2024 Small Business Earnings Report

Written By Daniel Miller

The 2024 Small Business Earnings Report offers a comprehensive snapshot of the financial health of small to mid-sized businesses in the United States. This newly introduced Small Business Earnings Index analyzes data from companies that applied for business credit in 2024, providing valuable insights into the current state of small businesses across various industries.

Average Earnings and Inflation

The average earnings for small businesses in the first 11 months of 2024 stood at $86,809. Inflation remains a concern, hovering around 2.6%, which is above the Federal Reserve's target rate of 2.0% but lower than the average rates seen in 2023 (4.1%) and 2022 (8%).

Revenue and Expense Trends

  • Highest average revenues ($824,700) were recorded in July 2024

  • Highest average expenses ($709,000) occurred in October 2024

  • July was the most profitable month, with earnings reaching $136,800

Year-over-Year Comparison -

When comparing 2024 to 2023:

  • Average revenues increased by $232,410

  • Average expenses rose by $296,517

  • However, profits decreased by $64,108

Implications for the Economy

The report emphasizes the critical role of small businesses in the U.S. economy, particularly in job creation. With President-elect Trump set to return to the White House, there's an expectation that small business growth will be a priority, alongside addressing inflation, interest rates, and overall economic concerns.

Daniel Miller
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