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Business is all about the numbers, right? But does anyone feel like actually learning them? If you do, proceed with caution as reading through some of the hottest business stats on the web may cause unexpected holes in your flooring and an unpleasant ache in your lower jaw.
Small Business
- According to the Bureau Of Labour Statistics, the half of all small businesses meet their doom in the first four years. This means that in a business one must always pick the battles wisely and gain as much edge over the competition as possible. This is kinda the reason why this blog exists – it is here to arm you with knowledge and skills you will need to tear down every obstacle on your way.
- Experience is key. This is probably the reason why 51% of all small business owners start working on their projects after they are 50. The Wall Street Journal states that only 16% of American entrepreneurs are under 35.
- The IRS doesn’t just bark: It has arrested over $1 billion in penalties. The bite is smart though as only 0.5% of them were done due to an inaccuracy of submitted reports and 46% of fines were for delinquent payments.
- We need more ladies at the wheel as only 4 out of every 10 business owners are women and the gap is widening since 1996 as stated by the Kauffman Index.
- Small businesses are doing an excellent job of keeping America awesome – you guys employ 50% of all private sector workers and you make for 99.7% of all employers!
The impact of Internet
- The internet has 3.5 billion users. That’s nearly the half of the entire population on Planet Earth.
- Out of those 3.5 billion 3.03 billion are active social media users!
- This is probably why 81% of small businesses use at least one social media platform.
- That’s also the reason why more than $40 billion was spent on advertising in social media over 2016 alone.
- Still, we don’t know what to do with the Internet other than toss money blindly onto the screen and hope something sticks as proven by the fact that 96% of people discussing brands online don’t even follow them on social media.
Follow the Big Fish
- 74% of people trust social media to guide them in their purchasing decisions and 49% of people rely on influencer recommendations.
- 88% of consumers state that they trust online reviewers as much as they trust their friends and peers.
- Know whom to choose though as people are starting to lose faith in top tear influencers. There is a 10X larger chance of a non-celebrity blogger to influence purchasing decisions.
- This is why 67.6% of marketers struggle with finding the perfect influencer. They admit it as one of their toughest challenges.
- But if they do find the right person – the game is worth the candles. Businesses are, in fact, making $6.50 per every dollar invested in influencer marketing.
Which stat surprised you the most? Please share it in the comments along with anything else you find equally as informative and amusing!