This week has been a little quiet on the business front. However, some new studies shed new light on the small business world. The statistics are in, and people want to see you on Facebook. The 15 highest profit small business industries have been identified, and you’ll most likely be surprised. And it looks like lending for small business isn’t growing like the rest of the economy. Here’s what happened in small business last week.
Study: Before People Shop at a Small Business, They Check Facebook
It looks like Facebook engagement is important to a company’s success. As it turns out, customers are some 80% more likely to purchase from a small business if there are positive Facebook reviews, and 58% of people claim to be engaging with small business’ Facebook page once a week before making a purchase. Read the full stats on Inside Facebook.
The Most Profitable Types of Small Businesses
Sageworks just identified the top 15 business types for small business based on overall profitability. The key bit of information to pick out of it is that service-based businesses are far more profitable than retail or manufacturing. The number one business type, accounting, encompassed 4 different areas of accounting and had an overall 20% profit margin. Check out the full list on Entrepreneur.
Small-Business Lending Is Slow to Recover
Studying bank lending rates to small business all around the country has lead to some very dismaying news. It looks like the one industry that has recovered least from the recession is the small business lending sector. Although it’s up a point on average over last year, it’s still way down from the 2008 high. A lack of real recovery in this industry is making small business owners nervous, and for good reason. Read the whole story on the Wall Street Journal.
That’s it for this week! Leave your thoughts and opinions in the comments, and have an awesome Monday!