Yahoo Finance These Are Some of America’s Richest Small Businesses
According to the Small Business Administration (SBA), there are a whopping 33.2 million small businesses in the United States, which make up 99.9% of all U.S. businesses.
In order to qualify as a small business to the SBA, a company has to have fewer than 500 employees. So, small businesses include anything from a solo entrepreneur hustling to make a photography business work all the way to a construction business with 400 employees.
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Of course, if you're wondering what type of small business to start, every state has different industries and opportunities.
Here are 25 states with some of the richest small businesses in America, based on data from Forbes. For this list, we expanded the definition of a small business to one that has 2,500 or fewer employees.
Arkansas
Company: ArcBest
Revenue: $5.27 billion
In Arkansas, the retail trade employs the most people, but construction makes up the most small businesses.
However, one of the richest businesses in the state, ArcBest, is actually in the transportation industry. ArcBest is headquartered in Fort Smith and employs 375 people.
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California
Company: Alpha and Omega Semiconductor
Revenue: $799 million
The professional, scientific and technical services industry is California's largest. There are approximately 250,000 more small businesses in that industry than in their next largest industry, transportation and warehousing.
One of the richest small businesses in the state is Alpha and Omega Semiconductor, headquartered in Sunnyvale. It employs 2,451 people.
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Colorado
Company: Century Communities
Revenue: $4.53 billion
In Colorado, the professional, scientific and technical services industries make up the biggest number of small businesses, with over 120,000 small firms. The next largest industry in Colorado is construction.
One of the richest businesses in the state is a real estate company, Century Communities, headquartered in Greenwood Village. It employs 1,600 people.
Connecticut
Company: Photronics
Revenue: $796 million
In Connecticut, the professional, scientific and technical services industries make up the most small businesses. One of the richest is Photronics, headquartered in Brookfield. It employs 1,728 people.
Florida
Company: Dream Finders Homes
Revenue: $3.1 billion
In Florida, there are nearly 400,000 small businesses in the professional, scientific and technical services industry, making up the largest portion of small businesses.
One of the richest small businesses, however, is in the real estate industry. Dream Finders Homes employs 1,212 people and is headquartered in Jacksonville.
Georgia
Company: BlueLinx Holdings
Revenue: $4.58 billion
In Georgia, businesses in the "other services" category and businesses in the professional, scientific and technical services industries make up the most small businesses.
One of the richest small businesses is BlueLinx Holdings, a building products distributor headquartered in Marietta. It employs 2,055 people.
Illinois
Company: Suncoke Energy
Revenue: $1.82 billion
The transportation and warehousing industries make up the most small businesses in the state. However, one of the richest small businesses is Suncoke Energy, headquartered in Lisle. It employs 848 people.
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Kentucky
Company: Ramaco Resources
Revenue: $518 million
In Kentucky, the construction business and businesses that fall under "other services" make up the largest number of small businesses.
One of the richest is Ramaco Resources, headquartered in Lexington. It employs 454 people.
Massachusetts
Company: Destination XL Group
Revenue: $527 million
One of the richest small businesses in Massachusetts is Destination XL Group, a leading men's clothing retailer headquartered in Canton. It employs 1,353 people.
Michigan
Company: Human8 (formerly named Gongos)
Revenue: $26 million
In Michigan, businesses listed under the "other services" category make up the largest number of small businesses in the state. One of the best is Human8, formerly named Gongos. It is headquartered in Royal Oak and employs 146 people.
Minnesota
Company: Hawkins
Revenue: $898 million
In Minnesota, the professional, scientific and technical services industries make up the most small businesses, followed by construction.
One of the richest small businesses is Hawkins, a chemical company headquartered in Roseville. It employs 800 people.
Missouri
Company: FutureFuel
Revenue: $385 million
In Missouri, the construction business and businesses that fall under "other services" make up the largest number of small businesses.
However, one of the richest is FutureFuel, headquartered in St. Louis. It employs 470 people.
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Nebraska
Company: Lindsay
Revenue: $771 million
In Nebraska, the construction business and businesses that fall under "other services" make up the largest amount of small businesses.
One of the richest businesses is Lindsay, a farming and railroad manufacturer headquartered in Omaha. It employs 1,262 people.
Nevada
Company: Monarch Casino & Resort
Revenue: $468 million
In Nevada, the professional, scientific and technical services industries make up the most small businesses, followed by transportation and warehousing.
However, one of the best small businesses is Monarch Casino & Resort, headquartered in Reno. It employs 2,350 people.
New Jersey
Company: AdvanSix
Revenue: $1.97 billion
In New Jersey, the professional, scientific and technical services industries make up the most small businesses, followed by real estate and rental and leasing.
One of the richest small businesses is AdvanSix, a chemical company headquartered in Parsippany. It employs 1,375 people.
New York
Company: Genco Shipping & Trading
Revenue: $593 million
In New York, the professional, scientific and technical services industries make up the most small businesses, followed by transportation and warehousing.
However, one of the richest small businesses is Genco Shipping & Trading, headquartered in New York City. It employs 1,027 people.
North Carolina
Company: Insteel Industries
Revenue: $826.8 million
In North Carolina, the professional, scientific and technical services industries make up the most small businesses, followed by construction.
One of the richest small businesses is Insteel Industries, located in Mount Airy. It has 964 employees.
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North Dakota
Company: Titan Machinery
Revenue: $1.92 billion
The largest number of small businesses in North Dakota fall in the real estate and rental and leasing categories, followed closely by construction businesses.
One of the richest is Titan Machinery, headquartered in West Fargo. It employs 2,288 people.
Ohio
Company: The Andersons
Revenue: $16.43 billion
In Ohio, the professional, scientific and technical services industries make up the most small businesses, followed by construction. Among the richest smaller businesses in the state is The Andersons, an agribusiness headquartered in Maumee. It has 2,283 workers.
Oklahoma
Company: Mammoth Energy Services
Revenue: $316 million
In Oklahoma, businesses listed under the construction and "other services" category make up the largest number of small businesses.
However, Mammoth Energy Services is one of the richest small businesses in the state. It is headquartered in Oklahoma City and employs 783 people.
Pennsylvania
Company: Vishay Precision Group
Revenue: $356 million
In Pennsylvania, the professional, scientific and technical services industries make up the most small businesses, followed by construction.
One of the richest small businesses is Vishay Precision Group, headquartered in Malvern. It employs 2,600 people.
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Tennessee
Company: Mastercraft Boat Holdings
Revenue: $733 million
In Tennessee, construction and other services make up the largest amount of small businesses. One of the richest is Mastercraft Boat Holdings, headquartered in Vonore. It employs 1,750 people.
Texas
Company: Orion Engineered Carbons
Revenue: $1.96 billion
In Texas, construction makes up the biggest portion of small businesses, with nearly 400,000 companies.
One of the richest small businesses, however, is Orion Engineered Carbons. It employs 1,475 people.
Virginia
Company: The Goulet Pen Company
Revenue: $13,800,000
In Virginia, the professional, scientific and technical services industries make up the largest portion of small businesses, and these types of businesses also employ the most people.
One of the best small businesses is The Goulet Pen Company, headquartered in Henrico. It has 31 employees.
Washington
Company: Northwest Pipe
Revenue: $453.5 million
The largest industry in Washington with the most small businesses is the professional, scientific, and technical services trade, followed by real estate and rental and leasing businesses.
One of the richest small businesses in Washington is Northwest Pipe, headquartered in Vancouver and employing 1,256 people.
Methodology: GOBankingRates gathered a list of profitable companies from Forbes Small Giants and America's Best Small Companies. For each company GOBankingRates found (1) revenue, (2) industry, (3) headquarters, (4) employees and (5) 52-week return, sourced from Forbes' Best Small Cap Companies. All data was collected and is up to date as of July 25, 2023.
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This article originally appeared on GOBankingRates.com: These Are Some of America’s Richest Small Businesses
