The typical small business may be even smaller than many consumers recognize. According to the 2022 Annual Business Survey from the U.S. Census Bureau, 49 percent of small employer firms with fewer than 500 workers have between one and four employees. An additional 16 percent of such firms have between five and nine employees. Such data indicates that nearly two-thirds of all small businesses feature nine or fewer employees. That might surprise many consumers, as might the findings regarding the nature of small businesses in relation to ownership. Though it’s common to view small businesses as “mom and pop” operations, just 10 percent of small businesses in the United States were jointly owned and operated equally by spouses in 2021.
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