Among the 5.4 million U.S. firms with paid employees, 481,981, or 8.9 percent, had been in business for less than two years in 2014, according to findings from the U.S. Census Bureau’s inaugural Annual Survey of Entrepreneurs.
In contrast to the employer firms that had been in business for less than two years, there were 167,917, or 3.1 percent, that had been in business for 16 years or more. More than 4 in 10 employer firms (2.4 million, or 44.1 percent) have been in business between 11 and 15 years.
“For the first time, we are making statistics available every year that show a portrait of America’s business owners, providing information vital to understanding the state of our economy,” Census Bureau Director John H. Thompson said.
Many of these business owners likely will be interested in small business trends. They could be seeking guidance from fairs and trade shows. According to AudienceSCAN research, 3.5% of U.S. adults want to attend small business workshops/expos in the next 12 months.
The 2014 Annual Survey of Entrepreneurs statistics show that there were 949,318 minority-owned firms with paid employees, comprising 17.5 percent of all employer firms. These minority-owned employer firms generated $1.1 trillion in receipts (approximately 3.3 percent of the receipts for all employer firms). Among minority-owned employer firms, 12.9 percent had been in business for less than two years, while only 1.4 percent had been in business for 16 or more years.
New business owners, especially, would benefit from attending and sponsoring an expo. The AudienceSCAN survey found Small Business Workshop/Expo Attendees are 134% more likely than average to be members of professional/trade associations.
Of the 949,318 minority-owned firms with paid employees, more than half (506,595, or 53.4 percent) were Asian-owned; 108,473 (11.4 percent) were black or African-American-owned; 26,757 (2.8 percent) were American Indian or Alaska Native-owned; 4,701 (0.5 percent) were Native Hawaiian and Other Pacific Islander-owned; and close to a third (298,563, or 31.5 percent) were Hispanic-owned. The owner of a Hispanic-owned firm may be of any race.
Advertisers can reach Small Business Workshop Attendees through mobile smartphone app ads or text message ads. 42.8% of attendees took action after receiving these in the past month, according to AudienceSCAN data.
Women owned approximately 1.1 million employer firms, or 19.4 percent, with receipts totaling $1.3 trillion, or 4.0 percent. Of these, 10.8 percent had been in business for less than two years, whereas 1.9 percent had been in business for 16 or more years.
If marketers are trying to reach female business owners and expo attendees, they could try Emailed ad or newsletter advertisements. According to AudienceSCAN research, 68.1% of Small Business Expo Attendees took action after receiving them in the past year.
Veterans owned 405,235 employer firms, or 7.5 percent, with receipts of $924.1 billion, or 2.8 percent. Of these, 6.8 percent had been in business for less than two years, while 3.6 percent had been in business for 16 or more years.