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Being your own boss can present significant personal challenges such as isolation, burnout and relationship struggles, research from MYOB has revealed.
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3 in 4 sole operators feel lonely and isolated, research reveals
18 February 2025
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8 minute read
A recent study conducted by accounting app Solo by MYOB has highlighted that 77 per cent of sole traders feel lonely or isolated when working as their own boss, causing a decline in mental health.
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According to the research, 1,059 sole traders revealed that “hidden costs” such as irregular income, admin overload, and physical and emotional strain were all normal aspects when operating a small business.
Fifty-seven per cent of respondents said they had less time for relationships or self-care due to admin pressures.
Chief executive officer of MYOB, Paul Robson, said a manageable solution to help sole traders tackle personal challenges was to put more trust in accounting technology to decrease administrative work.
“Two-thirds of Australia’s small businesses are sole traders, and while there are many of them, they often find themselves working alone,” he said.
“Australia’s 1.6 million sole operators need the right support to help them navigate the challenges of managing a business, as they work on aligning their passion and vision with the foundational requirements of building something new.”
“By reclaiming time lost to admin, sole operators can focus on achieving a healthier balance between work and life.”
Other findings from the research suggested challenges faced by sole traders often resulted in long hours, limited time for relationships, relaxation, or skill development and a constant struggle to maintain a healthy work/life balance.
In addition to 77 per cent of sole traders having outlined isolation as a distinct cost, 52 per cent revealed they had to put holidays on hold, 59 per cent reported feeling physically or mentally exhausted, 57 per cent struggled with relationship balance and 88 per cent frequently worked late evenings.
The respondents did note certain mechanisms would help decrease these issues and lead to a better, well-rounded lifestyle.
Twenty-three per cent said time off and extra support would help, 23 per cent wanted to set stronger boundaries and 19 per cent said they needed to improve their time management tools.
The research also highlighted that 78 per cent of sole traders believed support such as technology would help them make more time or reduce working hours.
Scientist and sole trader Dr Matt Agnew said he would usually go an entire day without seeing or speaking to anyone and that was a slippery slope between working from home to living at work.
“Being a sole trader is a hugely liberating and empowering experience but it’s be remiss of me not to mention some of the challenges you face,” he said.
“The isolation, exhaustion and lack of social interaction are extra things that you need to manage on top of your actual work to ensure you find a healthy work-life balance.”
Robson said MYOB wanted to help sole traders make more time for the things that mattered most, “whether it’s growing their business, honing their craft, or spending time with loved ones.”
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