We know small businesses are essential, and they are everywhere. Over 99.9% of businesses in the United States are considered SMBs, and their contributions to our national GDP exceed 40%.
From the doctors’ offices and therapists that keep us healthy to the tea shops that fuel our mornings and meet-ups, small businesses power our economies, anchor our communities, and show up for us in big and small ways every day.
Why, then, don’t more people realize just how prevalent they are?
That question is at the heart of our latest Small Business Now study, which analyzes insights from over 8,000 consumers across the US, UK, Canada and Australia/New Zealand. We explored reasons why people feel compelled to support small businesses, how much of an impact those SMBs have on their lives, and even their favorite types of local businesses.
The findings were eye-opening.
Consumers have a “blind spot” for small businesses
Despite the fact that small businesses make up the vast majority of enterprises in every country we polled, most people don’t fully realize just how prevalent they are. When asked how many small businesses are currently operating in their country, about 80% of consumers responded incorrectly — and most were off by millions.
There are about 33 million small businesses currently operating in the United States. But, the most popular response from American consumers was either “I don’t know,” (26%) or 5-10 million (17%). That’s a gap of more than 20 million businesses — talk about being underappreciated!
It’s not just about the sheer numbers, though — it’s about perception. We instinctively understand that small businesses are important, but most of us struggle to comprehend just how much they contribute to our routines.
If we can’t see the scale of the small business economy, we risk undervaluing their significance and overlooking them altogether.
Small businesses may be overlooked, but they’re not unloved
Even though many consumers overlook the scale of small businesses, they value their presence in deeply personal ways.
- 82% say small businesses positively impact their lives
- 83% would be upset if their favorite small business closed
- 40% say they’d feel devastated
Small businesses are more than places to shop — they’re the coffee shops that remember your order, the wellness studios that know your name, and the retailers that make your neighborhood feel like home. They provide connection, character, and care — and that emotional bond runs deep.
These are the small businesses people love most
When asked which types of small businesses they rely on most, consumers across all four countries pointed to the same essentials:
- Food & beverage businesses (like restaurants, bakeries, and cafés)
- Grocery stores
- Retail and specialty shops
- Locally-owned franchises
- Personal care and wellness services
And they don’t just say they love them — they act on it. We found that 40% of global consumers visit a favorite small business at least once a week.
So what does this mean?
The takeaway is clear: people care about small businesses. They feel connected to them. They want to support them. But they don’t always see them clearly — especially when it comes to understanding their scale and how vital they are to the health of our communities and economies.
As we head into National Small Business Week, this report is a reminder that small businesses deserve more than appreciation. They deserve to be seen, supported, and celebrated — for the scale of their impact, the role they play in our routines, and the value they bring to our communities.
