Independent entrepreneurs are changing the face of the economy

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are increasing and with such speed, that we are still settling the right terms to describe them. In 2019, the identified 50.7 million companies so small, employing up to 499 people. But, 81 percent of them were business owners with no additional employees who were grouped in the same category. As more people shift their focus to starting their own businesses, an army of new technologies is emerging that wields the tools to turn anyone into an entrepreneur. In fact, they’re making it easier than ever for more people to run businesses on their own.

These are solopreneurs: entrepreneurs who are taking on business property all alone, and they’re about to make major changes to our .

Related: The Six Figure Solopreneur World: How Much Can You Earn As A Freelance Fitness Or Beauty Professional?

Solopreneurs run a one person show

Every solo entrepreneur is an entrepreneur, but not every entrepreneur is a solo entrepreneur. Most entrepreneurs start out as independent entrepreneurs, but the biggest difference is in their intent. While the entrepreneur seeks to create a great company, a solopreneur wants to create his company alone. We used to assign these one-man shows to the category of freelancers, who provided the typical freelance services: designers, consultants, and accountants. Now, although we continue to try to use the same language, a growing segment of these single and independent workers no longer fit these traditional conceptions. content creators, Old school vendors and service providers are driving this revolution. They come in all forms, and some of them don’t even bother to quit their nine to five job.

Today we can observe a mass exodus. People are leaving jobs for starting their own businesses. Not because they envision becoming a massive corporation, but to redefine their work-life balance or find purpose in starting something uniquely their own. A 2021 MBO Partner Report identified 51 million people as self-employed. But, data from the Census Bureau indicates that less than three percent of them presented as companies that intend to hire employees. The report also found that 82 percent of independents owners were happy to keep their business small, and 56 percent said they wanted to remain a solo entrepreneur. Many resorted to to improve your well-being, so as not to add the headache of managing other people or building a massive operation. Solopreneurship gives them that option.

Related: 10 tools to help your business grow as a solopreneur

Technology opens doors for more diverse independent entrepreneurs

The first divergence between independent and self-employed entrepreneurs occurred when the former began to build themselves as brands through the influence of social networks. In the beginning, we might have imagined influencers as a niche market. Now even nano and micro influencers with smaller followings can do between $60,000 and $100,000 one year. Many still offer services that resemble freelancing. But they also carry out content operations, selling physical products through affiliation or their own line. Ten years ago, a phenomenon like individual entrepreneurship might not have been possible. But today, with With the project of running a business becoming ever easier, people are realizing that they can do it for themselves.

By outsourcing manufacturing and packaging to private label producers while letting different services handle their sales and fulfillment, (of the Kardashian clan) created a cosmetics empire. he has turned her into a multimillionaire, at least by some accounts, fueled by just seven full-time and five part-time employees and their massive social media influence. And Kylie is not alone. drop shippers They have evolved of third-party order fulfillment for Amazon and eBay. They have developed as brands through platforms that allow them to create, manufacture and sell their own products directly from the factories to their audience through a personalized e-commerce store. Independent entrepreneurs, from dog trainers to therapists, can take home six figure income. a range of passion oriented businesses — from babysitting to gardening to selling local homemade cupcakes — they’re turning dreams into reality. As technology continues to make doing what people love even easier, independent entrepreneurs will increasingly move into more areas of business.

Related: 5 steps to climb from a hungry solo entrepreneur to an unstoppable company

A diverse economy is stronger

In 2020, the independent self-employed represented 36 percent of the US workforce constituting an estimated $1.2 trillion of its economy. That figure is 22 percent higher than in 2019, and a survey found 83 percent of executives planned to increase its use of freelancers in the next three years. The global health crisis contributed to this rapid growth, but individual entrepreneurship had already been on the rise for more than a decade. Reports already in 2013 showed that non-employer companies experienced significant growth, and three years later, they predicted the number of independent entrepreneurs skyrocket by 2026. With technology making business easier and our long-standing view of the workplace transformed, independent entrepreneurs will continue to occupy a larger and larger segment of the economy each year.

Solopreneurs are not freelancers booking services or entrepreneurs looking to grow. This new class of solopreneurs is commanded by more than a new name: they will need a new set of tools. Project management software is less useful when running a one-person program. Instead, individual entrepreneurs need tools that automate as many areas of their business as possible so they can stand alone and remain competitive. For most, managing all these tools is what begins to complicate the process. This has given rise to a whole new industry of consulting for independent entrepreneurs, websites that connect them with companies that need their business, or platforms like ours that give people the tools and guidance to keep going on their own.

Major companies continue to automate and consolidate. They will need less labor to generate the same income, leaving fewer places in the old system so everyone can fit. But more room for people to start their own businesses. Even without employees, solopreneurs get jobs, support families, and spread the economic benefits to communities. They will create more networks of independent entrepreneurs who hire independent entrepreneurs and build more and more resilience by working together. A major economic recession will end up closing a percentage of small companies. But with many small, decentralized operations, shutting down each and every one of them is much more difficult.

As individual entrepreneurs become increasingly diverse, society as a whole will demonstrate greater economic resilience. Solopreneurs give us the option of a local butcher and handyman instead of letting big business drive the entire economy. Just as agriculture is driven by its own logic, leading to the cultivation of seed banks and the planting of more than one type of apple, diversification leads to better chances of survival for a group. As solopreneurs continue to occupy and build more economic spaces, the more stable they will become.

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