38+ Small Business Owners Statistics in 2024: In-Depth Look

Small businesses are the backbone of our economy, bringing innovation and creating jobs.

But just how big is their impact?

With that in mind, we’ll dive into eye-opening small business owners statistics that show the true state of small business demographics.

Small Business Ownership Statistics: Key Numbers

The United States is home to an estimated 33.2 million small businesses.
A striking 99.9% of all U.S. businesses fall into the small business category.
47.2% of small business owners are Gen X, 39.6% are baby boomers, and 12.9% are millennials.
There are approximately 13.94 million businesses owned by women in 2023.
A significant 85% of small businesses depend on word-of-mouth referrals to acquire new clients.
Roughly 33% of small businesses achieve a decade-long lifespan.
A notable 69% of small business owners initially launch their ventures from home.
Optimism prevails among 62% of small business owners regarding their businesses’ future prospects.
Confidence in managing their enterprises is expressed by 64% of small business owners.
A satisfying work-life balance is reported by 82% of small business proprietors.
19% of small business owners work a whopping 60 hours per week.

Sources: SBA, Fundera, Smallbiz Genius, Fundera

Small Business Owner Demographics

Small business owners come from all kinds of backgrounds, with differences in gender, ethnicity, and age. Here’s a quick look at who’s running small businesses in the U.S.:

59% of small business owners are men, while 41% are women.
76.2% of small business owners are White/Caucasian, 5.2% are Black/African-American, 4.8% are Asian-American, and 4.7% are Latino.
Among small business owners, 46% are Gen X, 41% are Boomers, 13% are Millennials, and 1% are Gen Z.

Sources: (National Women Business Council, Guidant Fanancials)

Average Age Of Small Business Owners Statistics

The average age of small business owners shows some interesting trends about who’s running businesses these days. Here’s a quick look at the age distribution among small business owners:

15.9% of small business owners are under 35 years old.
33.2% of small business owners are aged 35 to 49.
50.9% of small business owners are aged 50 to 88.

Sources: SBA

Baby Boomer Business Owner Statistics

Baby boomers are a huge part of the small business scene, owning a lot of businesses and providing jobs for millions. Check out the stats on their demographics, how they fund their businesses, and how happy they are with their ventures:

Baby boomers own 41% of privately owned small businesses and franchises.
There are 12 million small businesses owned by baby boomers.
Baby boomer businesses employ over 25 million people.
On average, 350K baby boomers sell their businesses per year.
37% of Baby Boomer small business owners use cash as their primary financing method.
73% of Baby Boomer small business owners are men, while 27% are women.
35% of Baby Boomer small businesses have been in operation for more than 10 years.
32% of Baby Boomer owners started their businesses because they wanted to be their own boss.
48% of Baby Boomer small business owners reported being very happy with their business.

Source: Marcumllp, Exit Strategies Group, Linkedin

Black Owned Businesses Statistics

Black-owned businesses make a huge impact on our economy, creating jobs and generating impressive sales. Here are some key points about their contributions and structure:

There were 3,589,567 businesses owned by Black business owners.
There were 3,455,000 Black-owned non-employer business.
There were 1,273,002 Americans employed by black-owned businesses.
96% of Black-owned businesses have fewer than 20 employees.
Black-owned businesses generated a total of $217.3 billion in sales.
There were 134,567 Black-owned employer firms.
Black-owned employer firms generated $133.7 billion in sales.
The annual payroll for Black-owned businesses was $40.5 billion.
Black-owned non-employer businesses made $83.6 billion in sales.

Source: U.S Census, SBCS

Hispanic Owned Businesses Statistics

Hispanic-owned businesses are making a huge impact in the economy with their contributions in different sectors. Check out these key stats:

Hispanic-owned businesses account for 4.7% of total small businesses.
Hispanic business owners owned 4,537,836 businesses.
Hispanic-owned businesses generated a total of $619.8 billion in sales.
There were 346,836 Hispanic-owned employer firms.
Hispanic-owned businesses employed 2,930,548 workers.
There were 4,191,000 Hispanic-owned nonemployer firms.

Source: U.S Census

Minority Owned Small Business Statistics

Check out how minority-owned small businesses are making waves in the U.S. economy, driving growth and innovation. Here are some key stats that show their impressive impact:

There were 9,709,323 minority-owned businesses in the United States,
Minority-owned businesses generate $1.78 trillion in gross receipts, with an average annual revenue of $184,123 per firm.
9.4 million people were employed by minority-owned businesses.
1,048,323 minority-owned firms had paid employees.
There were 8,661,000 minority-owned businesses without paid employees, totaling $306.09 billion and averaging $35,341 per firm.
16% of all minority-owned firms are within the transportation and Warehousing sector.

Source: MBDA

Immigrant Owned Small Business Statistics

Immigrant entrepreneurs are crucial for economic growth and innovation. Check out these key stats that show how immigrant-owned small businesses are making a big impact in different sectors:

Immigrants started nearly 1 in 5 new businesses in 2023.
Immigrants are 80% more likely to start businesses in the U.S. than native-born citizens.
46% of immigrant nonemployer business owners were in transportation and warehousing.

Sources: SBA, MIT researcher, Gusto

Time Management For Small Business Owners

According to a study by TheAlternativeBoard, 19% of small business owner works a whopping 60 hours per week, and here is the breakdown of hours worked per week by small business owners.

Percentage of Small Business Owners	Number of Hours Works per Week
19%	60+
30%	50-59
33%	40-49
14%	30-39
5%	30