The number of million-dollar, one-person businesses in the United States has doubled from 2021 to 2022. According to data from the U.S. Census Bureau, 116,803 nonemployer businesses generated $1 million or more in revenue in 2022, up from 57,222 the previous year. Mike Brown, who runs Unbreakable Wealth in Golden, Colorado, coaches entrepreneurs on their mindset about money.
He believes that within the next 18 months, we could see a billion-dollar, one-person company. Brown says, “AI is creating unprecedented opportunities; it’s like democratized leverage.”
The growth of these businesses is reflected in various revenue categories:
– 104,525 firms earned $1-2.49 million in 2022, up from 53,460 in 2021. – 11,314 businesses made $2.5-4.99 million in 2022, up from 3,593 in 2021.
– 965 businesses reached $5 million in 2022, up from 769 in 2021. “Nonemployer” businesses are typically one-person operations that use automation, outsourcing, and contractors to scale without adding traditional employees. This surge in lucrative one-person businesses could reshape the employment landscape.
Million-dollar businesses using automation
More people are finding ways to generate substantial income independently, which may change the dynamics between employers and employees. These million-dollar businesses span various sectors, including e-commerce, wholesaling, transportation and warehousing, professional services, mining, and agriculture.
Each sector saw notable increases driven by economic recovery, AI and automation, and the rise of side businesses becoming full-time ventures. Entrepreneurs like Brown suggest key mindsets for success:
1. Use AI and automation to maximize what can be accomplished with minimal resources.
2. Keep overhead and debt low to ensure capital efficiency. 3.
Plan for growth from the outset, even if starting small. As the landscape for nonemployer businesses evolves, more entrepreneurs will likely cross the million-dollar threshold, demonstrating the potential of one-person enterprises in today’s economy.
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