28 February 2024 , 07:52
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The average small business owner gave up their weekends for nine months when starting up.
A poll, of 500 people who have set up their own company, revealed the highs and lows of owning a business with 27% claiming waving goodbye to their free time was the biggest sacrifice they had to make.
Others feel they gave up working a normal 9-5 (30%), financial security (28%) and family time (16%). A quarter claim to have worked more than 12 hours during the average day when first setting up and functioned on six hours sleep a night.
While 15% missed out on big family events such as birthdays and anniversaries and 12% of parents weren’t able to attend the likes of parents evening or sports day. The research, commissioned by Smart Energy GB, found almost two thirds (64%) believe they took on too many roles when they started out with their business.
SMEs share their highs and lows of owning their own business (SEGB)Almost all respondents (98%) work in the evening and at weekends, with catching up on admin (36%), going through accounts (32%), posting on social media (30%) and managing utilities bills (22%) regularly on their out of hours to-do lists. And 43% are still working more than a forty hour week. Despite this, 83% agreed the hard work was worth it in the end.
'I started my business with £50 at uni - now it's a multi-million pound empire'
Victoria Bacon, director at Smart Energy GB, said: “The research shows just how much time and unseen hours often go 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 perks of being their own boss (46%), loving the challenge (28%) and making their family proud (23%) kept them going through the difficult times. And more than three quarters (79%) said opening their doors for the first time was their proudest career moment.
The study also found the biggest challenges as a business owner were the increased running costs (28%), customers spending less due to the cost of living crisis (26%) and having to take on numerous roles (20%).
If they were to do it all again, they’d advise their younger self to stay motivated (35%) and focused (32%), as well as seeking advice from experts (24%) and keeping on top of admin (23%).
Upon reflection many would set small, but achievable goals (24%) and limit working excessively long days (20%), with 38% looking to prioritise work-life balance. While it took as little as two years for 27% to consider their new company a "success", according to the OnePoll stats. The main motivators for starting out were to be their own boss (42%), earn more (35%) and pursue a passion (26%).
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 into 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.”