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.

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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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.

• 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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