Small businesses are the lifeblood of Mecklenburg’s economy. From innovative startups to family-owned operations, these businesses bring diversity, resilience, and growth to Mecklenburg and its surrounding counties.
A recent study conducted in partnership with the Charlotte Business Journal reveals valuable insights into the state of small businesses in our region—and the CLT Alliance Foundation is proud to be at the forefront of sharing this valuable information.
A Thriving & Diverse Ecosystem
The small business landscape in Mecklenburg County and surrounding areas is thriving and incredibly diverse.
Most businesses surveyed operate as sole proprietorships or limited liability companies, and most serve the local community within Charlotte or nearby counties.
Approximately one-third are women-owned, and one-quarter are minority-owned, with African-American and Hispanic business owners comprising the largest share of minority ownership.
These businesses reflect a dynamic leadership: over 70% of owners are aged 35-54, with an average age of 44. Education also plays a key role, as 72% have earned at least a bachelor’s degree and 34% hold a master’s or doctorate.
On average, these businesses have been in operation for 12 years, with 69% established within the last 15 years.
Growth Mindset & Optimism
Local small businesses are also experiencing steady growth.
Average annual revenues have increased over the last three years—from $1.49M in 2021 to $2.43M in 2023. In surveys from the second half of 2023, 85% of business owners expected revenue to continue rising in 2024, projecting an average growth of 7.65%.
Alongside revenue growth, 80% of businesses plan to hire in 2025, particularly in customer service, sales, business development, and marketing roles.
Preparing for the Future: Growth Strategies
Small businesses in the Charlotte region are future-focused. Respondents highlighted digital transformation, strategic hiring, and partnership development as key growth drivers.
Nearly half of respondents have already adopted technologies such as AI, CRM platforms and digital marketing tools, and 45% plan to invest more in technology and marketing over the next year. Despite this momentum, business owners face persistent challenges. The top three barriers to growth include:
- Finding skilled workers
- Access to capital
- Managing operational costs
External pressures like inflation, regulatory changes, and shifts in consumer spending further complicate growth.
The Role of Entrepreneurial Support Organizations (ESOs)
Small businesses see value in support networks. Eighty-seven percent of business leaders agree that Mecklenburg County has a healthy and productive small business ecosystem.
And most of these community members also believe in the importance of staying connected with other local business owners through associations and networking.
Entrepreneurial support organizations (ESOs) play a vital role in this ecosystem. According to the study, small businesses seek ESO support in the following areas:
- Marketing and brand awareness (40%)
- Business development (37%)
- Networking opportunities (35%)
- Access to funding and capital (33%)
To build trust and engagement, ESOs must demonstrate a long-standing community presence, strong partnerships, and a clear impact on local policy and advocacy.
Many businesses currently partner with or have partnered with Mecklenburg County, the City of Charlotte, and the Small Business Administration.
Looking Ahead at the Charlotte Small Business Community
Small businesses in Mecklenburg and surrounding counties are optimistic, resilient, and prepared to grow. The CLT Alliance Foundation is committed to fostering this growth by leveraging critical data, strengthening community connections, and helping small businesses thrive through education, advocacy, and social capital.
View the full report here for a detailed analysis of the state of small businesses in Mecklenburg and surrounding counties, including valuable insights and data points.