Solopreneur Growth Accelerates Across the U.S.
Starting a business in America has evolved beyond managing large teams or complex operations. Today, nearly 30 million solopreneurs — defined as businesses with no paid employees — are fueling a significant portion of the U.S. economy. According to the U.S. Census Bureau, solopreneurs contribute approximately $1.7 trillion annually, representing 6.8% of total economic activity. California leads with over 3.5 million solo businesses, while Florida ranks highest per capita, boasting 13.3 non-employer establishments per 100 residents as of 2022.Technology Lowers Barriers to Entry for Solo Entrepreneurs
Recent data from the Small Business Administration reveals entrepreneurs are filing over 440,000 business applications monthly — a pace more than 90% faster than pre-pandemic levels. Experts attribute this surge largely to advancements in technology, especially artificial intelligence.“The barriers to entry for being a small business owner now are probably the least they’ve ever been,” said Mark Valentino, head of business banking at Citizens Bank in Los Angeles. “With AI tools like ChatGPT, one can draft a solid business plan in minutes and approach lenders confidently.”
Social Media Drives a New Wave of Solopreneurs
Platforms like TikTok have emerged as powerful marketplaces, connecting solopreneurs directly with consumers. Esme Lean, TikTok’s head of small business, highlights entrepreneurs who quickly monetize niche products, such as a creator who sold 750 bottles of monk fruit chamoy in her first week online.“You don’t even have to have a business idea; it could just be something interesting or something you love that you end up creating a business from,” Lean explained.
Shifting Career Priorities Fuel Solopreneurship
The rise of solopreneurs also signals a broader change in workforce values. Najiba Benabess, business dean at Neumann University, emphasizes that technology enables global businesses to be run by a single individual, aligning with workers’ desires for flexibility, autonomy, and meaningful work. Angela Berardino, founder of the boutique marketing firm Brouhaha Collective, credits AI with providing administrative support that made launching her business feasible. Today, her team largely consists of mothers seeking high-level, flexible work — a model difficult to find in traditional corporate environments.“If you’re ambitious, the lack of support in traditional business models is a huge incentive to start your own thing,” Berardino said.
Solopreneurship Across All Ages and Demographics
The solopreneur economy transcends age and background. Pennsylvania resident Susan Bernstein, 77, runs Elegant Endings, a retirement venture transforming old jewelry into unique pieces. She values the personal connection with repeat customers over mass-market exposure.“I am my staff in my tiny business,” Bernstein said. “Each rework is one of a kind, making retirement both creative and rewarding.”
FinOracleAI — Market View
The surge in solopreneurship reflects a fundamental shift in how business is conducted and who participates. Technology, especially AI, combined with social media platforms, has drastically lowered barriers to entry, enabling individuals to launch and grow businesses independently.- Opportunities: Expansion of the creator economy, growth in niche markets, increased innovation through AI-driven efficiencies.
- Risks: Market saturation, challenges in scaling solo ventures, potential regulatory scrutiny on gig and creator platforms.
- Demographic shifts favoring flexible, purpose-driven careers support sustained growth.
- Financial institutions may need to adapt lending models to accommodate solo entrepreneurs.
