The U.S. Census has new statistics out – and they show that the numbers of single-person businesses are booming. There are now over 20 million such businesses, based on the most recently available data as of 2005.
To be exact, the United States has 20,392,068 single-person businesses. In the space of three years, 2.7 million more people became the owner of a “business of one.â€?
For the past three years the number of single-person businesses has grown each year between 4% and 5%. That means the single-person businesses grow faster than the rate of growth of the U.S. population as a whole (which grows at about 1% a year according to the U.S. Census).
These single-person businesses account for 78% of ALL U.S. businesses. You know those millions of small businesses that everyone is always talking about? Well, the majority of them fall into this category of single-person business.
These single-person businesses bring in over $951 billion (US) in annual receipts or sales to the U.S. economy.
Go here for detailed Census statistics on single-person businesses.
Photo by MSDesigns.