The Small Business Saturday organisers have been surveying SME owners to find out how being their own boss and running a small business has worked out for them and what changes it’s made to their life. And the results were pretty positive!
So what makes small business owners take the plunge and launch their own company?
- 39% said they had wanted to turn their passion or hobby into a business
- 20% claimed that starting a business had always been an ambition
- 15% felt it was the best option after facing redundancy or unemployment
- Another 15% said it was the next logical step in their career.
Also, over 75% of respondents felt it was important or very important that their business has a positive social impact or contributed to the local community, while 78% said they regularly collaborate with other local small businesses.
Loving the Lifestyle
The majority of small business owners surveyed felt it had been a change for the better.
- 66% said that becoming their ownboss had made them happier
- 59% said they were now more determined
- 49% felt they were more confident
The results did support the commonly held belief that running your own business is hard work, though. 44% of respondents said they were working longer hours and 46% said they’re now working harder. However, fewer than 25% said they were more stressed than in their previous job, with 17% saying they are less stressed.
When asked what they loved most about running their small business, 26% said it was doing something they love, while 18% said it was the feeling of accomplishment and 16% said they most loved being their own boss.
Business Health
Business owners seem to feel the outlook for business success is rosy too, with 71% reporting that their business had grown over the past 12 months and 79% predicting their business will grow in the next year.
Certainly the figures from the Small Business Saturday campaign suggest they may be right. This is the fourth year of the campaign and 2015 saw £623m spent across the day – an increase of up £119 million (24%) on the previous year. Promotional tweets reached an estimated 25 million people and around three-quarters of all local authorities actively supported the campaign on the day, from holding special events to offering free parking.