Description
The Big Impact of Small Business in Santa Barbara and Ventura Counties
The EDC-VC’s mission is to
maintain a healthy Ventura
County economy through
collaboration, education and
training as a means to create and
sustain quality jobs and improve
wealth, thus enhancing the
standard of living and quality of
life throughout Ventura County.
THE BIG IMPACT OF SMALL BUSINESS IN
SANTA BARBARA AND VENTURA COUNTIES
DEDICATED TO SMALL BUSINESS
In the Ventura County region, small business is the engine driving
the economy.
• Of the county’s 22,217 small businesses, 17,415, or more
than 78%, have fewer than 10 employees, and 96% of all
businesses have fewer than 50. This accounts for nearly
half of all private-sector employment.
• For the past decade, the region’s net job growth has been
generated by frms with fewer than 20 employees.
• During that same time, businesses with fewer than fve
employees accounted for the increase in the number of frms.
• Without the small business sector, the region’s economy
will stagnate and decline.
JOB CREATION
From 2005 to 2009, the largest share of employment growth in Ventura
County was by frms with fewer than fve workers. This may suggest
that the growth is primarily in start-ups.
Aside from the region’s few extremely large frms, the smallest frms
were the only ones with job gains in the face of overall job losses
over the last several years.
INDUSTRY DIVERSITY
Small business is distributed across all industry sectors within the
region. High-paying industries such as manufacturing, professional
services, high tech and biotech are at least 22 percent higher than
average wages.
DATA SOURCES ON SMALL BUSINESS
The Big Impact of Small Business (December 2010), prepared
by the Center for Economic Research and Forecasting at California
Lutheran University; Dan Hamilton, PhD., director of economics,
and Bill Watkins, PhD., executive director. To contact EDC-VC/
SBDC, call 805-384-1800. To download a copy of the report,
visit edc-vc.com/SmallBusinessReport.htm.
EVEN GREATER NUMBERS OF SELF-EMPLOYED
Small business data primarily focuses on frms with employees, meaning
it doesn’t include the extraordinarily large and fast-growing number
of self-employed. Estimates are that this category accounts for another
8 percent of the labor force, or 35,000 Ventura County residents.
PATHWAYS TO OPPORTUNITY
According to IRS and U.S. Census data, and per analysis by the Milken
Institute, entrepreneurship and starting a small business represent the
most effective means for reaching social equity, as women- and minority-
owned businesses are growing at a rate three to fve times that of all other
business start ups.
STRENGTHENING SMALL BUSINESSES
Small business is vital to Ventura County’s overall economic health.
So keeping these small businesses strong and able to overcome
challenges in a competitive and volatile world is an essential piece
of our region’s development strategy.
EDC-VC’s Small Business Development Center for Ventura and Santa
Barbara Counties connects businesses to services, offers free business
services to sustain and create jobs, and expands the number of opportunities
for entry-level workers to the highest talent.
EDC-VC also helps businesses with these programs and services: access
to capital, business turnaround assistance, manufacturing outreach and
help with international trade.
1601 Carmen Drive, Suite 215
Camarillo, CA 93010
805-384-1800 • [email protected]
www.edc-vc.com
Funded in
part through
a Cooperative
Agreement with
the U.S. Small Business Administration. All
opinions, conclusions or recommendations
expressed are those of the author(s) and do
not necessarily refect the views of the SBA.
072213
doc_580434496.pdf
The Big Impact of Small Business in Santa Barbara and Ventura Counties
The EDC-VC’s mission is to
maintain a healthy Ventura
County economy through
collaboration, education and
training as a means to create and
sustain quality jobs and improve
wealth, thus enhancing the
standard of living and quality of
life throughout Ventura County.
THE BIG IMPACT OF SMALL BUSINESS IN
SANTA BARBARA AND VENTURA COUNTIES
DEDICATED TO SMALL BUSINESS
In the Ventura County region, small business is the engine driving
the economy.
• Of the county’s 22,217 small businesses, 17,415, or more
than 78%, have fewer than 10 employees, and 96% of all
businesses have fewer than 50. This accounts for nearly
half of all private-sector employment.
• For the past decade, the region’s net job growth has been
generated by frms with fewer than 20 employees.
• During that same time, businesses with fewer than fve
employees accounted for the increase in the number of frms.
• Without the small business sector, the region’s economy
will stagnate and decline.
JOB CREATION
From 2005 to 2009, the largest share of employment growth in Ventura
County was by frms with fewer than fve workers. This may suggest
that the growth is primarily in start-ups.
Aside from the region’s few extremely large frms, the smallest frms
were the only ones with job gains in the face of overall job losses
over the last several years.
INDUSTRY DIVERSITY
Small business is distributed across all industry sectors within the
region. High-paying industries such as manufacturing, professional
services, high tech and biotech are at least 22 percent higher than
average wages.
DATA SOURCES ON SMALL BUSINESS
The Big Impact of Small Business (December 2010), prepared
by the Center for Economic Research and Forecasting at California
Lutheran University; Dan Hamilton, PhD., director of economics,
and Bill Watkins, PhD., executive director. To contact EDC-VC/
SBDC, call 805-384-1800. To download a copy of the report,
visit edc-vc.com/SmallBusinessReport.htm.
EVEN GREATER NUMBERS OF SELF-EMPLOYED
Small business data primarily focuses on frms with employees, meaning
it doesn’t include the extraordinarily large and fast-growing number
of self-employed. Estimates are that this category accounts for another
8 percent of the labor force, or 35,000 Ventura County residents.
PATHWAYS TO OPPORTUNITY
According to IRS and U.S. Census data, and per analysis by the Milken
Institute, entrepreneurship and starting a small business represent the
most effective means for reaching social equity, as women- and minority-
owned businesses are growing at a rate three to fve times that of all other
business start ups.
STRENGTHENING SMALL BUSINESSES
Small business is vital to Ventura County’s overall economic health.
So keeping these small businesses strong and able to overcome
challenges in a competitive and volatile world is an essential piece
of our region’s development strategy.
EDC-VC’s Small Business Development Center for Ventura and Santa
Barbara Counties connects businesses to services, offers free business
services to sustain and create jobs, and expands the number of opportunities
for entry-level workers to the highest talent.
EDC-VC also helps businesses with these programs and services: access
to capital, business turnaround assistance, manufacturing outreach and
help with international trade.
1601 Carmen Drive, Suite 215
Camarillo, CA 93010
805-384-1800 • [email protected]
www.edc-vc.com
Funded in
part through
a Cooperative
Agreement with
the U.S. Small Business Administration. All
opinions, conclusions or recommendations
expressed are those of the author(s) and do
not necessarily refect the views of the SBA.
072213
doc_580434496.pdf