Are you a small business owner? If you are, chances are you are “happier and more determined” according to new research released this week. The research, which was done for the recent Small Business Saturday indicates that starting a small business generally makes people happier and more determined as well as increasing their confidence.
Of those small business owners that were questioned, 66% of them said that being their own boss made them appear whilst 59% said that they were more determined and 49% were more confident.
Working Harder But Less Stressed
44% of those questioned said that they were working longer hours now that they owned a small business and 46% said that they were working harder. However, this was not necessarily seen as a bad thing and just 25% of them said that they were more stressed than in their previous role with 17%reporting stress levels that were less than before.
Despite a challenging year for some businesses and the shadow cast by the Brexit vote, things do seem to be looking up for small businesses with 71% of small business owners stating that their small business had grown over the last 12 months and an encouraging 79% said that they expected their business to grow over the next 12 months.
One interesting takeaway from the survey was the importance that many small business owners attach to their businesses social impact. Over 75% of the small business owners surveyed said that it was important or very important that their business has and is seen to have a positive social impact or contribute to their local community. Another interesting outcome too was the fact that 78% of small businesses regularly collaborate with other small business in the local area.
Starting A Small Business
Some of the most interesting parts of the survey were the reasons why small business owners started their business. 39% stated that they did so to turn a hobby or a passion into a business whereas 20% had always wanted to start a small business. 15% said that starting a small business represented the best option following redundancy or unemployment with another 15% citing starting a small business as the next logical step in their career.
Britain is a nation of small businesses and it is great to see that Small Business Saturday is in its fourth year and is getting ever more successful at both celebrating and promoting the UK’s small business community. Good news this year was that Small Business Saturday saw an increase of 24% more money being spent on the day compared to last year, supporting many business owners belief that they will grow in the next 12 months.