For the past three years the number of single-person businesses has grown each year between 4% and 5%. That means that single-person businesses grow faster than the rate of growth of the U.S. population as a whole (which grows at about 1% a year according to the U.S. Census). Today, there are over 20 million single person businesses in the United States.
This information is greatly motivating for those entreprenuers with a dream. It’s also quite daunting, considering that the failure rate is much higher than the success rate. This can be attributed to economic downturn, decreasing consumer demand, a misguided business plan and/or excessive overhead expenses. That’s where coworking can offer some relief. Oftentimes, big dreamers open big offices which are not necessarily where they should be, but moreso, where they would like to be. Alternatively, coworking is a great starting point for small businesses to network and grow, while keeping overhead costs to a minimum. The surival of the business shouldn’t be dictated by the physical location. Instead, by keeping an open mind, small business owners can benefit from the type of collaboration that coworking offers.
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