Creating Magic in Business
It’s not a pipedream… there’s a smarter way to start and run your company
From what I can tell, there’s never been a better time to start a company and achieve results that blow these statistics out of the water.
According to the IRS, there are more than 27 million registered sole proprietorship businesses (defined as a business owned by a single person who files a Schedule C or C-EZ with their tax return) in the U.S.
These essential businesses filed a $350 billion profit in 2018.
Sounds impressive, right?
That is until you realize that, as a whole, sole proprietorships aren’t very successful with an average return of $13,000 profit per person.
Hardly the American dream, is it?
Perhaps expecting or anticipating this, the U.S. Business Bureau regularly classifies a sole proprietorship making less than $1 million in profit a year as ‘nonemployer businesses.’
Apparently, the Bureau considers it impossible for a company to make more than $1 million without hiring employees.
The same census shows that 96% of all nonemployer companies make less than $50,000 in receipts, and less than 0.1% make more than $500,000.
