These are the 10 SC counties where small businesses do the best, IRS data shows
Do you know anyone who owns or works for a small business?
Currently, there are approximately 33,185,550 small businesses in the U.S. as of March 2023, according to the SBA.
Additionally, from 1995 to 2021, small businesses have created 17.3 million net new jobs while large businesses have created 10.3 million, as reported by the SBA. In turn, small businesses have accounted for 62.7% of net new job creation since 1995.
If you’re interested in supporting local small businesses or even those that are located on the other side of the country. It’s important to know what you’re looking for.
What exactly constitutes a small business?
“The Office of Advocacy generally defines a small business as an independent business having fewer than 500 employees,” detailed the U.S. Small Business Administration Office of Advocacy.
For individuals looking for more specific information regarding industry-level small business size standards used in government programs and contracting, visit the SBA’s Table of Size Standards.
Where are the best locations in South Carolina for a small business?
Have you been trying to shop local through small businesses to help them prosper?
If so, you may be interested to know where in the states is the best for small businesses.
A recent study by SmartAsset used IRS data to calculate how much small business income is generated in each county, as well as how many small businesses are operating in each county.
The study measured five factors to determine which counties ranked the best. According to SmartAsset, these factors included:
The five year change of small business tax returns
The five year change of small business income
The proportion of people in a county with small business income taxes
The reported business income
The amount of tax a potential resident must pay on their income
After using these metrics and comparing the data, 10 counties scattered around the Palmetto State were determined to be the best in the state for small businesses.
Charleston County was ranked in first place for being the best for small businesses after scoring a total of 58.64 on the Small Business Index. This county reported 15.45% for small business income, which was the highest out of all 10 counties.
Charleston County ranked 673rd best for small businesses nationally.
Beaufort County ranked second with an overall Small Business Index score of 54.73. Although receiving second, the county had 30.22% for small business returns, which was the highest percentage in the category in the Palmetto State for all 10 counties. Charleston County received the second highest with a 28.85%.
Beaufort County received 769th nationally.
Georgetown County received a third place ranking for the Palmetto State with a Small Business Index score of 51.74. This county reported 26.56% for small business returns, 11.35% for small business income, $9,294 for income taxes, 47.32 for the five year change of small business tax returns and a 7.35 five year change of small business income.
The entire list of top 10 counties in South Carolina that are reportedly the best for small businesses, according to SmartAsset, as well as their small business index score include:
Charleston County: 58.64
Beaufort County: 54.73
Georgetown County: 51.74
Jasper County: 49.37
Horry County: 48.44
Greenville County: 47.69
Richland County: 44.31
Berkeley County: 43.66
Lexington County: 43.41
Spartanburg County: 43.04
For an interactive map with a complete list of each county’s score for all five categories, visit https://smartasset.com/checking-account/savings-calculator#southcarolina.
