Starting one’s own business has long been a part of the American tapestry of dreams. But more than ever, becoming an owner doesn’t involve managing a massive payroll or activity-filled warehouse. In fact, it doesn’t require anyone other than yourself. The nation’s 29.8 million solopreneurs \u2014 businesses with no paid employees \u2014 contribute $1.7 trillion to the U.S. economy, representing 6.8% of total economic activity, according to the most recently published U.S. Census Bureau data.<\/p>\n
California led the way with 3,502,950 solo businesses in 2022, but Florida was tops in per capita solo start-ups, with about 13.3 non-employer establishments per 100 people, according to the U.S. Census Bureau. The data was released in May, but only covers through 2022. More recent data sources also point to the “solopreneurship” business model growing at a torrid pace. Entrepreneurs are filing an average of over 440,000 applications every month \u2013 a rate over 90% faster than pre-pandemic averages, according to the Small Business Administration.<\/p>\n
While side hustles have been a staple of the American economy for years, it may seem counterintuitive that amid tariffs and high interest rates, the ranks of small business owners are growing. But one-person businesses are growing faster than ever, and experts agree that artificial intelligence is likely a factor. “I think the barriers to entry for being a small business owner now are probably the least they’ve ever been,” said Mark Valentino, Los Angeles-based head of business banking for Citizens Bank.<\/p>\n
Valentino estimates that an interested individual could start a side hustle in 10 minutes and start making money, with AI providing a ready-made virtual assistant and ChatGPT available to assemble a business plan within minutes. Social media is also powering these numbers as solopreneurs are connecting with interested consumers online instantly, customers bases that once would have taken years to identify and build.<\/p>\n
Social media platform TikTok is home to an estimated 7.5 million businesses, with many soloists selling obscure items. The most significant growth is among female entrepreneurs under 30, tapping into what Esme Lean, head of small business at TikTok, described as a craving for authenticity that is relatively inexpensive to build a business around. “These stories reflect a much larger wave of entrepreneurs who are growing not by spending heavily on traditional marketing, but by relying on creativity and community,” Lean said.<\/p>\n
The creator economy is a vital driver of the solopreneur boom, according to Saurav Pathak, clinical associate professor at the Raymond A. Mason School of Business at William & Mary. “It has become extremely easy to build personal brands and get paid directly by passionate fans via platforms like YouTube, TikTok, and Patreon,” Pathak said. But he added that this is only part of a bigger trend, as consumers find themselves increasingly disconnected from sprawling corporations.<\/p>\n
Whether AI or social media, Najiba Benabess, the business dean at Neumann University, says the rise of the solopreneurs reflects a significant shift in use of technology and how workers across the economy view professional opportunities. “Technology has lowered barriers to entry; one person with a laptop can now run a global business,” Benabess said, noting that at the same time, people are prioritizing flexibility, autonomy, and purpose over traditional career paths.<\/p>\n
Angela Berardino credits AI with being able to strike out on her own as the solo founder of boutique marketing firm Brouhaha Collective. “I know, everything is AI these days, but at a startup level: AI has given me an army of admins and interns that take notes on calls, do first rounds of research, and help me analyze large data sets,” she said. Flexibility and family are also driving the trend for solopreneurs like Berardino.<\/p>\n
The entrepreneur economy cuts across all ages and demographics. As Susan Bernstein, a 77-year-old Pennsylvania resident who started Elegant Endings, a business that reworks old and discarded jewelry, said, “I am my staff in my tiny business. Each rework is one of a kind. I’ll never be on HSN or QVC, but the individuals and repeat customers make retirement fun.” For more information on how to start a business and explore income opportunities, visit Here<\/a><\/p>\n When considering starting a solopreneur venture, focus on identifying your unique strengths and passions, and explore how you can leverage technology and social media to connect with your target audience and build a loyal customer base. By doing so, you can create a successful and fulfilling one-person business that brings you flexibility, autonomy, and purpose. <\/p>\n","protected":false},"excerpt":{"rendered":" The Rise of Solopreneurs: How One-Person Businesses Are Revolutionizing the Economy Starting one’s own business has long been a part of the American tapestry of dreams. But more than ever, becoming an owner doesn’t involve managing a massive payroll or activity-filled warehouse. In fact, it doesn’t require anyone other than yourself. The nation’s 29.8 million […]<\/p>\n","protected":false},"author":1,"featured_media":1011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108200861-1758216486704-gettyimages-1323190936-1990.jpeg?v=1760023794&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-1010","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business"},"_links":{"self":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/1010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/comments?post=1010"}],"version-history":[{"count":1,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/1010\/revisions"}],"predecessor-version":[{"id":1012,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/posts\/1010\/revisions\/1012"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/media\/1011"}],"wp:attachment":[{"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/media?parent=1010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/categories?post=1010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sosahustle.com\/blog\/wp-json\/wp\/v2\/tags?post=1010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Smart Tip for Readers<\/h2>\n