This article focuses on the nature and role of small business in the sphere of consumer market and services as an important condition of economic growth. The article presents the analysis of the state of small business in the federal subjects of Russia - the Republic of Khakassia, and summarizes its development, the structure of small business by the number of enterprises in different activities. The authors estimate the small business in the sphere of consumer market and services and present the peculiarities and problems of development of entrepreneurial structures in the sphere of consumer market and services at the regional level (on the example of Republic of Khakassia). The consumer market remains one of the most important factors of economic growth in the Republic of Khakassia. The authors determine the factors contributing to the development of small business on regional level and their impact on economic growth. They note that just small businesses do not require large upfront investment and guaranteeing a high rate of turnover of resources and they can most quickly solve the problems of the formation and saturation of market with goods and services. Small businesses can quickly respond to changing consumer demand and thus they can provide the necessary balance in the consumer market. This study is limited to the territory of the Republic of Khakassia, however, the information can be applied and used in other regions of the Russian Federation, as well as in the preparation of textbooks and articles.