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by: Monica Morales
Posted: Jan 2, 2024 / 07:53 PM EST
Updated: Jan 2, 2024 / 07:53 PM EST
NEW YORK (PIX11) — With inflation and rising living costs, some of our favorite small businesses have closed and continue to struggle to make ends meet. But there is some good news.
According to a new report, New York has the country’s second-highest percentage of small businesses.
Diane da Costa started her small business, Simplee Beautiful, in Harlem on Edgecombe Avenue about five years ago.
It has been a roller coaster ride, but she’s happy that the best is yet to come for her small business. And she is not alone.
Bellamy Brewster, 28, said there’s no other place he can get his hair done in Harlem. The reason, he said, is that no one does hair like the owner, Diane da Costa.
Da Costa said its loyal customers like Webster and new city resources have helped her survive and thrive in a tough economy.
New York has the second-highest percentage of small businesses in America, according to a new study done by business QR code generator Qrfy.com.
It analyzed public data from the US Census Bureau and registered businesses with fewer than five employees throughout 2021.
According to the report, Florida has the highest percentage of small businesses.
The Assistant Commissioner in charge of financing for NYC small business services, Sherri Lane, said there’s a reason New York is almost at the top.
Lane said the city has more funding available. It has made it easier to connect money to small businesses in need now online with the following sites.
NYC Councilmember Diana Ayala said New York City has become a haven for new small businesses, especially in East Harlem.
In the meantime, it’s another happy customer for Da Costa in Harlem. She is expanding and even starting a class to teach others about hair care.
The new study also revealed that Florida has the highest percentage of small businesses in America, followed by New York and Wyoming.
Florida ranked first, with 64% of all businesses classified as small. Out of 616,961 registered establishments, 394,849 were found to have fewer than five employees. The annual payroll for all small businesses across Florida was $32,799,642,000, averaging $83,068.82 per business.
New York came second, with 62.71% of all businesses classified as small. Out of 535,758 total registered establishments, 335,950 establishments had fewer than five employees. The annual payroll for all small businesses across New York was $33,618,837,000, with an average of $100,070.95 per small business.
Wyoming came third, with 61.83% of all businesses classified as small. Out of 22,474 total registered establishments,13,896 had fewer than five employees. The annual payroll for all small businesses across Wyoming was $1,286,032,000, an average of $92,546.91 per small business.
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