When the nightly news typically discusses “startups” and “job creation,” it’s about Silicon Valley, high-tech firms.
But there’s massive numbers of new business owners you DON’T hear much about: Solo Entrepreneurs.
And according to US Small Business Administration, they represent a huge segment of the entrepreneurial landscape. In fact, the number of these “non-employer” firms has risen from 15.4 million in 1997 to over 24.3 million in 2015.
These firms account for a full 3% of the annual receipts for US businesses – and on average, a solo-entrepreneur earns $47,000 / year.
You’ll find “non-employer” business owners in every industry, in practically every role. While you typically think of performing artists like musicians and writers as part of the “gig” economy, in reality there’s no real limit on the types of services and products these businesses deliver:
- Pet Care
- Hobby Shops
- Museums
- Dating Services
- Real Estate
- Clothing Manufacture
- And many more.
Plus, they well-represented across the demographic spectrum, with 4 in 10 run by women and almost 1/3rd run by minorities.
So the infamous “side-hustle” is now being recognized as a valuable contributor to the business world – and expect to see even more of this in the future.
Maybe you’ve got a little side business going on – if so, you absolutely want to make sure you’re meeting all the necessary obligations as well as taking advantage of the tax breaks as well.
For a free “side-hustle” checkup, give us a call at 513-563-PLAN (7526) or book online and we’ll do our part to help make sure your little venture has the very best chance of success.
Regards,
Dan Cuprill, CFP®
