Small businesses are the backbone of local economies, contributing 44% of U.S. economic activity and creating most jobs since the pandemic. According to the Small Business Administration (SBA), a small business has fewer than 500 employees, and millions exist across various industries. The team at Ooma has determined which industries are composed of the most small businesses.
Construction leads with 99.94% of businesses classified as small, often family-owned. Leisure and hospitality follow at 99.9%, encompassing independent hotels and accommodations. Trade and transportation (99.87%) include privately owned freight and logistics businesses. Financial activities (99.86%) feature independent lenders and brokers, while professional and business services (99.85%) host numerous service-oriented companies.
Supporting small businesses fosters economic growth, community identity, and competition, preventing monopolies. Locally sourced products enhance sustainability, and independent businesses add character to towns. While owning a small business is challenging, it offers independence and fulfillment. Even those who don’t own a business can strengthen their communities by shopping locally.
infographic by: www.ooma.com
