What do we think of when we think of the month of May? Let me count the ways… May Day, Cinco de Mayo, Mother’s Day, and Memorial Day, just to name a few. However, did you know that May is also “Small Business Month” and the first week of May is designated “Small Business Week.” The United States Small Business Administration (SBA) has been recognizing the contributions of entrepreneurs and small businesses for more than 50 years. This is an opportunity for small businesses and business owners to engage their community, collaborate and/or partner with colleagues, and reward loyal customers for their dedication and support.
Small businesses are vital to keeping America running and half of America’s workforce is a small business. According to a 2020 study conducted by the SBA, there are approximately 31.7 million small businesses in the United States. This is an increase of 1.5 million from two years ago illustrating that most new jobs usually come at the hands of a small business.
So, what constitutes a small business? They are normally privately owned corporations or partnerships and varies by industry. Below is a sample of that variation:
- Manufacturing – Maximum number of employees range from 500 to 1,500.
- Utilities – Maximum of employees range from 250 to 1,000.
- Construction – Maximum of $36.5 million in average receipts.
- Agriculture – Maximum of $750,000 in average receipts.
- Healthcare and Social Assistance – Maximum of 7.5 million to 37.5 million in average receipts.
- Real Estate, Rental, and Leasing – Maximum of $7.5 million to $32.5 million in average receipts.
- Retail Trade – Maximum of $7.5 million in average receipts and/or the maximum number of employees range from 100 to 250.
- Information: Maximum of $7.5 million to $38.5 million in average receipts and/or the maximum number of employees range from 500 to 1,500.
- Finance and Insurance – Maximum of $32.5 million to $38.5 million in average receipts and/or the maximum number of employees is 1,500.
- Professional, Scientific, and Technical Services – Maximum of $7.5 million to $20.5 million in average receipts and/or a maximum number of employees range from 1,000 to 1,500.
Take time this week to visit and support small businesses all month long. However, if you are thinking of starting a small business, already own a small business, or would just like to learn more, here are some resources to help you succeed: