Imagine Nicole, a single mother working part-time running her business making women’s purses and bags. Her customers keep her busy fulfilling new orders on Etsy and at local craft shows. This side business supplements the income she earns from her full-time minimum wage job. However, she has been consulting with a business advisor and feels confident she could earn more than what she’s currently making if she can work full-time on her business. Nicole wants to make the leap, but is concerned how she will afford rent and bills when her business is just beginning to grow.
Nicole’s story is not unique. The opportunities and challenges she faces are shared among thousands of budding microentrepreneurs.
There are over 24 million microbusinesses in the United States. That’s 91% of the countries businesses with 0-4 employees.1 These businesses average $84,000 a year in revenue, and for a lot of owners it is their pathway to earning a living and wealth generation.
Makerhoods enables microentrepreneurs like Nicole to grow their business by providing a commercial space and an apartment at one combined affordable monthly rent. With no daily commuting costs and affordable rent, Nicole’s overhead costs are lowered, reducing her break even point. With the new profit she earns, Nicole can invest in her family and in her business.
Makerhoods recognizes the rising cost of living can be debilitating for new entrepreneurs, particularly low-income entrepreneurs. At Makerhoods, we believe in the power of entrepreneurship and provide an innovative solution to foster self-sufficiency through self-employment.
1. Microbusiness Statistics in the United States 2014 https://aeoworks.org/pdf/aeo_microbusiness_fact_sheet_landscape.pdf