Forty-six percent of established small businesses created new jobs, and 57 percent increased revenue over the last year, finds a new report by Interise, a nonprofit that specifically focuses on the growth and success of established small businesses.
"While much attention is focused on startups, evidence shows that, across all industries, job growth and economic revitalization can be found with the established small businesses that show a high potential for growth," says Interise CEO Jean Horstman.
The report also shows that the average annual salary of new full-time employees is $41,500, and of those that added jobs, the median net new jobs per business is 3.0. The average new revenue per business amount is $31,000.
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Regarding financing, the total amount of new financing secured is $12 million, the report says, and the average new financing secured for each business is $50,000. Forty-seven percent of respondents were awarded government contracts, with the total amount of government contracts totaling to $322 million.
Another 67 percent of respondents are following their growth plans, and 61 percent of respondents say they are aware of how to effectively market and sell their products and services. Sixty-four percent of respondents report knowing how to make an effective case for supplementary funding.
A sense of community is also important to respondents, as 79 percent say they active in their local communities, and 60 percent say they take on leadership roles in their communities.
"These business owners are growth engines in their communities and creating jobs that have a huge impact on their neighbors at a time when most of their peers are laying off employees," Horstman says. "Interise applauds the courage and commitment these entrepreneurs have shown towards creating stronger businesses, and in turn, more vibrant communities."
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