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August 20, 2019

Solo business owners struggle for profits

By JOYCE M. ROSENBERG
AP Business Writer

NEW YORK (AP) — The majority of small business owners who work solo struggle to make their companies profitable.

That's one of the findings of a report released last week by the Federal Reserve Bank of New York that gave a snapshot of non-employer firms, those that have no employees other than the sole proprietor and that comprise 81% of the more than 30 million small businesses in the U.S. The report also found that nearly two-thirds of these owners depend on their businesses as a primary source of their income, but nearly three-quarters have no more than $100,000 in annual revenue.


 
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