FOR IMMEDIATE RELEASE
With the health of 1 in 4 small business owners in jeopardy, is it time for the government to provide further support for the nation’s small businesses?
LONDON, UK – Thursday 4 August 2016 - Small business owners are working thirteen hours a week more than the UK average, negatively impacting the health of 28% small business owners, according to a survey commissioned by business for sale marketplace, Bizdaq (www.mybizdaq.com).
- Business owners working an additional 13 hours per week - Small business owners work 50.5 hours per week, compared to the UK average of 37
- Health often sacrificed - 28% of small business owners health is negatively affected by their business
- Mental health a particular concern - 660,000 small business owners are currently experiencing a negative impact on their mental health due to the pressures of running a small business in the current climate
- Holidays are not an option for many small business owners - More than half a million (566,000) small business owners have not taken a holiday since they started their business
- North-South divide a reality - Twice as many Northern small business owners (22%) say their health is negatively impacted than Southern small business owners (11%)
The research, conducted by Opinium, found that 1.3 million small business owners are suffering health issues due to the pressures of running a small business, with 660,000 of those owners feeling that the business has a negative impact on their mental health.
Small business owners were found to be working an additional 13 hours extra per week (50 hours per week) compared to the UK average (37 hours), with 370,000 small business owners working 60+ hours a week and as many as 94,000 owners working 80+ hour weeks.
Business ownership was most likely to be a burden in the North of England, with twice as many Northern small business owners (22%) responding that their health was negatively impacted than Southern business owners (11%). The East Midlands was found to be the most negatively impacted region, with 34% of owners saying their health was affected, whilst the South East was the least affected with only 8%.
Families are feeling the effect of small business ownership too, with 87% of small business owners with children under the age of 18 not planning to take their children on holiday this year. This lack of family time isn’t just felt during the summer break though, as 18% of small business owners feel their business negatively affects their family.
Younger small business owners more confident post-referendum
The EU Referendum saw a historic leave vote which was vastly criticised by younger voters in particular, however younger small business owners are more confident about a post-Brexit future than any other generation.
Whilst only 20% of small business owners are more confident about the future since the referendum, this jumps to 45% of 18 – 34-year-old small business owners. This far-exceeds the 13% of 35 – 54-year-old business owners and 23% of 55+ year old small business owners who are more confident about the future since the referendum.
Sean Mallon, CEO of Bizdaq, said “The fact that so many small business owners are struggling is astonishing and really shows the need for the government to do more to support the backbone of the British economy. Now more than ever, the UK needs strong small businesses.
The abolishment of Business Link and the regional adviser program by the Coalition government in 2010 left a vacuum in small enterprise in the UK. Where small business owners previously felt the benefits of having a local support network, there are currently no services where owners can turn to when looking for support. I would call upon the new small business minister Margot James to prioritise the re-establishment of business support on a local level.”
More info can be seen here: https://www.mybizdaq.com/small-business-wellbeing-report-2016
For further information please contact:
Bizdaq (UK) Ltd
Tom Jeffries +44 (0)113 887 4063 firstname.lastname@example.org
Notes to editors
The Bizdaq Small Business Work-Life Balance Report used Opinium to survey 301 small business owners (businesses with 0-49 employees) between the dates of 15th July 2016 and 22nd July 2016.
Bizdaq, the online marketplace for selling or buying a small business, is dedicated to making the process of selling a business easier and more cost effective for small business owners. Bizdaq features include an online valuation tool that instantly estimates the likely sale value of any business, step-by-step instructions and notifications to help business sellers and buyers through the business transfer process for themselves. This report is part of Bizdaq’s mission to increase the awareness of small business owners, and how hard they work to keep both their businesses and economies going.
Connect directly with business buyers and business sellers for free https://t.co/hNBMMVpWzr. We're a team of experienced business sales professionals.
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