Financial instability and a lack of support are the top concerns of self-employed people according to new research from insurance company AXA.
The study, based on a nationally representative sample, shows that the irregular nature of income continues to weigh heavily on the minds of these business owners.
Half of respondents said they believe that Ireland provides enough support for those setting up their own businesses.
A lack of support is reflected in challenges such as navigating complex tax systems and accessing sufficient funding.
Women, in particular, said they were drawn to self-employment for the flexibility it provides.
The ability to manage their schedules and balance personal responsibilities has made self-employment a more appealing path for women compared to men, the study found.
According to the survey, 79% of self-employed business owners said that they are currently thriving, doing well, or stable.
However, 45% identified financial instability as their biggest challenge and half of respondents view rising costs as their most significant threat in the coming year.
"The report shows that while self-employment remains an attractive option due to the desire for independence and passion-driven work, many self-employed individuals still perceive challenges in accessing adequate support," said John Caird, Commercial Director, AXA Ireland.
"Key concerns include financial instability, uncertainty around future business sustainability, and the belief among respondents that more tailored support could help them overcome these hurdles," Mr Caird said.
"Ultimately, fostering a more robust ecosystem for self-employed individuals is essential not only for their sustainability but for the overall health of the Irish economy," he added.
