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Whether you’re a nine-to-five warrior or a budding entrepreneur, side hustles are on the rise. Nearly 40% of U.S. adults have a side hustle, bringing in an average of $810 per month.1 The numbers are even higher among younger populations like Gen Z and millennials, where approximately 50% of Americans earn extra income through side hustles.1
This simple guide explains the definition, purpose, and pros and cons of the ‘sole proprietorship’ business model to help you decide whether this may suit your business.