Technology has changed business for the better. Barriers to entry are at an all time low, and today’s idealist is today’s entrepreneur (no need to wait for tomorrow). With such easy access to business growth and product potential, small business is becoming increasingly small. According to an Alex Hood (vice president of product management at Intuit) presentation “at the Smart Hustle small business conference in New York City, the average size of small businesses in America shrunk from 6.5 employees in 2001 to 4 in 2014.” You simply don’t need a large staff to be successful.
Enter the Solopreneur.
A solopreneur is someone who starts a business on their own and grows it through partnerships rather than employee hires. "Intuit just predicted in its Future of Small Business report that the number of small businesses in the U.S.—most of them solo operations—will grow from about 30 million in 2014 to about 42 million in 2026. The annual growth rate will rise to 3.3%, up from 2% annual growth from 2004 to 2014.“ The solopreneur market is ever increasing and with so many Do-it-yourself options available, its rise will continue.
A great example is the craft brewery market which "made up almost 20% of the beer market in 2015, up from less than 5% in 2008.” Other industries seeing more solopreneurs include music, media, and education. In addition, with tax and overtime implications, businesses are looking to label current employees as businesses to earn capital relief.
The opportunities seem endless for solopreneurs and may be the future of all business.