Independents’ Day: What the stats say about our future as solopreneurs
Does it seem like everyone you know is making the leap to solopreneurship? It’s growing, fast. Here’s what it means for you.
Is everyone you know launching a solo business?
It’s true, the number of solopreneurs in the USA is soaring. Reporting by Stastista and Forbes projects that the number of freelancers in the United States will reach 86.5 million in 2027. That’s up from 57.3 million in 2017, a whopping 51% increase in just 10 years.
By 2027, solopreneurs will make up more than half (50.9%) of the US workforce.
These are impressive, but not surprising, numbers. Working solo was an oddity when I began decades ago. Now it’s a chosen lifestyle.
What’s driving the growth?
I see five major influences contributing to this fast growth:
Technology. The barriers to starting and growing a solo business have become nearly invisible. Tech platforms allow you to
find work
market your product or service,
get advice from experts
manage your finances
master new skills
join a community of solo peers
and more.
Much of this was unavailable even a few years ago.
Financial potential. It is now possible to make a 6- to 7-figure income as a solo business, and many are leaving full-time employment to do so. MBO Partners’ recent State of Independence Report shows that 4.6 million solopreneurs made $100,000 or more in 2023, up 53% from 2021. We’re getting better at making more money.
Demographics. More workers, across all ages, are choosing an independent workstyle. Boomers are getting older and want the flexibility of a part-time encore career. Gen-Xers are seeking more autonomy in their work as they reach peak earning years. Millennials understand the potential of technology to maximize their productivity and enjoy flexible work hours. Gen Z workers have grown up as digital natives in a fully connected world and see work as part of larger lifestyle choices.
Social factors. With the pandemic, priorities changed. Employees learned to work from home and celebrated not commuting.
Workers of all ages have taken a fresh look at what employment means for their relationships, their mental health, and their overall quality of life.
Millions of people are choosing to become solopreneurs as an alternative to paychecks, embracing the freedom and flexibility of working on our own.
Economy. As inflation continues, many are turning to part-time solopreneurship as a way to cover increased household expenses or to pay for a special purchase, whether it’s a new car, college tuition, or a dream vacation. They may not be abandoning regular W-2 employment as they become solopreneurs at night, on weekends, or seasonally to boost their income.
What’s in it for us?
As solopreneurship continues to rise—and makes up more than half the workforce in a few years—the market implications cannot be denied. I believe we will see:
Better tech products specifically designed for one-person companies
More digital platforms assisting solopreneurs in marketing and finding clients
An increase in companies offering back-office services such as bookkeeping, legal services, and CRM for microbusinesses
Learning platforms (such as my new soon-to-launch Solo Business School) helping individuals ramp up their business knowledge about working solo in bite-size pieces
AI-infused software and services to streamline solopreneur operations at every level
An abundance of vibrant communities connect solopreneurs around the world for peer mentoring and support
Professional services such as mental health counseling offer tailored support for the self-employed
And much more visibility, credibility, and opportunity for solopreneurs
What I wish we’d get
There are two big items on my wish list.
First, I dream of having better health insurance options for solopreneurs. In the USA, the Affordable Care Act (aka Obamacare) was a significant step toward increasing health care coverage for many. However, many solopreneurs still face health issues that remain financially burdensome. Many who want to take the solopreneur leap are unable to leave their employee health-care benefits behind.
The other item is rethinking child care. Many women turn to solopreneurship as a way to balance raising young children and staying professionally active. It’s not easy when both require full-time attention. This is a thorny issue with no easy solutions and impacts both men and women.
I long for fresh and creative approaches that will unleash the talent and capabilities of entrepreneurial women (and men) who are raising children at home.
Solo, but not alone
Solopreneurs are a force, and there are more of us than ever before.
Through the years, I’ve said that solopreneurs are “a mass market of individuals.” Today, however, we are instantly and globally connected in powerful ways. We can come together to design and influence the future.
I am optimistic that we can digitally harness the creativity of millions. In the process, we are reinventing how we all use our talents, intelligence, and skills.
Here’s to the future, where we design our businesses—as well as our lives—in the way we choose.
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