Good to see you here! Looks like we made it. How was 2022 for you? Kind, we hope. We know it may have been a rocky ride. But you made it! Way to go, you. Your small business is ready to fight another day… or year… or, we hope, much longer. We thought it might be nice to take a moment to recognize your achievement in making it through 2022 and think about what is in store for us this coming year.
2022 Small Business Outlook Results
The number of small businesses in 2022 actually increased! Despite the odds, small business owners took the gamble. There was a 2.2% increase in small businesses, sustaining growth.
27 million of you are going it alone. As of 2022, small businesses with no employees topped 27 million! If that’s you, that’s no small feat, and we applaud your hard work. An additional 5.4 million small businesses have under 20 employees, and 630,000 have under 500.
Hiring was historically tricky in 2022. Do you identify with this? Low numbers of applicants and high competition colored the market. Reflect on how you adapted!
About half of the US workforce is employed by small businesses. That is 46.4%, or a grateful 61.7 million employees. Wow! Small business power!
The top five states for small businesses in 2022 are California, Texas, Florida, New York, and Illinois and Georgia (tied for fifth)! Chances are, you live in one of these states.
The number of small businesses in the US hit over 33 million in 2022. You help make up 99.9% of US businesses!
But we didn’t say it is easy out there. 65.7% of small businesses are profitable in 2022, which means over 34% are struggling. That’s common if it is your first year or two of business, so have faith and keep up the good work!
2023 is almost here, and with it, some of the same challenges of 2022. But also a little more distance from the worst of the pandemic and a little more optimism in the market, which means the small business outlook for 2023 is kinder. Maybe this will be the year you increase your staffing levels or expand your business.
As you look forward to 2023, remember your “why.” Do you see yourself in this list of common reasons people started their own businesses?
- Lack of satisfaction with corporate America
- Wanting to be your own boss
- Pursuing your passion
- A previous job layoff
- Putting off retirement
- A good opportunity came your way
Know that we’re cheering you on as we move past 2022 and welcome 2023. A small business happy new year to you! May this be the year your hard work really pays off for you. Cheers!