“The pandemic has unleashed a historic burst in entrepreneurship and self-employment. Hundreds of thousands of Americans are striking out on their own as consultants, retailers, and small-business owners.” This is the opening paragraph from an article in the November 30, 2021 Wall Street Journal titled, Workers Quit Driving Jobs in Droves To Become Their Own Bosses.
Here are the most interesting pieces of information I garnered from the article:
- Through October of 2021 4,540,000 new businesses applied for a federal tax and identification number, up 56% from 2019.
- The share of workers with firms of 1000 or more employees has fallen for the first time in 17 years.
- The percentage of workers who are self-employed is the highest it has been in 11 years.
- From a person who started their own business, “I feel so successful and wake up every day like, “’I wonder what’s going to happen today.’”
- Another person who struck out on their own said his favorite part is not having to deal with corporate policies or bureaucracy.
- This person also commented, when offered a job from one of his clients, “I told them, I’ve seen the light.”
While a very high percentage of the new businesses are people starting a company, primarily one where they will be the only employee, there are other ways to be in business for yourself. For people who may not have the business skills to start or by a business, a franchise is a great way to enter self-employment.
For those who have the skills necessary to manage people, money, processes, and enthusiasm, buying a (mature, profitable, and fairly priced) business is often the best option. And in the spirit of the holidays, if you or someone you know would like a complimentary copy of my book, Buying A Business That Makes You Rich, let me know and we’ll get you a paper or Kindle version.
The same offer of a free copy goes for our other books:
- If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want?)
- Company Growth By Acquisition Makes Dollars & Sense
- Getting the Deal Done.
