Small Business Owners Demographics
A demographic profile of typical small business owners in North Central U.S. has been provided. The demographic data points have been provided for gender, race, income, social/marital status, and age. Where details specific to North Central U.S. were unavailable, an expansion has been done to the U.S. as a whole. More details can be found in the Research Strategy Section.
- In 2012, small business ownership in South Dakota according to gender was as follows:
- Female- 23.7k firms.
- Male- 42.3k firms.
- In 2016, the approximate average number of South Dakota employees per small business based on the owner's gender was as follows:
- In 2012, small business ownership in South Dakota according to race was as follows:
- In 2016, the approximate average number of South Dakota employees per small business based on the owner's race was as follows:
For South Dakota:
- In 2018, the median income for individuals that were self-employed in their incorporated businesses was $51,346. For those self-employed at their unincorporated firms, the median income was $29,099.
- Small business owners are usually from traditional households whereby there is a male head who is married with children.
- Small business owners are more likely to be married compared to the general population by 42%.
- They are also "25% more likely to have children and 11% more likely to be homeowners."
- The national average age of small business owners is 50.3 years.
- Generally, most small business owners are within three to four years of the national average.
- Small business owners in the insurance and financial professions are the oldest, at 54.1 years. Those in the construction industry are the youngest, at 48.3 years.
For this research on small business owners demographics, we relied on the most credible sources of information such as the U.S. Small Business Administration and Experian. Due to the limited availability of sources, we had to rely on one source from 2017. However, it provided valuable insights into small businesses in South Dakota. We had to expand to the US as a whole after exhausting all the publicly available information and data specific to Sioux Falls, South Dakota and North Central U.S. Therefore, for social/marital status and age, we have provided data for the U.S. as a whole.