Definition
The total sum of all money income received from one's own unincorporated or incorporated business by all individuals in a specific geographic area during a defined period.
Why It Matters
Highlights the total economic contribution of entrepreneurs and independent workers. It's a key indicator of the vitality of the small business sector and the gig economy in a region.
Specific Relevance for Professionals:
Marketers
Provides the total purchasing power of the self-employed segment. Essential for B2B marketing for business services (e.g., accounting, legal, consulting tools), financial products for entrepreneurs, and specialized benefits.
Researchers
Fundamental for studying entrepreneurship rates, the growth of the gig economy, the economic stability of self-employment, and its overall contribution to local economies.
Consultants
Crucial for advising clients on services targeting small businesses and freelancers, assessing the entrepreneurial ecosystem of a region, and developing support programs for independent workers.
Public Policy Workers
Important for informing policies that support small business development, provide resources for independent contractors, and understand the role of entrepreneurship in local economic growth and diversification.
