the next decade.
36 Small Business Revenue Statistics for 2023
- About two-thirds of businesses survive two years in business, half of all businesses will survive five years, and one-third will survive 10 years.
- The 60% figure applies to the first three years of the business, not one year.
- According to a U.S. Bank study, a whopping 82% of businesses that failed cited cash flow problems as a factor in their failure.
- According to the small businesses surveyed by the National Association of Small Businesses for their 2015 report, the top three challenges of running a business are economic uncertainty, the cost of health insurance benefits, and a decline in customer spending.
- Obtaining enough financing is a problem for some: 27% of businesses surveyed by the NSBA claimed they couldn’t receive the business funding they needed.
- According to the Wells Fargo Small Business Index, $10,000 is the average amount of startup capital required by a small business owner.
- Business loans, business credit cards, and lines of credit account for about three-fourths of financing for new firms, according to the SBA.
- Entrepreneurs who own a home are 10% more likely to start a business than entrepreneurs who don’t.
- The SBA’s published statistics from 2015 break down the approval rates along gender, ethnicity, and location lines: 29% approval for all minority-owned businesses versus 57% white-owned, 71% for male-owned businesses versus 29% female-owned, 67% existing businesses versus 33% new business, and 17% rural companies versus 83% urban.
- In March 2016, big banks approved 23% of funding requests, institutional lenders (which include savings banks and life insurance companies) approved 62.8%, small banks approved 48.7%, alternative lenders (like the ones Fundera works with) approved 60.7%, and credit unions approved 42% of loan applications.
- There’s a direct correlation between time to funding and the funded loan amount—which means that the longer you can to wait to receive financing, the higher your loan amount will likely be.
- Small businesses have consistently played a major role in economic growth because they create so many jobs—many more than large businesses.
- According to the National Association of Small Business’s 2015 Economic Report, the majority of small businesses surveyed are S-corporations (42%), followed by LLCs (23%).
- It depends on your legal structure and the size and profitability of your business. But on average, sole proprietorships paid the lowest effective tax rate—just 15.1% in 2013, according to the SBA’s Office of Advocacy—while S-corporations paid double that (31.6%).
- The vast majority—over 85%—of borrowers are between 25 and 59 years old. The three most popular industries are merchandise, food services, and marketing, although there are 65 industries funded in total through Fundera.
- The types of loans most often secured through Fundera’s marketplace have been changing. Our first-quarter report from 2019 shows that short-term loans and short-term lines of credit have become increasingly popular, 82% of businesses that came to Fundera in Q1 of 2019 sought short-term loans or lines of credit.
- A startup can fail for a number of reasons, from hiring the wrong people to marketing poorly. Despite the many potential causes of failure, 42% of startups fail because of a lack of market need.
- According to a study by two MIT professors and the U.S. Census Bureau, a “40-year-old is 2.1x as likely to found a- Businesses with fewer than 500 employees account for 99.7% of all businesses in the U.S.
- The Bureau of Labor Statistics found that business survival rates are pretty consistent across industries.
- The 60% failure rate often cited for restaurants actually applies to the first three years of business, not the first year.
- According to a U.S. Bank study, cash flow problems are cited as a factor in the failure of 82% of businesses.
- The top three challenges of running a business are economic uncertainty, the cost of health insurance benefits, and a decline in customer spending.
- 27% of businesses surveyed by the NSBA claimed they couldn’t receive the business funding they needed.
- The average amount of startup capital required by a small business owner is $10,000, according to the Wells Fargo Small Business Index.
- Business loans, business credit cards, and lines of credit account for about three-fourths of financing for new firms.
- Homeowners are 10% more likely to start a business than non-homeowners.
- The SBA’s published statistics from 2015 show a 29% approval rate for all minority-owned businesses versus 57% for white-owned businesses.
- In March 2016, big banks approved 23% of funding requests, institutional lenders approved 62.8%, small banks approved 48.7%, alternative lenders approved 60.7%, and credit unions approved 42% of loan applications.
- The longer a business can wait to receive financing, the higher the loan amount will likely be.
- Small businesses create many more jobs than large businesses.
- The majority of small businesses surveyed are S-corporations (42%), followed by LLCs (23%).
- On average, sole proprietorships paid the lowest effective tax rate—just 15.1% in 2013—while S-corporations paid double that (31.6%).
- Over 85% of borrowers are between 25 and 59 years old.
- Short-term loans and short-term lines of credit have become increasingly popular, with 82% of businesses that came to Fundera in Q1 of 2019 seeking these types of loans.
- 42% of startups fail because of a lack of market need.
- A 40-year-old is 2.1x as likely to found a successful startup as a person who is 25, according to a study by two MIT professors and the U.S. Census Bureau.
Small Business Landscape In The US
Small businesses make up a significant portion of the American economy, representing 99.9% of all businesses in the United States and providing employment opportunities for millions of people.
Percentage Of Small Businesses In The US
Small businesses play a crucial role in the United States economy, making up a staggering 99.9% of all US businesses. To provide a clearer perspective, here’s an HTML table illustrating the percentage of small businesses in the US:
|Total Number of US Businesses||Number of Small Businesses||Percentage of Small Businesses|
The dominance of small businesses in the US highlights their importance in driving economic growth, innovation, and job creation.
Employment Statistics In Small Businesses
Small businesses play a significant role in the US economy by creating job opportunities and contributing to economic growth. Below are the employment statistics in small businesses, showcasing their importance to the workforce.
|Percentage of US workforce employed by small businesses||47.3%|
|Number of small businesses with employees in the US||Approximately 32.5 million|
|Net new job creation by small businesses since 1995||62.7%|
|Percentage of nonemployer small businesses||80%|
|Number of jobs created by small businesses in 2019||1.5 million|
These statistics emphasize small businesses’ vital role in the US labor market, providing job opportunities and driving economic growth.
Small Business Revenue Overview
Small businesses contribute significantly to the US economy, but what is their revenue like? Discover how much small businesses earn on average and compare the earnings of employer versus non-employer establishments.
Average Annual Revenue For Small Businesses
Small businesses’ average annual revenue differs based on factors such as industry, business size, and ownership demographics. It is essential to understand the revenue distribution to gain insights into the financial performance of these businesses. The following table illustrates the average annual revenue for US nonemployer establishments and a few specific industries:
|Category||Average Annual Revenue|
|US Nonemployer Establishments (Overall)||$49,489|
|Real Estate, Rental, and Leasing||Above $50,000|
|Wholesale Trade||Above $50,000|
|Finance and Insurance||Above $50,000|
|Educational Services||Below $50,000|
|Administrative Support, Waste Management, and Remediation Services||Below $50,000|
|Arts, Entertainment, and Recreation||Below $50,000|
While some industries have higher average revenues, it is crucial for small business owners to consider multiple factors to improve their financial performance and sustain growth in the long term.
Comparison Of Revenue Between Employer And Non-employer Establishments
The comparison of revenue between employer and non-employer establishments provides valuable insight into the performance of small businesses in the United States. The following table showcases the differences in average revenue between these two types of business structures:
|Business Type||Average Revenue|
|Employer Establishments||$52,158 (average loan amount in 2021)|
|Non-employer Establishments||$35,897 (average revenue for sole proprietorships, 28% less than overall nonemployer average)|
This data highlights the financial disparities between small businesses with employees and those without. These disparities can be attributed to factors such as market demand, access to financing, and the challenges small business owners face, such as cash flow problems and payment delays. It is important for small businesses to adapt and implement strategies to overcome these challenges in order to achieve increased revenue and success.
Factors Affecting Small Business Revenue
Industry and market demand, business size and number of employees, and business owner demographics are all key factors that can affect small business revenue.
Industry And Market Demand
One of the most significant factors affecting small business revenue is industry and market demand. Different industries have varying levels of market demand, competition, and growth potential.
Some industries like professional services, healthcare, and social assistance have strong potential for small business growth and survival due to their high demand. On the other hand, some industries like construction and transportation face tough competition from established players making it challenging for new entrants to succeed.
Small businesses can also identify opportunities in emerging markets by staying up-to-date with changing consumer preferences or advances in technology. For instance, e-commerce solutions are growing increasingly popular among consumers who prefer online shopping- this presents a vast opportunity for small businesses operating in that space to increase their sales volume by serving customers through online platforms effectively.
Business Size And Number Of Employees
The size of a small business can greatly affect its revenue. Nonemployer establishments, which make up 80% of all US small businesses, have an average annual revenue of $49,489.
However, employer establishments with one to four employees have an average annual revenue of $387,366. As the number of employees increases, so does the average revenue.
It’s important for small business owners to carefully consider their staff needs when planning for growth and increasing their revenue.
Business Owner Demographics
Small business owners come from all walks of life and demographics. According to the U.S. Census Bureau, 80% of small businesses are non-employer establishments, meaning they do not have any employees other than the owner.
On the other hand, employer establishments tend to have multiple employees and may be operated as partnerships or corporations. Data shows that minority-owned businesses account for approximately 18.7% of US employer businesses while women own 42% of small businesses in the United States.
Overall, small business ownership is a diverse field with entrepreneurs coming from various backgrounds and demographics.
Keywords: Small Business Owners Demographics, Non-Employer Establishments , Self Employed Individuals , Sole Proprietorships , Employer Establishments , Partnerships , Corporations , Minority-Owned Businesses , Women-Owned Businesses, Millennials
Gender Gap In Small Business Revenue
Female-owned businesses make 44% less revenue than male-owned businesses, with average earnings of $263,091 compared to $469,372 – highlighting significant gender disparities in the small business landscape.
Comparison Of Revenue Between Male And Female-owned Businesses
Despite significant progress in recent years, there remains a considerable gender gap in small business revenue. On average, women-owned businesses make 44% less revenue than male-owned businesses. The table below provides a comparison of revenue between male and female-owned businesses:
|Business Ownership||Average Annual Revenue|
This gap is even wider among businesses with employees, where male-owned businesses make 68% more revenue than female-owned businesses. One of the contributing factors to this disparity is that female-owned businesses are more likely to be in low-revenue industries, while male-owned businesses are more likely to be in high-revenue industries. Furthermore, only 25% of venture capital investment goes to female-led companies, and women-owned businesses tend to have lower credit scores and less access to financing than male-owned businesses. As a result, women-owned businesses are more likely to rely on personal savings and credit card debt for financing, leading to lower levels of investment and growth. The issue is even more pronounced for women of color, who face greater challenges in accessing financing and building profitable businesses. Closing the gender gap in small business revenue could have significant economic benefits, potentially adding trillions of dollars to the US economy over the next decade.
Factors Contributing To The Gender Revenue Gap
- Women-owned businesses are more likely to be in industries with lower revenue potential, such as services or retail, and less likely to be in high-revenue industries such as technology or finance.
- Women entrepreneurs often face gender bias and discrimination in the workplace, which can hinder their ability to grow their businesses and access funding and resources.
- Women of color face additional challenges in accessing capital and support networks.
- Women entrepreneurs often have smaller social networks and face barriers when it comes to accessing traditional funding sources, such as venture capital and bank loans. They may rely on personal savings or loans from friends and family for financing.
- Women entrepreneurs may prioritize work-life balance over maximizing revenue, which can impact the growth potential of their businesses.
Small Business Growth And Sales
Small business growth and sales are crucial for the success of any entrepreneur. In fact, only 4% of small businesses reach $1 million in revenue, making it essential to understand the factors that contribute to their growth.
From effective marketing strategies to diversifying products and services, this section highlights actionable tips that can help you improve your small business revenue.
Percentage Of Small Businesses Reaching $1 Million In Revenue
Reaching $1 million in revenue is a significant milestone for small businesses. A percentage of these businesses have achieved this feat, which is demonstrated in the table below:
|Year||Percentage of Small Businesses Reaching $1 Million in Revenue|
|2016||1.6% (nonemployer firms making $1 million to $2.49 million)|
|2015||7.8% (businesses with less than $5 million in annual revenue)|
It is essential to note that different sources may present varying percentages depending on the specific criteria used to define small businesses. Despite these variations, the data shows that a small but significant portion of small businesses have managed to achieve impressive revenue milestones.
Factors Contributing To Small Business Growth
Small business growth is a crucial aspect for any entrepreneur looking to succeed in the market. A number of key factors that can contribute to small business growth include:
- Customer retention: Keeping customers happy and satisfied is key to growing a small business. Repeat customers can provide consistent revenue streams and help spread positive word-of-mouth marketing.
- Effective marketing strategies: Small businesses need to be creative in their marketing strategies to attract new customers, whether it’s through social media campaigns, email marketing, or targeted advertising.
- Diversification of products and services: Expanding offerings beyond traditional products and services can lead to increased revenue streams and attract new customers.
- Strategic partnerships: Collaborating with other businesses can help increase exposure and open doors for new opportunities.
- Innovation: Staying up-to-date with the latest trends and technologies can help small businesses differentiate themselves from competitors and attract new customers.
- Continuous learning: Entrepreneurs need to stay informed about their industry, competitors, and changing market conditions in order to make informed strategic decisions.
- Strong leadership: Effective leaders are essential in communicating the company’s vision, creating a positive workplace culture, and inspiring teams to meet goals.
By focusing on these key factors, entrepreneurs can build a solid foundation for growth and success in the competitive world of small business ownership.
Small Business Owner Income
Small business owners earn an average salary of $69,301 per year and 86% earn less than $100,000 annually.
Average Small Business Owner Salary
The average salary for small business owners in the US varies based on factors such as industry, location, and experience. The range typically falls between $50,934 and $97,761 per year, with self-employed small business owners making a median income of $50,347 in 2016. The table below provides an overview of the average salary for small business owners in the United States.
|Salary Range||Median Income||Percentage of Small Business Owners|
|$50,934 – $97,761||$50,347||86% making less than $100,000 per year|
|No Salary||–||30% of small business owners|
Notably, 30% of small business owners do not take a salary, and 86% make less than $100,000 per year. Many factors can impact the salary of a small business owner, such as the success and growth of the business, cash flow management, and their ability to meet market demand.
Comparison Of Small Business Owner Income With National Average Wage
The income of small business owners significantly varies based on factors such as industry, location, and experience, and it is essential to establish a comparison between their average income and the national average wage for a comprehensive understanding. Here is a summary of the comparison between small business owner income and the national average wage in an HTML table format:
|Small Business Owner||$30,000 to $134,000 per year|
|National Average Wage||$41,950 per year|
This table clearly shows that there is a wide range in the possibilities for small business owner income, with some earning significantly below the national average while others earn much higher. It is crucial for aspiring entrepreneurs to consider this information while planning their financial goals and strategies.
Challenges In Small Business Revenue
One of the major challenges that small businesses face when it comes to generating revenue is cash flow problems, which can lead to delayed payments and even business failure.
Cash Flow And Payment Delays
Small businesses often face cash flow problems due to payment delays, which can significantly impact their revenue and growth. Here are some important facts about cash flow and payment delays that small business owners should keep in mind:
- Late payments can add up to significant amounts, with businesses under 500 people owed an average of $304,066.
- Despite efforts to improve the situation, small businesses still face delays in payment, with invoices being paid 1-2 weeks late on average.
- According to a study by Fundbox, 64% of small business owners report that unpaid invoices have a “high impact” on their cash flow.
- Delays in payment can make it difficult for small businesses to meet their financial obligations, including paying employees and suppliers.
- Cash flow problems are the leading cause of small business failure, with 82% of failed small businesses citing this as a contributing factor.
To mitigate the impact of cash flow problems caused by payment delays, small business owners should consider strategies such as offering early payment discounts to encourage customers to pay on time. They may also want to explore alternative financing options like invoice factoring or invoice financing that allow them to access capital based on outstanding invoices. Implementing effective billing and collection processes can also help reduce late payments and improve cash flow.
Access To Financing And Capital
Small businesses often face challenges when it comes to accessing financing and capital. Below are some factors that contribute to this challenge:
- Lack of collateral: Many small businesses struggle to obtain loans from traditional lenders due to a lack of collateral or credit history.
- High-interest rates: Alternative lenders may offer loans to small businesses with less collateral, but these loans often come with higher interest rates than traditional loans.
- Loan approval process: The loan approval process can be lengthy and time-consuming, particularly for SBA loans which can take up to 90 days. This can create difficulties for small businesses that need funding quickly.
- Bank size: Small banks tend to have higher approval rates for SBA loans compared to large banks, but larger banks still approve the majority of smaller loans given out to small businesses.
Despite these challenges, various financing options are available for small business owners. Some of these options include:
- Rollovers for Business Startups (ROBS): This is a popular form of financing where entrepreneurs use their retirement funds as startup capital.
- Invoice factoring involves selling outstanding invoices at a discount in exchange for immediate cash flow.
- Equipment leasing: Leasing equipment instead of purchasing outright can help preserve cash flow.
- Early payment discounts: Offering customers incentives for early payment can help improve cash flow.
In summary, access to financing and capital remains a challenge for many small business owners. However, understanding the financing options available and exploring alternative sources of funding can help mitigate these challenges.
Strategies For Improving Small Business Revenue
Small businesses can improve their revenue by implementing effective marketing and online presence, diversifying their products and services to meet customer demand, and managing costs efficiently through budget analysis.
Effective Marketing And Online Presence
A strong online presence and effective marketing strategies are crucial for small businesses in today’s digital age. A website, social media profiles, and search engine optimization are just some of the essential tools that can help small businesses reach their target audience more effectively.
With over 25% of all business transactions conducted online and 95% of customers searching for reviews online before making a purchase, having an optimized online presence is increasingly important.
By implementing different marketing techniques, small enterprises that utilize several digital tools have experienced increased sales, profits, and employment rates. In addition to creating an engaging site, developing a unique style for your brand across social media channels can help draw organic traffic from sites like LinkedIn or Twitter.
Investing in paid advertising on these platforms may be worthwhile if you’ve identified some loyal followers already interested in your content. We might suggest checking out Instagram advertisements as well since it has recently seen significant growth within e-commerce markets.
Diversification Of Products And Services
Diversifying the products and services offered by a small business can be an effective strategy for boosting revenue. Here are some ways in which diversification can help:
- It opens up new markets and customer segments, increasing the potential customer base.
- It reduces reliance on a single product or service, making the business less vulnerable to changes in demand or market conditions.
- It allows the business to upsell or cross-sell existing customers with complementary products or services, increasing average revenue per customer.
- It provides opportunities for innovation and differentiation from competitors.
- It can increase customer loyalty and brand recognition by offering a wider range of solutions to meet their needs.
According to Fundera, 42% of businesses fail because there is no market need for their product or service. Diversification can help small businesses avoid such failure by ensuring they have multiple revenue streams and options to pivot if one area of their business isn’t doing well.
Efficient Cost Management
Effective cost management is crucial for the sustainability and growth of small businesses. Here are some strategies that can help businesses manage their costs efficiently:
- Conduct a regular budget analysis to identify areas where cost-cutting measures can be implemented.
- Negotiate better rates for insurance, utilities, and other recurring expenses.
- Consider outsourcing non-core business functions to reduce labor costs.
- Use cloud-based software solutions instead of investing in expensive hardware and software.
- Implement energy-efficient practices to reduce utility bills.
- Implement inventory management tools to avoid overstocking and minimize wastage.
- Partner with other businesses to share resources and reduce operational costs.
- Offer early payment discounts to customers to improve cash flow and reduce the likelihood of delayed payments.
By implementing these cost-saving measures, small businesses can free up funds that can be invested in growth initiatives such as marketing campaigns or expanding product lines. Effective cost management can also help small businesses weather difficult economic times, reducing the risk of closure due to cash flow issues.
The Future Of Small Business Revenue
Experts predict that the future of small business revenue will heavily rely on technology and e-commerce, with more businesses making the shift to online sales and digital marketing strategies.
Impact Of Technology And E-commerce On Small Business Revenue
Technology and e-commerce have revolutionized the way small businesses generate revenue. With the increased use of mobile devices and online shopping, small businesses now have access to a wider market than ever before.
For example, a bakery that previously only sold its goods in-store may now offer online ordering for pickup or delivery through its website or third-party platforms like Grubhub or Uber Eats.
This shift to e-commerce allows them to reach more potential customers who might not be able to visit their store due to location or time constraints physically.
According to Fundera’s Small Business Statistics report, as of 2021, almost half (47%) of small business owners plan on investing in technology over the next year – with plans such as improved websites/apps being among the top investment priorities.
Predicted Trends In Small Business Revenues
Small business revenues are expected to experience continued growth, despite economic uncertainty. Here are some predicted trends in small business revenues:
- E-commerce will continue to play a major role in small business revenue growth.
- Mobile commerce will increase as consumers increasingly use their mobile devices for online shopping.
- Subscription models and recurring revenue will become more popular for small businesses, providing a reliable revenue stream.
- The adoption of artificial intelligence and automation will help streamline processes, reduce overhead costs, and increase efficiency.
- Consumer demand for environmentally-friendly products and sustainability practices will drive new revenue streams for eco-conscious businesses.
- Cybersecurity will continue to be a priority for small businesses as customers increasingly demand secure transactions and data protection.
- The gig economy will create new opportunities for freelancers and independent contractors to start their own businesses or collaborate with established companies.
- Social media advertising spend is projected to grow by 20% annually over the next five years, offering new revenue sources through effective marketing strategies.
With these predicted trends in mind, small businesses can position themselves for success in a rapidly-changing business landscape, tapping into emerging markets and leveraging technology to drive growth and revenue.
Small business revenue statistics provide a valuable insight into the landscape of small businesses in the United States. While there are challenges that come with running a small business, such as cash flow and financing issues, it’s clear that small businesses play an essential role in creating jobs and driving economic growth.
As more entrepreneurs navigate these challenges to build successful businesses, it’s important to stay up-to-date on industry benchmarks and trends while leveraging strategies for improving revenue.
Article Sources & Helpful Links
Here are some helpful links that may help you learn more:
- U.S. Chamber of Commerce: State of Small Business – A comprehensive resource providing updates on the state of small businesses in the U.S.
- Forbes: Small Business Statistics – An article that provides a range of statistics about small businesses, including revenue trends.
- U.S. Small Business Administration: About SBA – Official information about the U.S. Small Business Administration, a government agency that provides support to small businesses.
- Bureau of Labor Statistics: Data Tools – A collection of databases, tables, and calculators by subject from the U.S. Bureau of Labor Statistics.
- Federal Reserve: Report on Employer Firms – A report providing insights into the financial position of small businesses based on a survey conducted by the Federal Reserve.
- SBA: Market Research and Competitive Analysis – A guide from the U.S. Small Business Administration on how to conduct market research and competitive analysis.
Small Business Revenue Statistics (FAQs)
What are Small Business Revenue Statistics?
Small Business Revenue Statistics refer to the data and information related to the revenue generated by small businesses. It includes information on the average annual revenue, success rates, and survival rates of small businesses.
How many small businesses are there in the United States?
According to the Small Business Administration, there were 32.5 million small businesses in the United States in 2022.
What percentage of small businesses fail?
According to data from the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, and about 50% fail within five years.
What does the statistic mean?
The statistic means that starting and running a business is challenging, and many factors contribute to a business’s success, including a solid business plan and obtaining necessary funding.
What is the average annual revenue of a small business?
The average annual revenue of a small business varies by industry. However, according to data from the Small Business Administration, the average annual revenue for small businesses is around $1 million.
How many small businesses make less than $1 million in revenue?
The majority of small businesses, about 89%, make less than $1 million in revenue per year.
What is the small business survival rate?
The small business survival rate refers to the percentage of small businesses that are still operating after a certain period. According to data from the Small Business Administration, the small business survival rate after five years is about 50%.
Are small businesses operated by men or women?
Small businesses are owned and managed by both men and women. However, women-owned businesses account for about 42% of all small businesses in the United States.
How many small businesses have no employees?
According to data from the Small Business Administration, about 75% of small businesses have no employees, meaning they are operated solely by the owner.
How many employees do small businesses typically have?
Small businesses typically employ fewer than 100 employees.
How much revenue do small businesses need to make to be considered successful?
The definition of small business success varies by industry and individual business goals. However, a commonly used benchmark is making $1 million or more in revenue per year.