Research highlights rise of ‘solopreneurs’ as technology reshapes small business ownership

Branch and Mastercard report finds experienced professionals are turning to independent work, supported by digital tools but constrained by gaps in financial access

Growing numbers of experienced professionals are leaving traditional employment to build one-person businesses, using digital tools and financial technology to create independent working lives with greater flexibility and control, a new study reveals.

Research by Branch found that changing career priorities and the spread of digital financial tools are contributing to rapid growth in solopreneurship — one-person business ownership.

The Branch x Mastercard Solopreneur Report draws on a survey of more than 1,400 solopreneurs and examines how developments in AI, fintech and digital platforms are enabling individuals to build one-person businesses centred on autonomy, flexibility and control.

It describes solopreneurs as one of the fastest-growing segments of the workforce, spanning creators, consultants and independent service providers across North America.

Solopreneurship refers to one-person business ownership, where an individual operates independently without employees, partners or a formal organisational structure.

Solopreneurs typically rely on personal expertise, digital tools and online platforms to deliver services or products directly to clients, combining the roles of founder, operator and manager within a single enterprise.

According to the findings, nearly two-thirds of respondents are over 45, with 31 per cent Baby Boomers and 30 per cent Gen X. The gender split is close to even, with just over half (52 per cent) identifying as female and 47 per cent as male, and 71 per cent live in metropolitan areas or suburbs near major cities.

The report also suggests that many solopreneurs are still in transition in how they see their professional identity. While all operate independently, 57 per cent describe themselves as self-employed, while 43 per cent say they are traditionally employed. Nearly two-thirds are in starter or growth phases of their businesses, and most rely on word of mouth (63 per cent) and social media (40 per cent) rather than paid advertising.

Financial management and access to capital emerge as significant challenges. The report found that 79 per cent of solopreneurs earn under US$100,000 annually, with 55 per cent earning below $50,000, and that 89 per cent cite financial management or access to capital as major pain points. Many rely on personal savings to fund their businesses, while only a minority use accounting software (34 per cent) or invoicing tools (23 per cent).

Atif Siddiqi, of Branch, said: “The rise of solopreneurship reflects a powerful shift in how people want to work. Professionals are using technology to build independent businesses that give them more stability and control. But to truly thrive, they need modern financial tools built for the realities of solo work.”

Ginger Siegel, of Mastercard, added: “Solopreneurs are redefining work by turning their passions into thriving businesses. At Mastercard, we’re committed to helping them succeed with practical digital tools and resources. Through programs like Mastercard Digital Doors and Business Builder, we make it easier for independent entrepreneurs to manage their business and focus on what matters most – growth and their future.”

READ MORE: ‘Women turning to entrepreneurship to fight age bias at work, study shows’. A new European study suggests older women are rewriting the rules of work — turning to entrepreneurship not out of necessity, but as a route to independence, confidence and control in a job market that often sidelines experience.

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_{Main image: Solopreneurs, from creators and consultants to independent service providers, are rapidly becoming one of the fastest-growing segments of the workforce. Credit: Branch}