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Solopreneurs are on the rise
In 2019, 50.7 million businesses were identified as small, employing up to 499 people. Eighty-one percent of those business owners had no additional employees.
Solopreneurs are entrepreneurs who, by choice, run their businesses entirely on their own. They come in all shapes.
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Redefining a work-life balance
People are leaving their jobs to start their own businesses. Yet, less than three percent of the 51 million independent workers filed as businesses intending to hire employees.
A 2021 MBO Partners report found that 82 percent of independent small business owners want to keep their company small, and 56 percent said they wanted to remain solopreneurs. Many became entrepreneurs to improve their well-being, not to add complexity by managing other people or building a mass operation.
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Diverse solopreneurs
A decade ago, solopreneurship might not have been possible but new technologies give the tools to turn anyone into an entrepreneur.
- Billionaire Kylie Jenner outsources manufacturing and packaging to private label producers while letting different services handle her sales.
- Drop-shippers evolved from third-party order fulfillment for Amazon and eBay.
- Solopreneurs, from dog trainers to therapists, can bring home six-figure incomes.
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A diverse economy is stronger
As major enterprises continue to automate and consolidate, they’ll need less manpower and leave fewer places for everyone to fit. This will leave more room for people to start their own businesses.
Reports predict that the number of solopreneurs will skyrocket by 2026. They’ll create more networks of solopreneurs hiring solopreneurs and increasingly develop more resilience working together. As they become more diverse, society as a whole will demonstrate greater economic endurance and stability.
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