When Freelancing Isn’t Enough

I thought it was a crazy thing when I decided to quit my job and start freelancing. Then when I started thinking about hiring people on my team that was just insane.

1. 77% of small businesses are started with an entrepreneur’s personal savings or finances. [More insights: 3 Common Myths About Starting a Business].

2. 42% of startups fail because they failed to meet a market need. [More insights: Tips on Defining The Size of a Market for a Startup Business].

3. 74% of tech startups fail because they scaled too fast. [More insights: How To Avoid Failure: Two Common Small Business Mistakes and Successful Entrepreneurs Know That Failure Is Rarely Permanent].

4. About 50% of all small businesses fail within their first 5 years. [More insights: The Science of Bad Decisions and How You Can Avoid Making Them].

5. It takes about $80,000 per year to run a startup. Most of that money comes from debt and equity.

6. The average revenue of a small business is $3.6 million. That number increases to $5.03 million if the business has a website. [More insights: How Marketing Velocity Can Help You Increase Sales and Revenue and 10 Web Design Best Practices and Tips for Small Businesses].

7. 62% of businesses in the US only have 5 (or fewer) employees. [More insights: The Psychology of Hiring Great People].

8. More than 50% of small businesses have a Chief Financial Officer, or someone else that holds a similar position.

9. Over a third of the US is employed by small businesses that each employ less than 100 people.

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10. 42% of small businesses are S-corporations, and 23% are LLCs. While these types of corporations are similar, there are some key differences entrepreneurs should consider. [More insights: 10 Legal Mistakes That Can Destroy Your Small Business and How To Avoid Them].

11. Over 40 million small businesses have Facebook pages. 75% of that 40 million pays for promoted or boosted posts. [More insights: Is Small Business Marketing On Facebook a Complete Failure? and 22 Ways Brands Can Use Facebook Live Video to Drive Business].

12. 94% of small businesses use smartphones as their main phone service. 49% of these businesses use their smartphones to do business 7 days a week.

13. 51% of small businesses are reluctant to use new technology because it takes too long to implement and learn.

14. On average, 85% of small business owners say that they struggle to hire because candidates lack adequate talent. [More insights: 7 Habits of Highly Effective Employees].

15. 543,000 new businesses are started every month. There’s a lot of competition out there!

16. Businesses with two founders raise 30% more investment funding than businesses with a single founder. [More insights: Startup Tip: Ten Suggestions For Raising Start-Up Capital from Angels].

17. Immigrants make up for 12.5% of US entrepreneurs.

18. 51.6% of small businesses are run out of a personal home.

19. More than 50% of all small businesses have virtual offices, with their employees working remote. [More insights: The Surprising Ways a Distributed Team Can Help Your Company Succeed].

20. It only takes 6 days to start a business in the US. That’s a shorter wait than a lot of other countries.

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21. About 51% of small business owners have a bachelor’s degree.

22. In 2016, the most effective small businesses will each spend more than $2 million on content marketing. That number is expected to grow in 2017. [More insights: How To Create Content Marketing Unicorns and Why Content Marketing Is Essential For Successful Startups and Small Businesses].

From Freelancer to Agency

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