Happiness is... working for yourself

Being your own boss is the key to happiness – even if it means working longer hours and taking fewer holidays, a major new study by Enterprise Nation has found.

Small business owners work an average of 51 hours a week, compared to 36 hours for an employee, while half of them take just 10 days holiday a year, compared to the national average of 28 days, according to our 2022 Start-up Barometer.

But more than 80% are happier being their own boss than they were before, with half enjoying a better work/life balance and one in three saying they are able to spend more time with their family.

Small businesses optimistic about growth

The report found that 85% were optimistic about business prospects in the next 12 months, with just under three quarters (73%) saying they expected their business to grow. Firms based in the South West were most positive about growth (75%) with ambition in the East of England and Yorkshire and Humber lowest, but still at a respectable 55%.

Enterprise Nation founder Emma Jones said: “Our fascinating research shows just how positive starting and running your own small business can be. But it also highlights the sacrifices that have to be made, and how important it is to have both expert and emotional support.”

The survey of 1,000 UK firms, found 60% of small business owners say they love being their own boss, and a similar say that all the personal sacrifices involved are well worth it.

But 65% admit to being lonely and more that 90% would like to see more emotional and practical help available for small business owners.

While three quarters look for business support online, 46% take face-to-face support from an adviser with a third (30%) turning to books. But a fifth (19%) said they couldn’t find the support they were looking for.

Most get their biggest support from a spouse or partner, and while one in five say going it alone in business has put a strain on their relationship, the same amount say it has made their love stronger.