Quick Answer: Which industry has the greatest share of small business employment?

What industry has the most small businesses?

Here are statistics on the top 12 industries with the most small businesses:

  • Transportation and Warehousing (2,388,336)
  • Arts, Entertainment and Recreation (1,565,439)
  • Finance and Insurance (968,853)
  • Accommodation and Food Services (940,215)
  • Educational Services (834,018)

What industries are dominated by small businesses?

Small Business-Dominated Industries

  • Employment Agencies.
  • Real Estate.
  • Automotive Dealers and Service Stations.
  • Building Materials and Garden Supplies.
  • Automotive Services, Except Repair.
  • Millwork, Veneer, and Plywood Manufacturing.
  • Paint, Paper Hanging, and Decorating.
  • Meat Markets and Freezer Provisioners.

What percentage of jobs are created by small businesses?

According to the Small Business Administration, small companies create 1.5 million jobs annually and account for 64% of new jobs created in the United States. Small businesses generate the majority of jobs in the United States.

What are the most successful small businesses 2020?

Most profitable small businesses

  1. Auto repair. Taking a car to the shop for even simple repairs can be a challenge. …
  2. Food trucks. …
  3. Car wash services. …
  4. Electronics repair. …
  5. IT support. …
  6. Personal trainers. …
  7. Newborn and post-pregnancy services. …
  8. Enrichment activities for children.
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What industry will make you rich?

What Industries Make The Most Millionaires?

  • Industry #1 – Financial Services.
  • Industry #2 – Technology.
  • Industry #3 – Healthcare.
  • Industry #4 – Real Estate And Construction.
  • Industry #5 – Education.
  • Industry #6 – Entertainment And Recreation.
  • Industry #7 – Transportation.
  • Industry #8 – Energy.

What are the 5 industries that attract small businesses?

Top 10 Small Business Industries to Start in 2020

  • The Business Services Industry. …
  • The Food and Restaurant Industry. …
  • The General Retail Industry. …
  • The Health, Beauty and Fitness Industry. …
  • The Automotive Repair Industry. …
  • The In-Home Care Industry. …
  • The Technology Industry. …
  • The In-Home Cleaning and Maintenance Industry.

What business is hardest to run?

Four of the Hardest Small Businesses to Run (and Four of the Most Successful)

  • Transportation — This big category includes taxis, limos, ambulances, hearses and other vehicles for hire. …
  • Retail stores — It only takes one slow season to leave you swimming in inventory.

What percentage of the economy is small business 2020?

In 2020, the number of small businesses in the US reached 31.7 million, making up nearly all (99.9 percent) US businesses. This is also representative of the sustained growth as it marks a 3.15 percent increase from the previous year and a growth of 7.09 percent over the three-year period from 2017 to 2020.

Are small businesses really the backbone of the economy?

Nationally, small businesses account for 48 percent of all American jobs and contribute 43.5 percent of U.S. Gross Domestic Product (GDP). Even though these businesses are considered the “backbone of the economy,” small businesses have faced an economic and existential crisis during the COVID-19 pandemic.

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