The Cost of Self-Doubt: What I learned from surveying 100+ solopreneurs
The results uncovered some surprising truths about how pervasive self-doubt is
When it comes to running your own business, it can feel like everyone else has it sussed and oozes confidence, taking decisive action and trusting themselves 24/7.
But the truth is, self-doubt is an invisible force with very real consequences that many solo business owners experience and whilst I knew this to be true anecdotally from my coaching work, I wanted the hard evidence to prove it.
Which is why I put together the State of Solopreneur Self-Belief Survey.
The results uncovered some surprising truths about how pervasive self-doubt is, its impact, and how solopreneurs are learning to overcome it.
Here’s what I found.
Who Took the Survey?
The survey gathered insights from solopreneurs across industries, with a natural weighting towards those working in wellbeing, healthcare, and holistic health (because these have been my clients and audience predominantly for the last 5+ years).
Most respondents were based in the UK and Ireland (again, understandable as I’m British born living in Ireland), reflecting a wide range of business stages and income levels.
83% of respondents said they were predicting to earn less than £100,000 in the year, which is in-line with 80% of sole traders in the UK declaring their income to £100,000 or under - so this feels fairly representative, with other respondents predicted income ranging from £0 to £100k+.
Over all 111 respondents completed the survey.
Self-Belief Scores: How Do Solopreneurs Measure Up?
I asked solopreneurs to rate their self-belief on a scale from 1 to 10.
The average score?
6—a middle-of-the-road measure that reflects both resilience and room for growth (interestingly no-one gave themselves a 10 out of 10!).
This score of course will fluctuate regularly. I’m sure if I ask you today, next week and next month for a score you’d give yourself for self-belief, it would vary. So this is just a snapshot in the moment for these business owners (I’m tracking my own score weekly behind-the-scenes in my Self-Belief Business Experiment).
Breaking it down further:
Those projecting zero earnings reported the lowest average self-belief at 4.6.
Entrepreneurs expecting to earn money had an average score of 6.2, while those anticipating £50,000 or more scored 7.3 on average.
These numbers underline the link between self-belief and financial confidence - perhaps that when there is income being generated, some of the questioning and doubting lifts. Hopefully this is a reassurance to anyone reading this at the beginning of their solopreneur journey, where income hasn’t become consistent or significant enough yet to keep the niggles and worries at bay.
Interestingly, respondents from sectors like wellbeing and healthcare averaged 5.9, slightly below the 6.4 reported in other industries.
Solopreneurs in the US and Canada scored higher, averaging 7, compared to 6 in the UK and Ireland.
Self-Doubt: How Often Does It Show Up?
Self-doubt is a near-universal experience, but its frequency varies:
52% of solopreneurs earning under £50,000 experience self-doubt frequently (which I deemed for the purposes of the survey as daily or hourly), compared to just 10% experiencing self-doubt frequently of those earning over £50,000. However 73% of those earning over £50k reported experiencing self-doubt ‘occasionally’, which for the purposes of the survey I deemed as weekly or monthly).
Those in business for less than five years are more likely to struggle with self-doubt, with 50% frequently doubting themselves, compared to 34% of those with over five years’ experience.
This suggests that both time and financial security can help buffer against self-doubt, but they don’t eliminate it entirely.
So if you’re looking at someone celebrating a £100k turn-over year or their 5th anniversary in business and wondering how they do it, don’t think they aren’t experiencing self-doubt wobbles just like you behind the scenes.
What Triggers Self-Doubt?
Understanding what sparks self-doubt is the first step to overcoming it.
Respondents identified several key triggers, I allowed those taking they survey to tick as many as applied (hence the %s not totalling 100%!):
74.5% said lack of progress made them doubt themselves
72.7% said comparison to others was the reason they experienced self-doubt
63.6% said financial stress, worrying about income and sustainability brought out the doubt for them in their business.
What I find absolutely fascinating with this result is that lack of progress comes so high as a trigger for self-doubt. Because I simultaneously find solopreneurs who struggle with self-doubt also have issues with setting and tracking goals.
If you don’t set and track goals on a regular basis, there is no way of seeing progress, in any area of business - whether it’s financial goals or improvement in your confidence or technical skills.
Without watching, it’s very easy to fall down the slippery slope of self-doubt if you think nothing is changing or improving - our protective mechanism is going to immediately jump on that to say stop, it’s not worth it.
So setting and tracking some sort of metrics in your business is going to be key.
The Financial Cost of Self-Doubt
Perhaps the most eye-opening finding was the financial toll self-doubt takes. Respondents estimated how much their self-doubt had cost them in lost opportunities or revenue:
34.5% said an average of €2,500 annually.
21.8% said an average of €7,500 annually.
17.3% said an average of €10,000 annually.
Extrapolating these figures across the UK and Ireland, where there are over 3.2 million solopreneurs, the estimated cost of self-doubt is staggering: €13.7 billion per year.
How Do Solopreneurs Overcome Self-Doubt?
Thankfully, as we know, self-doubt isn’t an insurmountable barrier to running a successful solo business, with the right help and support.
Respondents shared strategies that have helped them build self-belief:
54% said mentorship and coaching was the most effective way of growing their self-belief, being offered guidance and reassurance by a trusted advisor.
Networking with other business owners was joint second as the most effective way to reduce self-doubt at 12.6%, providing camaraderie and shared experiences (which is interesting, because our natural instinct and protection mechanism often tells us to hide and disconnect from others when doubt is high!).
12.6% also said therapy or counseling was most effective at helping them address underlying fears.
Whilst 79.1% of respondents said they used books and podcasts to help with self-doubt, only 7.2% said this was the most effective method.
While no single solution works for everyone, the common thread is seeking support—whether from professionals, peers, or self-guided resources (I promise I didn’t rig this, but it was reassuring for me and my self-doubt to know that coaching and mentoring was deemed so effective!).
What’s the Takeaway?
The findings from this survey are both reassuring and motivating, I hope.
If you’ve felt paralyzed by self-doubt, you’re not alone—most solopreneurs have been there and now we have the statistics to prove it.
The good news is that self-doubt doesn’t have to hold you back.
By identifying your triggers and leaning into strategies that resonate with you, it’s possible to quiet that inner critic and build the belief you need to thrive and make the sales and impact you know your business is capable of.
Every solopreneur’s journey is unique, but one thing is clear: self-belief is a skill you can cultivate.
So, the next time doubt creeps in, remind yourself of this truth—you’re not the only one who struggles, and you’re not powerless to change it.
I’d love to know what you think of these findings. Let me know in the comments.
If you want support with your self-doubt, find out more about working with me.
Or to get you started, download my Paralysis ➡️ Progress audio-guide and worksheet to identify your self-doubt fear and start to overcome it.
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It really shows the impact of comparison and not feeling like you're making progress can send you spiralling. It can be emotional reasoning too, I feel dejected and like I'm not making progress so that must be what is happening. It's helpful to zoom out & take stock of what is actually going on.