Believe it or not, the majority of businesses in the United States have no employees. According to data from the Small Business Administration, these non-employer businesses make up roughly 80% of all American businesses. They are also the main source of income for 40% of their owners, and a side gig for 60% of them. Around half of the owners of non-employer businesses spend less than 20 hours a week on their business, and they’re found in every industry.
Non-employer businesses don’t contribute as much to the GDP or employment statistics as employer businesses do. However, they are a great example that it is more than possible to work solo and prosper.
Graham Michael Byers is a digital entrepreneur and author currently residing in Puerto Rico. His unique blend of digital business, marketing, and branding skills (along with his newfound love for Puerto Rico and tax optimization) puts him in a unique position to offer advice on working solo and making it big.
Growing up, Byers worked a full-time job while he developed his own business on the side. “After graduating from college I started working for a software company in San Francisco,” he says. “At the same time, I was working on my online business.”
Byers wasn’t working entirely alone, however– his business partner was a friend from his college days. They continued working together long after their side gig became a business that they eventually sold. Still, the skeleton of his success story is something that could also be applied to solo work for a number of reasons.
Graham Michael Byers’ initial success came from finding a profitable niche to start a business in. There are more niches now than ever, and every new industry gives birth to several supporting, related, or service niches. The choices are there, and the first step is to make a good one: one that covers aptitudes, fits with the amount of free time available, and ideally, can be performed remotely.
The next step is hard work and growth. Graham Michael Byers works in the supplements industry, and he has expertise in all kinds of digital marketing channels. Growth is intrinsically tied to good marketing – a client needs to be aware of the product and know sufficiently about it before making a purchase.
The solo entrepreneur needs to understand their strengths and how to focus. If someone isn’t a “product person,” but understands marketing, they can buy already established brands and market them to the top. On the other hand, if product development is what someone excels at, they may have a great career developing products to sell down the line.
Next comes tax optimization. “I’m in the middle of publishing a book on how entrepreneurs can take advantage of Act 60 by moving to Puerto Rico,” Byers says. Making that move can put solo entrepreneurs in a position to pay a 4% tax rate, and funnel that money back into their business to further fuel its growth.
Ultimately, what is equally as important to growing a business, is knowing when to move on from a non-starter or mediocre project. “Having something mediocre can be a trap,” Graham Michael Byers says. “You’ll spend a lot of time trying to make it great with diminishing returns. I find it’s better to move on and try your hand at a new home run – aim for success to get success.”