It's far from 9-5 for small business owners

Thursday 29th February

27 per cent small business owners say giving up their free time was the biggest sacrifice they had to make when setting up
64 per cent believe they took on too many roles when they started out
43 per cent still work more than a forty-hour week
36 per cent have catching up on admin on their out of hours to-do lists

New research has revealed the highs and lows of owning a small business, including the personal, as well as financial, sacrifices business owners make.

The research highlighted the unseen hours that often go in to getting a business started, with 27 per cent saying giving up their free time was the biggest sacrifice they had to make and the average business owner forfeiting their weekends for nine months when starting up. Additionally, a quarter claim to have worked more than 12 hours during an average day, functioning on six hours sleep.

With the long hours they needed to get their businesses up and running, 15 per cent say they missed out on family events like birthdays and anniversaries, with 12 per cent being unable to attend events such as their school parents’ evenings or sports days. For others, the main things they forfeited included working a normal 9-5 day (30 per cent), financial security (28 per cent) and family time (16 per cent). Despite this, 83 per cent agreed the hard work was all worth it in the end, with more than three quarters (79 per cent) saying opening their doors for the first time was their proudest career moment.

The research, commissioned by Smart Energy GB, found almost two thirds believe they took on too many roles when they started out with their business.

Almost all respondents (98 per cent) still work in the evening and at weekends, with catching up on admin (36 per cent), going through accounts (32 per cent), posting on social media (30 per cent) and managing utilities bills (22 per cent) regularly on their out of hours to-do lists. From those polled, 43 per cent still work more than a forty-hour week.

Victoria Bacon, Director at Smart Energy GB, said: “The research shows just how much time and effort often goes in to setting up, and then running, a small business.

“Even making small changes, like getting a smart meter, can help take one thing off a business owner’s to-do list, as it measures energy usage in near real-time, putting an end to manual meter readings and estimated bills.

“A smart meter can also help a business owner track their energy usage and costs over time, which can help to control cashflow and budgets.”

The study found the biggest challenges as a business owner were the increased running costs (28 per cent), customers spending less due to the cost-of-living crisis (26 per cent) and having to juggle so many tasks and responsibilities (20 per cent). On the plus side, however, the perks of being their own boss (46 per cent), loving the challenge (28 per cent) and making their family proud (23 per cent) kept them going when it came to difficult times.

If they were to do it all again, small business owners say they would advise their younger self to stay motivated (35 per cent) and focused (32 per cent), seek advice from experts (24 per cent)) and keep on top of admin (23 per cent). They would also set small, but achievable goals (24 per cent) and limit working excessively long days (20 per cent), with 38 per cent looking to prioritise work-life balance.

The main motivators for starting out were to be their own boss (42 per cent), earn more (35 per cent) and pursue a passion (26 per cent), with it taking as little as two years for just over a quarter (27 per cent) to consider their new company a ‘success’.

Victoria Bacon added: “We can see from our research the number of tasks and responsibilities small business owners have to juggle which, for many of them, means investing a lot of hours that can spill over in to their home lives.

“It is good to see that our research shows that despite the hard work, most small business owners appreciate the rewards too.”