Solopreneur Statistics For 2024

Last Updated on July 25, 2023 by John Cirelly

Solopreneurship has been on the rise in recent years, almost in tandem with side hustles and gig jobs. with more and more individuals starting their own businesses and pursuing their entrepreneurial dreams.

Solopreneurs, or individuals who run their businesses alone, have become a significant force in the economy, contributing billions of dollars and creating job opportunities.

In this article, I will explore some of the latest solopreneur statistics for 2024, providing insights into the demographic, economic, and social trends shaping the solopreneur landscape.

Solopreneur Statistics For 2024

41.6% of solopreneurs have been running their businesses for less than one year. [Leapmesh]

This indicates that solopreneurship continues to attract new entrepreneurs, possibly due to the growing gig economy and the ease of starting a business online.

80% of the 24 million small businesses in the United States are run by one-person businesses or solopreneurs. [Small Business Administration]

Solopreneurship is a popular choice for individuals who prefer to run their businesses independently, without the need for additional employees or partners.

In 2020, the number of self-employed individuals in the U.S. increased by 9.6% to reach 15.3 million. [U.S. Bureau of Labor Statistics]

The rise of the gig economy and the growing popularity of remote work have contributed to an increase in self-employment in the U.S. Data shows that the pandemic had a notable impact on the gig economy and side hustle culture.

13.13% of solopreneurs reported feeling lonely and isolated in their work. [Leapmesh]

This highlights the importance of building a support system and community for solopreneurs to combat loneliness and promote mental health.

56% of self-employed individuals in the U.S. are male, while 44% are female. [FreshBooks]

While solopreneurship is often seen as an option for women who want more flexibility in their career, men still make up the majority of self-employed individuals

14.8% of solopreneurs are between the ages of 18 and 24. [Leapmesh]

This shows that young adults are increasingly interested in entrepreneurship, possibly due to the availability of resources and technology to start their own businesses.

The number of solopreneurs is on the rise and is contributing over $1.3 trillion to the United States economy. [Fundz]

This highlights the economic impact and potential of solopreneurship, particularly as traditional employment models shift towards remote and flexible work arrangements.

Some solopreneurs start their businesses as a side hustle to supplement their full-time income. These types of solopreneurs numbered 15 million in 2019, rising 6.3% from the year before [Goshippo]

This shows that solopreneurship is not limited to full-time entrepreneurs, but also includes individuals who start their businesses while maintaining other jobs or income streams.

The top industries for solopreneurs in the U.S. are professional, scientific, and technical services; healthcare and social assistance; and construction. [Source: Small Business Administration]

These industries offer opportunities for solopreneurs to leverage their expertise and skills, as well as to provide services that are in high demand

41.5% of all entrepreneurs are women, while 58.5% are men. The average age of an employed entrepreneur is 44 years old, and the most common ethnicity of entrepreneurs is White (67.1%), followed by Hispanic or Latino (15.4%), Asian (6.4%), and Black or African American (6.3%) [Zippa]

This highlights the demographic distribution of solopreneurs in the United States and the need for inclusivity in entrepreneurship.

Solopreneurs tend to be more educated than the average population, with 49% having a bachelor’s degree or higher, compared to 33% of the overall population. [FreshBooks]

Higher education levels may provide solopreneurs with the skills and knowledge needed to succeed in their chosen field.

The solopreneurship trend is expected to continue growing, with a projected 42 million self-employed individuals in the U.S. by 2026 [Statista]

The rise of the gig economy, advances in technology, and changing attitudes toward work are all contributing factors to the growth of solopreneurship.