The Modern Small Business Owner
It’s no secret that small business owners have a lot on their minds, but what are they always thinking about? Small business owners often have concerns about their future, but for the most part they remain confident and optimistic. Here’s some information on the makeup on the modern small business owner.
Life of a Small Business Owner
Running a small business is no easy task. A nine to five workday often becomes a nine to nine as these entrepreneurs work late into the night on their ventures. However, more than a third of these business owners wouldn’t even consider working for anyone but themselves. Here are some statistics about what running a small business brings on:
- Two times as much stress as maintaining a stable relationship.
- Three times as much stress as raising children.
- Four times as much stress as managing personal finances.
- 57 percent of small business owners give up their free time on a regular basis.
- 37 percent of small business owners consistently abandon their exercise in order to work.
- 77 percent of small business owners say they are either “very” or “extremely” happy with what they do for a living.
What They Think About Their Business
Small business owners may not always have access to the most capital or financial experience, but they sure have the dedication. Here’s some information on how these entrepreneurs view themselves and the businesses they operate:
- 71 percent of small business owners believe they have sufficient capital to run their business efficiently.
- Only one in four business owners think they have the know-how to manage their own business finances.
- 82 percent of small business owners expect better cash flow than their following year in business.
Nearly every small business owner is very adamant on keeping a steady and consistent cash flow. Entrepreneurs often seek out financial guidance from experts to help with growing problems such as late payments from clients. In fact, nearly eight out of ten business owners claim they’re having issues with late payments and four out of ten claim they have trouble every month. Here are some statistics on late payments:
- 71 percent of small business owners follow up on late payments via email.
- 63 percent of small businesses follow up on late payments by phone.
- Less than 25 percent of small businesses have late payment penalties in place.
- 12 percent of small businesses in the US accept mobile payments, but the number is steadily increasing.
When it comes to invoicing or billing clients, it’s always best to use an online invoicing platform. The majority of payments solutions and top payments companies provide a suite of financial products including digital invoicing. These platforms allow you to streamline your business finances so you can focus on growing your business.
What They Think About Their Country
Small business owners typically believe that the decisions they make affect their own personal financial well-being over the stability of the overall economy. This view of social and economic responsibility is especially popular among entrepreneurs aged 18 to 34, but national concerns are common amongst entrepreneurs of all ages. Here are the biggest national concerns among small business owners:
- Effectiveness of U.S. government officials and policies
- Oil and gas prices
- Health care costs
- Recovery of consumer spending
Overall small business owners are optimistic about the future of their business as well as their future as an entrepreneur. If you’re a small business owner or would like to know more about how they operate, feel free to reference this post and infographic at anytime!