The Trend Toward Solopreneurship
By Brad Crowson | April 25, 2022
As home-based business ownership continues to trend upward in the U.S., Rio Rancho is certainly keeping pace. In fact, over 70 percent of the business registrations in Rio Rancho are for home-based businesses. This trend toward “solopreneurship” is driven by a number of factors, including the opportunity for people to supplement their income without taking on another job, the broad range of options for those with marketable skill sets and creativity, and technology advancements like the widespread availability of high-speed internet. It’s also, in most cases, fairly low-risk financially and offers significant upside potential for both personal fulfillment and income generation — not to mention terrific tax benefits if structured properly!
Microbusinesses, those with fewer than five employees including the owner, now account for up to 92 percent of all U.S. businesses and continue to have a huge impact on our economy. According to a recent report by the Association of Enterprise Opportunity (AEO), when considering direct sales and receipts and indirect and induced economic output, these microbusinesses combine to result in an almost $5 trillion economic impact. They also contribute $135.5 billion in tax and fee revenues to federal, state and local governments.
There are some drawbacks to consider, as well. Many people have difficulty with time-management when working from home because the distractions are often abundant and hard to work around. They’ll frequently pick the path of least resistance and opt for creative ways to delay work that needs to be done in favor of things they’d rather be doing. It’s crucial that these small-business owners find ways to hold themselves accountable for completing tasks satisfactorily and on time, either by adopting stricter schedules or developing rewards systems that can help keep them on track. There’s no question that working from home requires self-discipline and time-management skills that many people lack.
Working from home can also be somewhat isolating. Solopreneurs can offset these feelings of isolation by making efforts to get out and interact with other business owners through networking activities or the utilization of a co-working space. Business networking groups are numerous throughout the Albuquerque/Rio Rancho area, and the time invested can pay huge dividends for home based businesses. Networking offers a great chance to market the business and exchange ideas with other like-minded business professionals … and potential customers.
For many, a fantastic option might be FatPipe’s co-working space in Rio Rancho, at NM 528 and Quantum Road. FatPipe is a place where entrepreneurs and freelancers can take advantage of reliable high-speed internet, modern co-working and meeting space, and numerous workshops and networking events throughout the year. They offer affordable monthly or drop-in rates for those seeking ways to escape the distractions of home.
Solopreneurs and microbusinesses have become indispensable drivers in the broader U.S. economy and will continue to play a vital role in providing a livelihood for millions of those throughout our nation who choose self-employment.
About the Author
Born in Albuquerque and raised in Lubbock, Texas, Brad returned to New Mexico in 1994 and has held a variety of positions throughout his career including Restaurant/Hotel management with Hyatt Regency hotels, Sales and Marketing in both the industrial and healthcare sectors, and in Real Estate sales and investments. He holds his undergraduate degree from Texas Tech University and an MBA from the Anderson School of Management at the University of New Mexico.