Solopreneurs are out-earning employees

Is it time to go solo? According to a new study from payroll provider Gusto, “solopreneurs” are not only thriving; they’re out-earning similarly skilled employees. We take a closer look at this demographic and how much they actually make. We also spotlight a 90-year-old family business that has seen its share of change while always serving its communities.

But first, check out this performance on the steps of the New York Public Library heralding the SKIMS x Nike launch.

Penny stocks. Retailers are starting to see penny shortages.

Taxing taxes. Small businesses are straining under the weight of tariffs

Service call. What retailers are doing to make stores more accessible.

Always optimistic. Eighty-two percent of small businesses believe they’ll survive.

Craft services. Michaels rolls out Party, Knit & Sew shops.

Who are “solopreneurs” and how much money do they make?

People who work for themselves with no employees—also known as solopreneurs—are more prevalent than you may think: 80% of U.S. small businesses are run by just one person. Gusto’s latest report sheds more light on this group: in their first year, solopreneurs make less than similarly skilled employees (on average $50K or less), but by year five, they make 25% more. And despite earning less in year one than Gen X or Boomer solopreneurs, Millennial business owners see 25% annual revenue growth;  by year five, their average revenue is $525K. The average solopreneur’s revenue increases by 15% annually for the first five years—they earn an average of $292K in revenue their first year and more than $500K by year five. 

Why this matters: While one-person businesses are often overlooked in the work and entrepreneurship conversation, Gusto’s report highlights the success of this group. It’s clear that solo business-ownership is more than just a side hustle for 30 million Americans; it’s a long-term viable career path. (Gusto)

How this 90-year-old family business stays agile by adapting

Wisconsin outdoor retailer Sherper’s started in the 1940s as a men’s formalwear company. WWII transformed the store into a supplier of  military uniforms and footwear, then to army-navy surplus, then camping gear, and eventually its current incarnation as an outdoor sporting goods and hunting gear store. President Nathan Scherper, great-grandson of founder Sam Scherper (Sam dropped the “c” from his surname because he could only afford a sign with eight letters), says, “We don’t force ourselves to fit any one mold... Instead, we assort each of our stores to what our customers are looking for, that they can’t find elsewhere, and at the low prices we have always offered.” Sherper’s three locations are tailored to their communities and serve a wide range of customers, from those looking for a $1,200 hunting knife to those wanting a $5.99 flannel shirt.

Why this matters: Nathan Scherper wasn’t given special treatment because of his last name, and his family encouraged him to explore outside opportunities. He wound up at Abercrombie & Fitch corporate for six years, learning about management and e-commerce, which proved invaluable for the family business. He prides himself on cultivating a culture of retention and several employees boast decades of tenure. (Shop Eat Surf Outdoor)

Google launches small-business resource hub

How toy, Scandi shops in coastal Oregon deal with tariffs

Nine out of ten shoppers say online doesn’t compare to in-store

Gen Z, or “Zoomers,” are rewriting the rules of retail

Hold the help: Holiday hiring to fall to lowest level since 2009

How to turn holiday stress into shopping success  

Holiday shopping is stressing consumers to the breaking point, with most saying the pressure leads them to abandon purchases altogether, Accenture reports. 

According to two new holiday surveys, 84% of shoppers say gift buying is so stressful they abandon carts—a figure that climbs to 89% of Gen Z and 91% of Millennials. Three-quarters feel stressed about choosing the “right” gift, and more than eight in ten feel overwhelmed by ads, while over three in four cite too many options. Accenture global retail lead Jill Standish recommends positioning stores as confidence-builders with seasonal merchandising, knowledgeable staff and AI tools to improve inventory, track shopping habits and deliver real-time product insights.

“Consider how physical stores provide what overwhelmed shoppers value most–immediate answers, expert guidance, and the confidence that comes from touching, testing, and experiencing products before purchase. These spaces can transform from overwhelming product showcases into curated environments of discovery." –Jill Standish, Global Retail Lead, Accenture

Why this matters: Ensure your store is firing on all cylinders in Q4 with a combination of inviting physical spaces, knowledgeable associates, and helpful technology. These things can help transform holiday shopping from a stressful experience into an enjoyable and inspiring one, for both your customers and your staff.  (Chain Store Age)

How to protect your business from identity theft

We’ve all heard cautionary tales about identity theft and how it can ruin your finances overnight. But the same can happen to your business, with a scammer setting up a similar-sounding business email and sending messages to all your customers asking for passwords, account numbers or even money. The Federal Trade Commission offers these tips on how to stop scammers in their tracks: First, use two-factor authentication; keep your cybersecurity network up to date; train your staff to recognize phishing schemes. If you do experience email fraud, report it immediately to the FTC, the FBI’s Internet Crime Complaint Center and forward phishing emails to the Anti-Phishing Working Group, which includes ISPs, security vendors, financial institutions and law enforcement agencies. 

Why this matters: With internet crimes on the rise, it’s not just large retailers who are vulnerable. If you discover that scammers are impersonating your business, notify your customers immediately via mail, email and social media, and remind them never to share personal information via email or text. You can also refer them to Identitytheft.gov if their data was stolen. (FTC)

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The SKUpe is curated and written by Marcy Medina and edited by Bianca Prieto.