 |
|
|
|||||
Over the last decade, the workplace has been defined by big headlines: mass layoffs, the rise of remote work, and the promise (or threat) of AI. But beneath the noise, a quieter revolution has been underway. Millions of people have left traditional jobs to build something of their ownfueled by technology, flexible work models, policy changes, and a cultural shift toward independence. As of 2023, there were almost 30 million solopreneurs or nonemployer businesses in the U.S.in industries ranging from healthcare to real estate to tech. But heres whats different today: Were no longer just talking about side hustlers, part-time freelancers, and gig workers. At Gusto, we recently studied nearly 25,000 owner-only businesses. To focus on sustained business activity, we specifically looked at businesses that stayed open for at least five years and paid themselves during 75% of the months or more that they were on Gusto, indicating consistent business engagement. Our research showed that these folkswho Ill refer to as established solopreneurswere running real, sustainable, and growing businesses across every corner of the economy. The quiet rise of the solo career What we found is incredibly surprising: In their first year, the average business revenue for these established solopreneurs is nearly $300,000. For example, construction solopreneurslike general contractors and home repair prosearn above-average revenue, offsetting high expenses with strong income. By year five, that number grows to over $500,000. And while many start by paying themselves via payroll conservativelyabout $41,000 in year oneby year five, theyre earning 25% more than similarly skilled full-time employees. What might start as a leap of faith with high aspirations becomes a smart financial decision in the end. This shift isnt happening on the margins. Of the nearly 35 million small businesses in the U.S., more than 80% are owner-only businesses. One in nine working adults now earns income through one-person businesses. They’re building companies designed for independence and impact, and they’re showing that you don’t need a big team to make a big dent in the economy. Millennials are leading the way One of the most encouraging signs is generational. Millennials, often dismissed as restless or risk-averse, are now the fastest-growing group of solopreneurs, particularly among these established solopreneurs. They start with less revenue than older peers, but grow faster and finish stronger. These millennial solopreneurs see the largest revenue gains of any generation, according to our research. They start with roughly $196,000 in year one business revenuenearly $100,000 less than Gen X or boomersbut end year five earning over $525,000, surpassing older generations and leading all age groups. Many millennials are starting businesses in information or professional consulting services, which typically have higher revenue and the most upside through continued growth. Most are doing it while reinvesting in their businesses instead of immediately increasing personal pay. Its a sign that this isnt a temporary detourits a career path with longevity and long-term upside. Gen Z solopreneurs, while still early in their journey, are following close behind. The oldest members of Gen Z are just reaching their late 20s, and theyre already launching businesses that outperform expectations. The value equation has changed Theres a simple reason this trend is acceleratingand its not just about money. Its about freedom. Solopreneurs are reclaiming control over both their income and their time. They can adjust their own pay as their business grows, set their rates, and define their scope of work. While employees may wait years for a modest raise or navigate layers of approvals just to try something new, solopreneurs have the power to make decisionsand reap the rewardsimmediately. Just as important, theyre designing work around their lives, not the other way around. Whether its the ability to pick their kids up from school, work out in the middle of the day, or focus on deep work without back-to-back meetings, solopreneurs are choosing flexibility as a core feature of their careers. As their businesses grow, solopreneurs are making increasingly sophisticated choices such as incorporating as S-corps, setting reasonable salaries, and using smart financial strategies to reduce tax burdens and build long-term value. Gusto data shows that solopreneurs who elect S-corp status consistently pay themselves more than peers using other structures. But getting these decisions right isnt easy and thats where the current system often falls short. The tools are finally catching up For too long, solopreneurs had to cobble together systems meant for side hustles or massive enterprises. The in-between didnt exist. But the market is finally waking up to their needs. At Gusto, we built Gusto Solo to support this growing group of entrepreneurs. Its a platform designed specifically for solopreneurs who have outgrown personal finance tools but arent yet looking to build a large team. These founders are running lean, profitable businesses. They deserve professional-grade tools built just for them. This isnt a trend. Its a transformation. Solopreneurship is reshaping how economic value gets created, who controls it, and what a career can mean in the 21st century. These businesses may be small by design, but they represent a major shift in power: from institutions to individuals. And with the right tools, support, and recognition, theyre poised to become one of the most dynamic forces in the modern economy. Its time we give solopreneurs the same attention, investment, and infrastructure we give to startups. Because the future of work is not being built solely in boardrooms. Its being built right now, one person, one business, at a time. Tomer London is cofounder and chief product officer of Gusto.
Category:
E-Commerce
“I’m going to get my MBA.” I replied, “I think that’s a great move for your career.” “Actually, Chris, I’m just trying to find a husband.” I nearly choked on my coffee. My friendtalented, smart, and undeniably practicalhad just revealed that her next dating strategy involved tens of thousands of dollars in tuition and two years of coursework. Not exactly your passive swipe-right approach. “I’ve tried everything,” she continued, laughing. “The run clubs, the dinner parties, the meetupseven pickleball. All fun, but no ring.” At first, it sounded like a rom-com plot from the 1980sgoing to school to get her MRS degree. But as she explained her thinking, it started to click. She was not just going to grad school for the degree. She was making an investment in her personal life with a focus on the kind of return that does not show up on a pay stub. Or does it? As CEO of a dating company, I understand her frustration and interest in a different approach. Many of our clients are professionals who have not found success with dating apps, partly because of the lack of commitment of those on them, and partly because they cant find people who are at the same place in life. A CURATED MARKET Relationships where both partners have similar education levels, or even the same degrees, often show higher rates of success based on an understanding of each others career paths. Harvard Business Review reported that people with conscientious spouses, supportive of their goals, earn $4,000 or more a year. Not bad. But its not just shared ambitions that matter; spending time together in meaningful settings matters too. In grad school, all-night study sessions, existential crises about your future, and shared exhaustion can create surprisingly strong bonds. Psychologists call it the mere exposure effect, meaning the more you are around someone, the more attractive they often become. In other words, sitting next to someone in a late-night accounting class might be a surprisingly effective path to personal connection. Not only that, but from my friends perspective, the MBA program is a curated market. Admissions officers have already filtered for ambition, intelligence, and commitment. According to Columbia Business School, the average MBA student has 5 years of work experience, meaning the classroom is full of career-focused, motivated people. And unlike dating apps, where quantity doesnt guarantee quality, business school gives you a front-row seat to see how someone handles stress, teamwork, and leadership before you ever consider a first date. If we framed it like a market analysis, my friend is moving from a chaotic, oversaturated dating environment to a niche segment with a high supply of eligible, motivated singles. A survey from Poets&Quants reports that over 30% of Harvard alumni ended up marrying someone they met during their time at school (undergrad or business school). If that were a stock, you might call it a buy signal. Intentionality My friends approach is part of a growing trend in dating: intentionality. In business, clearly defining your objectives and putting yourself in the right environment increases your odds of success. Relationships work the same way. Shared, high-stakes experiences, whether launching a startup in an accelerator or pulling an all-nighter before a strategy presentation, build trust and reveal character faster than casual meetups ever could. I’m not saying grad schools should rebrand themselves as dating hotspots. (Although, admissions offices, feel free to thank me later.) But it’s a reminder that when you invest yourself in a place full of others doing the same, the dividends might include love. And in my friends case, I will be checking back in a semester or two to see how her portfolio is performing. Chris Kumar is CEO of Tawkify.
Category:
E-Commerce
Texas-based Blue Bell Ice Cream is voluntarily recalling a limited number of half-gallon containers of Moo-llennium Crunch Ice Cream, which may contain nuts, after some were packaged in a Chocolate Chip Cookie Dough carton. People who have an allergy or severe sensitivity to almonds, walnuts, and pecans run the risk of a serious or life-threatening allergic reaction if they consume these products, according to the company announcement, which the Food and Drug Administration (FDA) posted on Friday, August 22. Moo-llennium Crunch is a classic vanilla ice cream with dark chocolate chunks, creamy caramel chunks, roasted pecans, chopped almonds and walnut pieces; while Chocolate Chip Cookie Dough does not contain nuts; that ice cream contains a mix of chocolate chip cookie dough and dark chocolate chips. Why was Blue Bell ice cream recalled? A Blue Bell employee discovered the incorrect packaging on two half gallons while restocking a retailer. No illnesses or adverse reactions have been reported to date. No other incorrect packaging has been discovered or reported to date. Which states are affected? The affected ice cream half-gallons were distributed in: Alabama, Arkansas, Florida Panhandle, Northwest Georgia, Southern Indiana, Southern Illinois, Kansas, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, Tennessee, Texas, and Southwest Virginia. The popular frozen treat is sold at a number of big box retailers and supermarket chains, including Walmart and Kroger. What is being recalled? The product details are as follows: Brand and product name: Moo-llennium Crunch Ice Cream packaged in a Chocolate Chip Cookie Dough half-gallon carton with a Moo-llennium Crunch lid Product code: 061027524 (on carton lid) What should I do if I have purchased this ice cream? Consumers who have purchased the ice cream can return the items to the place of purchase for a full refund. For more information, they can call 979-836-7977 from 8:00 a.m. to 5 p.m. Central time Monday through Friday or email consumerrelations@bluebell.com.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||