Starting and running a business alone – the definition of a “solopreneur” – might offer the reward of accomplishment, but great wealth? Not so much.
Some 55 percent of solopreneurs earn less than $50,000 a year, according to a study from Mastercard and workforce payments platform Branch, and 79 percent make under $100,000.
There are more than 29.8 million solopreneurs in the U.S., according to 2025 data from the Small Business Administration, which also listed the most popular industries for one-person businesses.
Four million solopreneurs are in professional scientific, and technical services; 3.9 million work in transportation and warehousing; and 3.1 million work in real estate, rental and leasing.
Part of the reason why solopreneurs may not earn much, on average, is that 62 percent are in the early stages of their business, the study found.
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But while solopreneurs might not earn an outsized salary, it appears a significant number have the financial resources to keep their business afloat through a lean season.
The average solopreneur is older than 45, according to the study published Thursday, with baby boomers and Gen Xers making up 61 percent of these business owners.
Those generations tend to have more valuable assets than younger people, with those in their 40s in the U.S. having an average net worth of $770,892, compared to $321,549 of their thirty-something counterparts, according to research by financial firm Empower.
An individual’s average net worth eclipses $1 million once they get into their 50s, Empower also found.
The study also found that solopreneurs are growing their businesses while pinching pennies through marketing choices. Some 63 percent of solopreneurs use word-of-mouth to promote their business, and another 40 percent rely on social media.