Small Business Labs

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The Rise of the Solopreneur Travel Agent

Small Business Labs

Fora is a new platform that provides full and part-time independent travel agents with the tools needed to run their travel business.  They recently raised $5  million in seed funding.  Fora joins a growing list of vertical market platforms providing solopreneurs with infrastructure tools for operating their own business.   The VC firm leading Fora's round, Forerunner Ventures, refers to independent workers as "the entrepreneur next door"   Key quo

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Retirees and the Gig Economy

Small Business Labs

According to the American Enterprise Institute's (AEI) The age re-retirement: Retirees and the Gig Economy , 20% of retired Americans also work in the gig economy. The article lists the usual financial reasons for working in retirement.   But more interesting is their description of some of the non-financial reasons.  Key quote: Ninety-six percent of over-65 workers reported that an enjoyable job is essential or important to living a fulfilling life.

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The Long Term Shift to Contract Labor by Small Businesses

Small Business Labs

Data from the IRS shows that sole proprietor small businesses spent $69.2 billion on contract labor in 2018 (the most recent data available).  Contract labor refers to nonemployee labor, such as freelancers, gig workers, etc. This is up from $64.8 billion in 2017 and just $34.4 billion in 2010. Over the period from 2010 to 2018, contract labor spend by sole proprietors increased by an annual growth rate of 9.1%.

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U.S. Birthrate Hits Another All-Time Low

Small Business Labs

One of the interesting statistics from the 2010 U.S. Census was their finding that the U.S. birthrate hit an all-time low in 2010.   At the time, demographers tended to blame this on the great recession and many forecast birthrates would increase as the economy got stronger. But fertility rates didn't improve.  In fact, they got worse and steadily declined from the all-time low of 1.72 in 2010 to a new all-time low of 1.64 in 2020.   Key quote from the Washingto

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The Problems Fashion Freelancers Face

Small Business Labs

Most gig economy and freelance studies cover a broad range of independent workers, so it's interesting when someone does a segmented, vertical market study on a freelancers.   Vogue's Fashion's freelancer problem exposed covers a recent survey on the effects of the pandemic on fashion industry freelancers'    The survey results show that the pandemic had a strong negative impact on them, with 66% of fashion freelancers reporting their financial situation h

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Barlow Research on Small Business Exporters

Small Business Labs

Barlow Research is one of our go-to sources on all things related to small business use of financial services. Their article Five Truths about International Business in the Middle Market covers survey research on the exporting and importing by U.S. firms with between $10 million and $500 million in sales (midmarket companies). As shown in the Barlow chart below (click to enlarge), the key finding is that about one-third of firms in this size category conduct business internationally.

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Book Review: Building the Business of You

Small Business Labs

Building the Business of You aims to help people "navigate the uncertain, post-pandemic world of work, while aligning personal purpose and professional advancement."  And it hits the target with practical, actionable advice on taking charge of and building a career in the new world of work. The central concept of the book is what the author calls the "career mashup"   This is a career where workers merge their skills, interests, passions, and experiences in a way that