Being your own boss is the key to happiness – even if it means working longer hours and taking fewer holidays, a major study has found.
Small business owners work an average of 51 hours a week, compared to 36 hours for an employee, while half of them take just 10 days holiday a year, compared to the national average of 28 days, according to research by leading small business support network Enterprise Nation.
But more than 80 per cent are happier being their own boss than they were before, with half enjoying a better work/life balance and one in three saying they are able to spend more time with their family.
Enterprise Nation’s 2022 Start-Up Barometer of small UK businesses found 85 per cent were optimistic about business prospects in the next 12 months, with just under three quarters (73%) saying they expected their business to grow. Firms based in the South West were most positive about growth (75%) with ambition in the East of England and Yorkshire and Humber lowest, but still at a respectable 55 per cent.
Enterprise Nation founder Emma Jones said: “Our fascinating research shows just how positive starting and running your own small business can be. But it also highlights the sacrifices that have to be made, and how important it is to have both expert and emotional support.”
The survey of 1,000 UK firms, found 60 per cent of small business owners say they love being their own boss, and a similar amount say all the personal sacrifices involved are well worth it.
But 65 per cent admit to being lonely and more that 90 per cent would like to see more emotional and practical help available for small business owners.
While three quarters (73%) look for business support online, 46 per cent take face-to-face support from an adviser with a third (30%) turning to books. But a fifth (19%) said they couldn’t find the support they were looking for.
Most get their biggest support from a spouse or partner, and while one in five say going it alone in business has put a strain on their relationship, the same amount say it has made their love stronger.
The UK’s largest show for small businesses returns this January, promising to inspire thousands of would-be entrepreneurs and support those who have already launched a business.
Now in its eighth year, StartUp is hosted by Enterprise Nation, the UK’s leading small business network. It will run online for 2022 in a bid to reach as many entrepreneurs as possible across the UK.
In view of current restrictions, StartUp 2022 will host events online with one single event for the UK on Friday, January 21.
Emma Jones said: “We’re thrilled that our flagship event will be returning for its eighth year this January, with a wide array of exceptional guest speakers. Through StartUp 2022, we want to inspire the next generation of entrepreneurs and give existing business owners the tools they need to grow their companies throughout 2022.”
