Etsy instrumental in launch of first ever Microbusiness Caucus
Last week Etsy launched the first ever Microbusiness Caucus on Capitol Hill.
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Thanks to the bi-partisan leadership of Representatives Barbara Comstock (R-VA), Anna Eshoo (D-CA), Tim Ryan (D-OH), and Patrick Tiberi (R-OH), entrepreneurs will have a platform to share the everyday challenges and opportunities they face within their businesses.
Etsy with over 1.7 million active sellers is part of the 1099 Economy. The company’s sellers are mostly single person microbusinesses which really lack a public policy voice in a changing economy.
Of course, Etsy is not the only tech microbusinesses creator. Amazon marketplace sellers, eBay sellers, Uber & Lyft drivers, bloggers and others all have similar microbusinesses owner/operators.
Often microbusinesses are included into the same category as small businesses. But government policy makers consider a small businesses to include firms with up to 500 employees.
The challenges single or two person business owners face are vastly different than a small company with even a modest payroll.
By helping launch the Microbusinesses Caucus, Etsy hopes it will help elevate the needs of the independent workforce in the U.S. The independent workforce being a key component to their growth strategy.
MICROBUSINESSES ARE NO LONGER JUST PART TIME
According to Etsy research, only 32% of their sellers have a full time job. And almost 97% of their sellers run the businesses from home.
Etsy has also an unusual high women ownership of 87%, with many being younger than a typical business owner. This puts Etsy into another category often overlooked by policymakers.
With automation taking over many job categories, these microbusinesses may represent the future of growth in employment. They may also represent a great opportunity for people living in rural communities to be part of the global economy.
Last year alone, $2.84 billion of goods were bought and sold in Etsy’s markets. That is more than the GDP of 29 different countries.
Nationally, the independent workforce includes about 55 million people who contribute over $1 trillion in earnings to the U.S. economy.
These are numbers that are sizeable and we applaud Etsy and the Microbusiness Caucus for bringing a voice to the independent business owner.
Are you a Microbusiness owner? What policies would you like to see the Microbusiness Caucus tackle to help you with your business?
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Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.
Great to know how Etsy sellers are mostly single person microbusinesses.