A Small Business can be defined as a business that is independently owned and operated, with a small number of employees and a relatively small turnover.

That having been said, Small Business is the lifeblood of any market economy. Some 73% of all UK businesses are single person operated businesses (one man bands). 

Out of a total of 4.8 million UK businesses, 99% of them are Small Businesses or Small and Medium Sized Enterprises (SME’s) in official parlance.

Astonishingly, SME’s employing one person or more employ almost 50% of the entire UK working population excluding government employees, and contribute more than 50% of the gross domestic product (GDP) of the UK.

In the UK, the USA and other market economies, it seems that Small Business is Big Business after all!