Small Business Labs

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Gen Z Driving the Changing Demographics of Independent Work

Small Business Labs

2021 represents a watershed year in terms of the generational makeup of the independent workforce. As the study chart below (click to enlarge) from the MBO Partners 2021 State of Independence report shows, the two youngest generations - Gen Z (born 1997-2012) and Millennials (born 1980-1996) - make up the majority of independent workers (freelancers, self-employed, gig workers, etc.). 2021 is the first year when this is the case.   A key driver of this shift has been the rapid growth

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Good Morning America on Side Hustles

Small Business Labs

Good Morning America had an excellent segment on gig economy side hustles this morning (see the video below). It focused on women and side gigs, but they hit on the main reasons both men and women get side jobs - they provide a flexible way to supplement their income and earn money in response to a financial shock. We also liked the end of the segment when the announcers talked about the side gigs they've done.

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Gig Platform Workforce in England and Wales Nearly Tripled Over the Past 5 Years

Small Business Labs

The U K's Trades Union Congress (TUC) recently released a study that found that about 14.7 percent of workers in England and Wales - about 4.4 million workers - regularly perform work via an online gig platform.  They also found that 22.6% of workers in England and Wales have used gig platforms to find work at some point. This is up from 5.8% who performed work via online platforms regularly (at least once per week) in 2016.

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Social Commerce Forecast to Boom

Small Business Labs

One of the hottest investment firms is Ark Investment Management.  Their investment focus is on firms creating disruptive innovation and their stable of exchange-traded funds has around $40 billion invested in them. Their recent article Social Commerce:  The Next Wave in Online Shopping outlines why they're forecasting social commerce to boom over the next 5 years.

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America's Growing Diversity

Small Business Labs

According to the 2020 census, between 2010 and 2020 the white population in America declined  by 5.1 million.   And as the chart below (click to enlarge) nicely illustrates, all of America's population growth in the past decade came from people of color.   The chart comes from Brookings' New 2020 census results show increased diversity countering decade-long declines in America’s white and youth populations.  The article point out that white population

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LA's Creator Townhouse Community

Small Business Labs

The Hollywood Reporter's New Studio City Townhouses Draw Digital Creators Thanks to Hybrid Zoning covers a new townhouse community designed for artists and creative professionals.   Quite unusual in LA, the townhouses have live/work zoning approval.  Key quote from the article on the units: "Located at the edge of Studio City, across from Universal Studios, Thirty Four Fifty West has hybrid zoning that permits people to have a full professional office or creative studio

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Small Business Applications in May 2nd Highest Ever

Small Business Labs

May was yet another banner month for new business applications.  As the U.S. Census chart below shows (click to enlarge), 500,219 business applications were filed in May.  This was the second highest number of applications filed since this data was first collected in 2005. The recent surge in applications started last summer in July when a record 551,000 business applications were filed.   The surge has, so far, continued in 2021.

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