Over the last few years Austin Tx has repeatedly been named one of the best citiesin the U.S. for businesses to grow and prosper. A number of factors such as population growth, private sector jobs, and number of small businesses were used to determine who the leading cities are. In Austin there are currently over 39,000 small businesses. What may not be understood by many people is what is considered a small business and how much impact they actually have on the local economy.
Definition of Small Business
In general, it depends on the type of business and average annual receipts, however nearly all businesses with less than 500 employees qualify. (see SBA chart here). This article also discusses the definition of a small business.
Local Economy and Community Impact
According to the infographic below small businesses generate over $11 trillion in receipts per year (38% of all business receipts in the U.S.) and employ 50 million Americans (26% of the working population), 20 million of which have fewer than 20 employees.