Operating a small business on your own is like being a one-man band — often noisy, and with a lot of moving parts you need to manage in order to stay on beat. Hitting all the right notes to keep your business running without co-owners or employees takes hard work, discipline, and dexterity.
It’s that grit and determination that make the nearly 30 million solopreneur-run businesses in the U.S. such a powerful segment of the small business community, and one that we at Simply Business would like to get to know better. We surveyed over 1,000 solopreneurs to learn more about what drives them, the pitfalls of entrepreneurship, and where they see their business going in the future.
You can read The Power of One: 2025 Solopreneur Report to get our full write-up with data, solopreneur trends, and insights from solopreneurs themselves.
Want to know more about the report? Here’s a little of what you can expect.
What is a Solopreneur?
A solopreneur is someone who starts and operates a business with no co-owners or employees. Going solo allows for greater control over your business. Without employees or business partners, you can choose how and when you work without needing permission from anyone else.
Some common types of solopreneur, to name a few, are:
- Freelancers, such as virtual assistants, photographers, and ghostwriters
- Consultants, including business coaches and service providers
- Executive coaches, which can include workshop facilitators and professional speakers
- Creatives, such as graphic designers and copywriters
- Wellness coaches, such as personal trainers and nutrition specialists
The Rise of the 30-Million-Strong Workforce
The most recent data from the U.S. Census Bureau — which covers through 2022 — indicates that sole-owned businesses contribute as much as $1.7 trillion to the economy, which represents nearly 7% of U.S. economic activity. And more recent stats indicate that the solo businesses are on the rise, with recent application rates far exceeding those prior to 2020.
So, what’s behind the growth of this segment? There are many contributing factors, but chief among them may be the low barriers to entry. Technological advances, for example, have expanded the way businesses work. Between digital models and automations, taking the first steps toward becoming a solopreneur has never been easier.
Is it Time to Go Solo?
Like any career path, becoming a solopreneur comes with pros and cons. If you’re considering going solo, it’s important to factor those into your decision so that you make the best choice for you. Here are a few things to consider:
- PRO: Increased autonomy. This is one of the top reasons why people go solo. Being your own boss and your only employee means you have no one else to report to (other than your clients).
- CON: That autonomy in business management comes with a trade off. When you work for yourself, you’re responsible for setting your own goals and controlling your own productivity. For some, not having anyone to report to can be demotivating.
- PRO: Pursuing your passion. Solopreneurs are able to center what they love doing and make a career out of it.
- CON: Passion can come with pitfalls. Loving what you do is great, but monetizing your beloved activities and hobbies can make them less enjoyable.
- PRO: More money. If you’re looking to increase your take-home earnings, solopreneur income from a side hustle can be very lucrative.
- CON: With more money comes — you guessed it — more problems. Or, at least, it can. Managing a solo business in addition to a traditional 9-to-5 is not for the faint of heart. Be sure to consider the time and energy commitment before diving in feet-first.
It’s exciting to start your own solopreneur journey. If, after weighing all your options, you’ve decided now is the time to get started, here’s one thing to keep in mind. According to the Simply Business solopreneur report, the most common sacrifice made was time with family and friends. It’s clear that running a business on your own can be a lonely experience, making solopreneur burnout common. Not only are you handling all essential work functions with little to no help, you’re also most likely going to have to give up a chunk of your “personal” time.
So how can solopreneurs reduce the feeling of loneliness and burnout? Here are a few strategies to help you stay sane:
- Work on making deep connections. Surface-level interactions — like online messages or AI chats — have their functions, but can’t replicate the benefits of socializing offline. Connect in-person with peers, community members, and anyone else in your network. And most importantly: don’t be afraid to put yourself out there to make connections.
- Focus on quality relationships. It’s not the number of connections you make, but how solid those connections are that make them fulfilling. Nurture relationships outside of work — even if they’re with peers and mentors.
- Think outside the box. There are likely ways to stay socially connected that leverage your professional skills without being limited to business transactions. This might include working with fellow entrepreneurs to help them with their business pitches, or even partnering with teachers and professors to see if they could use your expertise or are seeking guest speakers.
Our Method and Focus
“This report is driven by our commitment to not just protecting, but truly breeding confidence in solo business owners through tailored solutions and a profound understanding of their distinct challenges and aspirations.”
Samantha Roady, U.S. CEO of Simply Business
With this survey, we wanted to learn more about how and why solopreneurs do what they do. Our questions focused on key topics such as:
- What motivated them to start their businesses
- The financial realities of going solo
- The sacrifices they’ve made to keep things running
- How they’ve leveraged tools, technology, and social media
- Their outlook on the future of their business and industry
The report is a deep dive into the solopreneur landscape, and our goal was to understand and reflect the full scope of the solopreneur experience.
Overview of What This Trend Report Covers
Here’s what you can expect from The Power of One.
Who’s Going Solo – Motivations, Demographics & Emerging Profiles
So who are solopreneurs? What drives their ambitions? And how are they fitting it into their lives? We dive in to learn more about solopreneurs juggling other careers, why people go solo, and the motivations that make it worth the work.
The Money Story – Profitability, Revenue Trends & Earnings Potential
Starting a business on your own can be a major financial gamble. Our survey reveals the details of the solopreneur financial reality. Do solo business owners feel like their profits are a reliable source of income? Are they saving for a rainy day?
The Hard Stuff – Challenges Solopreneurs Face in 2025
What’s the impact of building a plane while you’re flying it? Every solopreneur knows that starting out — and keeping things going — means learning a lot of things on the fly. We find out more about what going solo has meant for their mental health, what they’ve had to sacrifice, and the challenges they’ve faced along the way.
The Future of Solopreneurship – Tools, Technology, and Social Media
How are solo business owners using social media? Are they adopting AI and automations into their workflows? What software do they use to keep things running? We break down the specifics of what kinds of tech solopreneurs are using, how they’re using it, and how it impacts their work.
What Aspiring Founders Should Take Away From Our 2025 Data
Talk to any solopreneur and there’s a good chance you’ll learn about the obstacles they face. But what’s the outlook for this segment? We report on solopreneur confidence, their goals, and the road they’re heading down.
Here’s a Look Into What We Learned…
1. The journey is about passion and autonomy.
At the beginning of every solopreneur journey there’s an idea that gets the ball rolling. So, what inspires someone to set out on their own career path?
The takeaway: We learned that, for many, it was either for love and logic (or both). Passion for what they do was the main motivator for 53% of the respondents. Following that was autonomy, which 32% reported was their driving force.
What can we learn from this? No matter how you interpret the data, it’s clear that solopreneurs value their own preferences. Whether they’re dedicated to a craft or to being their own boss, solopreneurs are prioritizing their own needs and channeling them into business ventures.
2. Despite uncertainty, most feel financially secure.
Being your own boss can be a double-edged sword. You gain autonomy over your professional decisions, but you may be forfeiting the certainty of a steady paycheck.
Despite the gamble, more than half (58%) of solopreneurs stated that they feel financially secure about their business. But it’s not without sacrifices. Many solopreneurs experience income volatility, and as many as 48% reported experiencing at least a month with no income during their journey.
The takeaway: Managing a solo business can be a financial tightrope act. Solopreneurs can’t control the ups and downs, but they can control how they confront them. Those we surveyed were optimistic overall about their ability to handle what comes at them and keep their businesses on track financially.
3. Small businesses can mean big sacrifices.
If starting a business on your own feels like building a plane while you’re flying it, you’re not alone. Solopreneurs are often expected to juggle all kinds of business functions on their own — bookkeeping, customer service, marketing, and beyond — all while trying to stay on top of innovations in their industry. You have to be prepared for time strain and wearing multiple hats, often all at the same time.
Based on what we learned, “a lot of hats” is almost an understatement. Many underestimated just how much was required to keep things running, with 61% reporting that they were surprised how difficult it would be to handle all business functions themselves. Over a third (34%) have considered giving up their business, with most citing financial stress as a top factor.
The takeaway: Solopreneurs face a sharp learning curve, especially when they’re just starting out. When it comes to work-life balance, solopreneurs often face an uphill battle. What they do often comes at great personal cost, which they need to weigh against their aspirations and motivations.
What can solopreneurs do to offset the impact of everything they have to manage? A good place to start is general stress management. You can’t always control your workload, but delegating whatever tasks you can to professionals (like an accountant) can help move some of the more taxing admin off your plate.
And for everything else you can’t control, remember to prioritize yourself a little. For many, this is one of the biggest challenges of being a solopreneur. There’s immense pressure to put all your time and energy into what you’re building. But giving yourself a little time to recharge will help you to bring your best self with you to work.
Looking for more?
A New Era of Independent Business
Looking for more? The Power of One: 2025 Solopreneur Report contains more valuable insights, such as:
- Whether solopreneurs are adopting AI and automation
- How and why solopreneurs are using social media
- Their confidence in the state of their business and industry
And so much more. Get The Power of One to learn all about the landscape of solopreneur trends:pe: