- Over 50% of business owners gained confidence by starting their own business
- 71% of SME owners are happier in their current job
- One in eight business owners only get three to four hours’ sleep a night
Despite sacrificing family time, sleep and income, SME owners claim they are happier than they ever were as an employee, a new study has revealed.
The research, commissioned by online print retailer instantprint, has revealed what SME owners across the UK are worrying about, what makes them happy, and their wellbeing. Of the 500 respondents, family time was the biggest sacrifice of owning a business (46%), followed by holidays (45%) and income (40%).
43% of SME owners don’t know how to feel about the future of their business based on government plans. And 30% admitted to having missed a funeral or wedding due to work commitments.
Health concerns
One in eight respondents only sleep three to four hours per night – half of what is recommended by the NHS. Those who responded that owning a business made them feel more stressed were the least likely to get the recommended hours of sleep.
Furthermore, more than 1 in 5 are potentially risking their health by missing a medical appointment due to work commitments. When it comes to their biggest worries, a quarter (26%) of business owners are concerned about how government regulations will affect them.
Happier, more confident and job satisfaction
Despite all this, more than half of business owners have gained self-confidence since starting their business, with 68% having a good work/life balance, and 70% saying they would never go back to working for someone else. Although they are more stressed, 71% of SME owners are still happier in their current job.
Gender divide
On average, male SME owners work 45 hours a week compared to their female counterparts who work 10 hours less. Owning a business has affected male respondents’ worse in terms of stress, with almost 60% of men saying they are more stressed compared to 43% of women. The top reason male business owners give for being worried is their business not succeeding (33%), compared to 57% of women who are most worried about finances.
The top three sacrifices female SME owners have made are lack of income (46%) holidays (41%) and family time (38%), to set up their own business. Whereas male SME owners have forfeited family time (52%), holidays (48%) and personal leisure time (44%).
Comments from small business owners included:
“I say it makes me stressed, but its swings and roundabouts. I’m stressed about meeting deadlines and customer communication, but I’m less stressed than working at my previous job”
“”I feel responsible for my employees’ welfare. I worry about money constantly and not having enough family time”
When asked what they miss most about working for someone else, the top answer was social aspects such as office camaraderie (22%).
James Kinsella, co-founder of instantprint, comments: “Adam and I started instantprint whilst studying for our university finals so from the start we were juggling business and other commitments. I always think it’s an emotional rollercoaster, the tough times are tougher than those you would ever face working for someone else but when things are going well it’s a high you can’t compare.
“What really stood out for me was that despite the challenges, stresses and late nights, the overwhelming majority of small business owners are happier now than when they were when working for someone else.”
