FreshBooks Reports on Self-Employed Singles, Highlighting the Barriers to Entrepreneurship
Toronto, Canada, July 19, 2022 (GLOBE NEWSWIRE) — FreshBooks, a leading cloud accounting software, released today its first-ever Self-Employed Singles Report. The report, launched in partnership with celebrity dating coach Damona Hoffman, surveyed self-employed Americans to understand better the financial, emotional, and operational truths of building a small business as someone without a romantic partner* in their lives.
Most (67%) self-employed singles in America are entirely committed to their careers versus the pursuit of a relationship. Many self-employed singles (59%) actually think it’s easier to run a business as a single person, despite the financial and/or emotional support they might get from a partner. The exchange to have the freedom to pursue their careers free from guilt is more desirable (59%).
“Our report uncovers that while singles have more freedom in their life choices, they often feel burdened by rising costs and the emotional toll of pursuing their dreams without a partner,” said Damona Hoffman, celebrity dating coach. “Not only does the lack of a stable second income make supporting yourself harder, but it also makes it more challenging to take risks in your business — whether that’s investing in a new product or service launch or taking time off when you’re feeling burned out and need some time off.”
Key findings in the study include:
- Self-employed singles struggle with financial stability. Forty-six percent said not having a second income for financial stability was a major challenge (women, at 52%, were more likely to see this as a challenge than men, at 40%).
- Financial instability keeps many self-employed singles from pursuing relationships—particularly if they’re on the younger side. Twenty-eight percent of self-employed singles said they aren’t interested in pursuing a relationship, in part because their financial situation is too uncertain—and at 35%, that number is higher for self-employed singles 35 and under.
- Limited free time and strange work schedules contribute to self-employed singles’ relationship status. Twenty-two percent of self-employed singles reported not having the time to devote to a relationship because of work—and 18% said their unusual work schedule makes relationships difficult.
- Despite the challenges, many self-employed singles actually think it’s easier to run a business as a single person. Fifty-nine percent said that it was easier to run a business as a single person—while 42% said it was easier to grow a business while single.
Even with the roadblocks outlined above, most self-employed singles are single by choice—and despite the challenges, prefer it that way. For example, when asked about their relationship status, 48% of self-employed singles said they’re single by choice and are not interested in or actively seeking a relationship.
“Despite the growing number of singles, life in the U.S. still caters to the traditional family unit,” said Paul Cowan, Chief Marketing Officer at FreshBooks. “Single entrepreneurs are a growing demographic and we must learn more about their needs and challenges as an opportunity to continue supporting small businesses.”
Since 2004, FreshBooks has helped more than 30 million people, establishing itself as one of the leading accounting platforms for small businesses. To shed light on the experiences of those who work for themselves, FreshBooks’ produces a series of research reports in its Research and Data Reports Library.
To read FreshBooks’ Self-Employed Singles Report report click here.
*For the purposes of this study:
- Someone who is not single is someone in a long-term, committed relationship (dating, engaged, partnered, common law, married)
- A single person is defined as someone who is funding their own lives, not in a long-term committed relationship.
FreshBooks designed and executed research for this report in collaboration with Centiment. More than 1000 single people—who are either self-employed or own a small business—were surveyed online in April 2022. The study’s margin of error is +/- 3% at 95% confidence. The data collected here was used in collaboration with Damona Hoffman and FreshBooks to create this report.
FreshBooks is changing the way business owners manage their books. Its owner-first accounting platform, loved by businesses in over 160+ countries, takes an easy-to-use approach to managing finances, billing, payments, and client engagement. FreshBooks, known for its 10x Stevie award winning customer support, serves customers of all sizes from offices in Canada, Croatia, Mexico, Germany, Netherlands, and the US.
About Damona Hoffman
Celebrity Dating Coach Damona Hoffman has been coaching singles on how to find love online and offline for over 15 years. Her articles appear regularly in The LA Times and The Washington Post. Plus, she’s a regular on-air contributor to The Drew Barrymore Show, NPR, and NBC’s Access Daily. Damona also starred in two A+E Networks’ TV shows: #BlackLove and A Question of Love. Her weekly podcast Dates & Mates has been featured in Cosmopolitan, Huff Post, Bustle and tops the charts in the Relationships category on the major podcast platforms.