Small business owners rate being the boss as more valuable to them than financial rewards, but money skill keeps them up at night. They also work extremely hard, but at least they love what they do. That's according to a recent study by NRMA Business Insurance. Read on to find out more.
NRMA surveyed 1000 small business owners to find out what they care about the most when it comes to their own business. Here are the results:
- 66% rated being the boss is the best thing about owning a business.
- 63% valued work flexibility.
- 52% said they valued the sense of achievement.
- Only 24% rated financial reward above all else.
This doesn't mean small business owners don't care about the money; 48% admitted to losing sleep thinking about work and 42% said managing cash flow was a top concern. Running their own business also means they have to make a lot of personal sacrifices:
- One in three said they work more than 50 hours a week.
- 37% take less than five days' annual leave each year; 61% take less than 10.
- 43% have missed important family events because of work.
- 37% admitted their business has put a strain on relationships with family and friends.
But small business owners wouldn't want it any other way. According to the study, 85 per cent of respondents said they would be willing to do it all over again.
Are you a small business owner? What do you like about owning a small business? Let us know in the comments.