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The Next American Dream

The $1 Million 1-Person Business

Sure full-time jobs offer stability and predictability, but their earning is capped to an extent. But for business owners, the sky is the limit and we wanted to uncover what that limit is for single-person businesses.

Here’s What We Found

On average in the U.S. only 0.2% of single-person businesses earn above $1 million each year (approximately 40K out of 23.5M firms). However, among FreshBooks customers, that figure jumps to 1.1% which is well above this national average.

Trades and Home Services Lead the Way

Single-person firms across all sectors had million-dollar business representation, with trades and home services leading the pack, 2x that of creatives and marketing.

Cash Flow Is King When It Comes to Building a Million Dollar Business

Want to get to a million in net revenue a year? Having an online payments solution to maintain a healthy cash flow is a main contributing factor to breaching that milestone.

⬇️ Clients With ⬆️ Revenue Is a Recipe For Success

65% of million-dollar businesses in our database have 5 or fewer clients, with Development and IT having the highest revenue-to-client ratio of all industries.

Can you guess which state has the highest concentration of $1 million 1-person businesses?