Managing Stress as a Small Business Owner
Small business owners tend to have a lot of stress when it comes to concerns with the current economic state and the future of their business. However, for the most part they tend to remain optimistic about the future. Here is a look at how stress can be handled as a small business owner.
Typical Small Business Lifestyle
A typical small business owners lifestyle include working more than a third more from the average person, a lot of after hours, and overwhelming moments. However, a small business owner also prefers to work this type of lifestyle for themselves than for someone else. Having a small business offers the following levels of stress.
• 2x more stress as maintaining a stable relationship.
• 3x more stress as raising children.
• 4x more stress than managing personal finances.
• 57% of small businesses give up their free time on a regular basis.
• 37% of small business owners typically abandon their exercise time for work.
• 77% of small businesses are very or extremely happy with what they do for a living.
The Business of a Small Business Owner
Small business owners tend to lack the capital and financial experience, but do have the dedication it needs to be successful.
• 71% of owners believe they have enough capital to run an efficient business.
• 25% of owners think they have the know how to manage their finances on their own.
• 82% of owners expect better overall cash flow in 2012.
Entrepreneurs often seek out financial guidance to assist them with the growing issues of customer late payments with 8 out of 10 owners having this issue. 4 out of 10 owners claim to have trouble with late payments on a regular monthly basis.
• 71% of owners follow up on late payments by email.
• 63% of owners follow up on late payments by phone.
• 25% of owners have some form of late payment penalty in place.
• 12% of owners in the US accept mobile payments at a growing rate.
Owning a Small Business in the Current Economy
The majority of small businesses believe the decisions they make that impact the current state of their business means more to the overall economic state. This illustrates the responsibility felt by owners in the economy. However, many concerns and expectations also exist among this group of individuals.
• 75% of owners are concerned about the effectiveness of US government leaders.
• 73% are concerned with oil and gas prices.
• 70% are concerned about growing health care costs.
• 71% are concerned about the recovery of consumer spending trends.
• Almost half of owners believe that their local economic conditions will improve.
• A third of owners are hopeful that the next year will show an improving economy.