Solopreneur business (or single-person business) is the aspiration of many budding entrepreneurs today. There were already 41.8 million solopreneurs by 2018, contributing over $1.3 trillion to the US economy. By 2025, it is forecast that we’ll have 45.6 million solopreneurs. On average, it is believed, nearly 15%-20% of full-time solopreneurs are already millionaires, or inching close. Come, join this burgeoning tribe!
Some important angles on a solopreneur business:
- Solopreneur Meaning: It Goes Far Beyond A Dictionary
- Solopreneur Types: So Many Role Models To Choose From
- Solopreneur Resources: Everything You Need In One Place
- Solopreneur Tips: Many Angles, Many Ideas, Many Voices
VIDEO: Joshua Lisec’s TED Talk video on “Solopreneurship: How to Create Your Dream Job from Scratch” (Must watch: 17:36 minutes)
In this terrific talk, Joshua shares his best strategies for transforming your skills into a viable one-person business, to help other aspiring solopreneurs skip the difficulties he faced early on. In fact, it was his first boss who told him, âYour skills are bigger than your job here. Youâre a great writer; try freelancing!â
Some key solopreneur statistics from renowned sources
Elaine Pofeldt wrote a seminal book in 2018 titled âThe Million Dollar One Person Businessâ. Her research into leading business trend reports at the time were strongly pointing to a surge in interest in âsolopreneurshipâ. The only issue was that the word âsolopreneurshipâ had not yet taken root, and so different leading reports were identifying solopreneur businesses by names like ânon-employer firmsâ or âindependent workersâ or the âgig economyâ.
Here are some interesting numbers on solopreneur businesses that Elaine Pofeldt gathered from various reports:
- According to the US Census Bureau, in 2015 there were 35,584 ânonemployer firmsâ (those that do not employ anyone other than the owners) that brought in $1 million to $2,499,999 in annual revenue. Of these, about 2,090 businesses earned between $2.5 million to $4.99 million, and 355 businesses brought in $5 million or more. Interestingly, there were very large numbers of smaller firms within hitting distance of the $1 million mark.
- 258,148 firms brought in $500,000 to $999,999.
- 584,586 generated $250,000 to $499,999 in revenue.
- 1,861,656 businesses brought in $100,000 to $249,999.
- The State of Independence in America 2017 report by MBO Partners counted 16.2 million full-time âindependent workersâ in the United States. A substantial 3.2 million people among them earned more than $100,000 in 2017, up 4.9% from 2016 alone. MBO Partners predicted that by 2022 the number would hit 47.6 million. That would account for nearly 38% of all workers.
- The U.S. Small Business Administration GEMâs Womenâs Entrepreneurship Report found that across the globe, solopreneur women formed 37.6% of all entrepreneurial activity, while male solopreneurs formed 27.8% of the total. However, in Noth America, male solopreneurs added up to 32% of total entrepreneurial activity, compared to women, who accounted for nearly 29%. Generally speaking, the richer the country, the more male solopreneurs influenced total entrepreneurial activity.
The sheer potential for 6-figure solopreneur businesses
Chinwe Onyeagoro writing in the Forbes Magaxzine discusses the Six-Figure Solopreneur World and how much you can earn. Heres what she writes:
“There’s often a stigma associated with solo businesses because they don’t always fall into a common category. There’s also a flawed and false notion that these businesses don’t thrive just as well as more established or accepted professions.
One reason some people believe that myth is that they don’t know what’s possible. People feel like there’s an income ceiling when it comes to these careers. However, the truth is that when you’re great at what you do as a solo business owner, there’s literally no limit to your earning potential.
I want to talk you through what certain solo business owners can expect with their earnings, on average, and how they can level up to get into that six figure (or higher) bracket. I think that more people would enter these professions if they had a real sense of what’s possible. You can be confident that it is possible to be rewarded for the efforts you put into delighting clients and growing that solo business.
In many solo business professions, when you’re at the top of your game and starting to do big productions and commercial work, big checks can soon follow. That’s because the work you’re doing isn’t just seen by a few, it’s seen by hundreds of thousands, even millions.”
SOME IMPORTANT ANGLES ON A SOLOPRENEUR BUSINESS
Solopreneur meaning? The dictionary says âsolopreneurâ is a hybrid word coined from âsoloâ and âentrepreneurâ i.e. a single-person business, where the boss is also the sole employee.
But to really understand the meaning of being a solopreneur you have to know the ins and outs, the pros and cons, the challenges and opportunities, and the skills youâll need.
Plus, you have to get clear on how a solopreneur is different from a freelancer, an entrepreneur, or a self-employed independent professional. [Read More]
Solopreneur types are usually differentiated by why people choose solopreneurship. What challenges in life do they hope to overcome, and what experience, expertise, or passion do they want to express through low-cost high-profit single-person businesses?
Solopreneurs fall into different categories based on their age, gender, areas of interest, or personal strengths. Either way, for those who want to become solopreneurs we have plenty of role models of every type of solopreneur.
Look for the ones that inspire you to follow their lead. Why reinvent the wheel where we have such exceptionally successful solopreneurs of all kinds to emulate? [Read More]
Solopreneur resources should all be available in a single place â thatâs what I, as a solopreneur, think. Our tribe of solopreneurs knows there are huge lists everywhere on the Net for everything we may need as part of our work.
But most list compilers donât get it. We solopreneurs donât want huge lists; we need cleverly curated lists. And we need all the diverse lists of resources in one place, so we donât have to search and sift through the information overload. Weâre aiming to make our work easier, not harder.
Knowing how hard it is to get good information, I have handpicked resources that have helped my solopreneur clients and me and categorized them for you. Pick from books, courses, tools, apps, forums, groups, and a host of other supportive aids that are all vetted for value. [Read More]
Solopreneur tips abound across the Internet. The problem is of plenty â and often, of contrary advice. Iâve tried my best to pull together some of the best gems of solopreneur tips, tactics, and tricks and put them under different heads â¦ so you, the reader, get a cross-section of valuable opinions on a host of solopreneur-related topics.
Solopreneurs are a group who have their own unique issues and queries. As the lone hands in their businesses, they have challenges and rewards in equal measure.
We thought it would be very useful to solopreneurs to hear more angles, more ideas, and more voices on topics they think about the most. [Read More]
So What Are Your Thoughts? Do Share!
This post is incomplete without your input. The community of solopreneurs would feel galvanized to hear from you … so do share your thoughts on this topic with us, in the comments field below this post.