Most people don’t know that the adjective “small” in small business includes many types of businesses. Small business is an umbrella term used to describe any business that meets a few qualifying criteria within a 12 month period:
- Averaging Less than a certain number if employees (usually 1,500)
- Averaging Less than a certain amount in annual receipts (usually $41.5 million)
These numbers may fluctuate values based on your specific industry but this is the base rule. The linked resource below from the Small Business Administration, gives the complete list of industry-specific exceptions.
Learn more in this short video: