Trade worries and economic uncertainty putting pressure on Canada's solopreneurs: EQ Bank survey

• Half (51%) of solopreneurs say current global trade environment is having an equal or greater impact on their business than aftermath of the pandemic
• One-quarter (24%) worry about their business' financial future, and one-third (32%) contemplate closing their business at least occasionally
• Nearly two-thirds (60%) feel they aren't recognized as business owners compared to larger businesses, and half (51%) don't feel valued as Canada's economic backbone
• Despite headwinds, most (69%) say they would still choose to start their business knowing what they know now about today's economic environment

TORONTO, Oct. 30, 2025 /PRNewswire/ - EQ Bank today released a new survey that showed many Canadian solopreneurs – individuals who run their business on their own – face mounting financial pressures in a complex economic environment and often feel overlooked within the broader small business community. Despite these hurdles, most say they would choose the same path again, underscoring the resilience that defines this vital part of Canada's economy.

The national survey of solopreneurs and micro business owners (one to nine employees), conducted by EQ Bank among members of the online Angus Reid Forum, highlights the urgent need for greater recognition, stronger support and more accessible, rewarding financial solutions that help them succeed.

"Today's environment is putting immense pressure on many solopreneurs and small business owners who are adapting to new realities in trade, costs and competition every day," said Dan Broten, SVP and Head of EQ Bank. "Their contribution to Canada's economic fabric is enormous, and it's important we continue to find innovative ways to better support them. For EQ Bank, that meant designing a business banking platform nimble enough to meet their rapidly changing realities with the value they deserve."

Economic turbulence echoes post-pandemic hardships for many solopreneurs

COVID-19 was a once-in-a-lifetime global event that brought much of the world's economy to a standstill, with lingering after-effects necessitating years of financial support for businesses. Having weathered that storm, many solopreneurs now find themselves facing a new wave of uncertainty:

• Over half (51%) say the current global trade environment is having an equal or bigger impact on their business than the after-effects of the pandemic;
• Nearly 1-in-3 (30%) consider impacts of evolving trade relations with the U.S. to be an existential threat to their business; and
• Around 1-in-4 (24%) say they are worried about the financial future of their business, and 1-in-3 (32%) contemplate closing their business at least occasionally.

Furthermore, evolving U.S. policies and their ripple effects on global trade have made many critical, day-to-day aspects of running a business more challenging. When asked about business activities that have become more difficult, solopreneurs identified sourcing or purchasing raw materials/supplies (38%); pricing products or services (34%); planning for growth and investment (30%); performing sales and marketing (29%); performing core business services or operations (22%); and resourcing/forecasting (21%).

Most solopreneurs don't feel recognized as Canada's economic backbone, continue to face daunting misconceptions

While small businesses are often referred to as a vital part of the Canadian economy, the survey found that many solopreneurs don't feel that sentiment translates to their reality. Nearly two-thirds (60%) feel they aren't recognized as business owners to the same extent as those who run larger businesses, while more than half (51%) don't feel that their businesses are valued and appreciated as the backbone of the economy.

Beyond feeling undervalued, solopreneurs run up against many misconceptions about operating a one-person business, with others wrongly assuming they:

• Can take time off whenever they want (63%);
• Make a lot of money (61%);
• Have total control of their schedule (56%);
• Work fewer hours than traditional employees (43%); and
• That their business is less serious than one with multiple employees (45%).

Financial strain, time pressures and banking frustrations weigh heavily on solopreneurs

The survey painted a picture of solopreneurs under strain – many juggle tight finances and long hours, compounded by banking frustrations that make it harder to focus on growing their business.

When asked about whether they had a business emergency fund, many solopreneurs revealed they operate with limited financial cushions:

• Over 1-in-3 (38%) mix their business emergency fund with their personal savings;
• A similar number (33%) don't have an emergency fund or rely on credit or loans entirely; and
• More than half (59%) have taken on personal or business debt to launch their ventures.

Securing steady income was difficult for some. More than a quarter of solopreneurs (27%) estimated they earn less than $17.20 per hour – only slightly above the national average minimum wage. In fact, as many as 18% estimated they earn less than $9 per hour. Women entrepreneurs faced this pressure more acutely: the mean estimated hourly wage for women was $39.50 compared to $47.90 for men – a difference of more than $8.

Time proved to be another critically scarce resource for many solopreneurs. As many as 4-in-10 (40%) spend 10 hours or less each week on their core business, indicating the limited time they're able to devote to the work that drives their passion. At the same time, most solopreneurs (81%) spend a similar amount of time on finance, accounting and administrative tasks – time that could be better directed towards growth with access to more efficient financial tools.

Banking frustrations added to these pressures. When asked about business banking pain points, over half (54%) pointed to high or unexpected fees, lack of overall value and low interest rates on balances, while 15% cited issues with pre-recorded phone services. Beyond these specific pain points, more than a third (39%) were dissatisfied with the level of financial and advisory support available to them.

"There's a clear gap between the traditional banking tools available to them and the level of support they need to thrive," said Cathy Ly, VP, Small Business Banking, EQ Bank. "Canada's solopreneurs, and the entire small business community, deserve financial tools that actually help them grow their money and give them back time – perhaps their most precious resource – to run their business."

Despite economic pressures, most say they would do it all over again if given the choice

The survey revealed that nearly 7-in-10 (69%) solopreneurs say they would still choose to start their business despite knowing what they know now about today's economic environment. For many, running their business was a lasting source of pride: top accomplishments included getting to be their own boss (64%), bringing their passion to life (43%) and earning more than they would in traditional jobs (37%).

"Even in the face of these headwinds, determination and pride continue to define Canada's small business community," continued Ly. "Through countless conversations with customers, we heard their ambitions firsthand – and the frustrations they've faced along their path. That's exactly what inspired us to enter the business banking space and continues to drive us to innovate and challenge the status quo on behalf of small business at EQ Bank."

EQ Bank recently launched its Business Banking platform, which includes the high-interest zero-monthly-fee Business Account, flexible Business GICs and an upcoming prepaid Business Card – all aimed at helping business owners save time, earn more and stay focused on growth. Learn more at  eqbank.ca/business.

About EQ Bank
Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 761,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $137 billion in combined assets under management and administration (as at July 31, 2025). Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.

About the survey
For this study, Angus Reid Group sampled n=461 Canadian small business owners in an online survey from August 28 to September 9, 2025, that was available in both official languages. For the purposes of this study, ARG and EQ Bank focused on businesses with 0-9 employees. To qualify for the survey, respondents had to either own their business or have decision-making power for financial decisions for the organization.

The survey sought to capture the lived experiences, operational challenges, financial habits, and future outlook of solopreneurs (0 employees), an often-overlooked segment of Canada's small business community. By unpacking the unique pressures and ambitions of solopreneurs, EQ Bank aims to highlight how small businesses are not a monolith and, as such, that small business resources cannot follow a one-size-fits-all approach.

Among the Canadian small business owners surveyed, 62% identified as men and 38% women; 13% have been operating their business in Canada for less than four years, 19% for five to nine years, and 69% for more than 10 years; 22% operate in rural communities and 78% in urban; 37% work in professional services, 9% in health and education, 13% in retail, import, fashion and food and beverage and 22% in trades, agriculture and engineering; 2% are 18-34, 35% are 35-54 and 63% are over 55.

Quotas were in place to ensure at least n=225 responses were collected from each of 'solopreneurs' (defined as business with zero employees) and 'micro businesses' (defined as businesses with 1-9 employees). For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 4.6 percentage points, 19 times out of 20. Note that percentages may not add up to 100% due to rounding.

Media Contact:
Maggie Hall
Director, PR & Communications
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Investor contact: 
Lemar Persaud 
VP and Head of IR 
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SOURCE EQ Bank