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Small business owners are not taking holidays: one-third of small business owners work at least three of the six major holidays in the US. This was the finding of a survey by the direct funding platform Kabbage.
Kabbage’s new survey reveals several work/life balance issues related to the sacrifices small business owners are willing to make. The research involved surveying 400 small business owners, with 67 percent stating they expect to increase revenues by the end of the year. More than half of the small business owners interviewed said they anticipate an increase in revenue of 10 percent or higher.
The survey found that 60 percent of small business owners only take one full vacation a year, while 23 percent take less than two holidays off annually. Furthermore, when on holiday, 75 percent of small business owners continue working.
Small Business Owners Are Not Taking Holidays
In a press release about the survey, Kabbage Chief Revenue Officer Victoria Treyger spoke of the diligence and hard work small business owners put into their businesses, so much so that they’re willing to relinquish holidays and work during major vacations.
“Small businesses are the heartbeat of our economy, and they deserve an enormous amount of gratitude. These are the individuals who take service calls at midnight on Christmas Eve, work long hours and forgo what many Americans take for granted. They define hustle and motivation and go to great lengths to support themselves, their families and their communities,” Treyger commented.
As well as being willing to sacrifice vacations and spend time carrying out business during major holiday seasons, the survey found that almost half of small business owners use personal savings to pay for different elements of their business. The tendency to rely on personal funds for business budgets and requirements is particularly prevalent among younger business owners, with 75 percent of 25-34-year-olds admitting to using their own savings.
The findings of the study confirm that when it comes to running their own businesses, small business owners are driven by diligence, hard work and commitment.
Work-Life Balance Challenges for Small Business Owners
The dedication and commitment of small business owners are evident in their willingness to make sacrifices for their businesses. According to a survey conducted by Kabbage, a direct funding platform, work-life balance remains a challenge for many small business owners. The survey, involving 400 small business owners, sheds light on the extent to which entrepreneurs are prepared to forgo holidays and prioritize their businesses.
Working Through Holidays
The survey reveals that a significant portion of small business owners dedicate substantial time to their businesses during holidays. One-third of surveyed small business owners work on at least three out of the six major holidays in the US. This speaks to their dedication to maintaining their businesses’ operations, even during times typically reserved for relaxation and celebration.
Vacationing and Revenue Expectations
While small business owners are hard at work, they also express optimism about their businesses’ financial performance. Approximately 67 percent of surveyed entrepreneurs anticipate an increase in revenues by the end of the year. More than half of these owners expect revenue growth of 10 percent or higher. This positive outlook underscores the entrepreneurial spirit and determination that drive small business owners to push their businesses forward.
Personal Sacrifices and Financial Strains
The survey highlights several personal sacrifices made by small business owners. A significant number of them are willing to forgo vacations and holidays to ensure their businesses’ success. Around 60 percent of respondents take only one full vacation per year, and 23 percent take less than two holidays annually. Moreover, during holidays, a staggering 75 percent of small business owners continue working.
The financial aspect of running a small business also comes to the fore. Nearly half of the surveyed small business owners rely on personal savings to fund various aspects of their businesses. This reliance on personal funds for business needs is particularly prevalent among younger entrepreneurs aged 25 to 34, with 75 percent admitting to using their own savings.
Defining Hustle and Commitment
Victoria Treyger, Chief Revenue Officer of Kabbage, acknowledges the sacrifices made by small business owners. She emphasizes their dedication, motivation, and the lengths they go to support their businesses, families, and communities. These entrepreneurs define the spirit of hustle and commitment, working diligently to make their ventures successful.
| Aspect | Findings and Insights |
|---|---|
| Dedication and Sacrifices | Small business owners exhibit remarkable dedication by forgoing holidays and working during major vacation seasons. |
| Work-Life Balance Challenges | Work-life balance remains a challenge for many small business owners, as they prioritize their businesses. |
| Working Through Holidays | One-third of surveyed small business owners work during at least three out of the six major holidays in the US. |
| Vacationing and Revenue Expectations | Despite hard work, 67% expect increased revenues by year-end, reflecting entrepreneurial spirit and determination. |
| Personal Sacrifices and Financial Strains | A significant portion foregoes vacations, with 60% taking one full vacation per year. 75% work even during holidays. |
| Financial Aspects of Business | Nearly half rely on personal savings to fund business needs, especially among those aged 25 to 34. |
| Entrepreneurial Spirit Defined | Small business owners embody hustle and commitment, working diligently to make their ventures successful. |
In summary, the survey underscores the remarkable dedication of small business owners, their willingness to sacrifice personal time for the sake of their businesses, and their persistent drive to achieve growth and success.
A Guide for Small Business Owners: Finding Balance and Support on Your Entrepreneurial Journey
As a small business owner, your commitment to your business is undeniable. You’re at the forefront of innovation, driving economic growth, and serving your community. However, it’s equally important to remember that your well-being is crucial to the sustained success of your enterprise. Here are some strategies and resources to help you strike the right balance and feel supported on your journey.
Embracing Efficient Time Management
Time management is key. Consider tools and techniques like the Eisenhower Matrix or Pomodoro Technique to prioritize tasks effectively. By categorizing tasks based on urgency and importance, you can focus on what truly drives your business forward, while ensuring personal time for relaxation and rejuvenation.
Delegating and Building a Strong Team
Delegation is not a sign of weakness, but a smart business strategy. Identify tasks that can be handled by others and invest in building a team you can trust. This not only lightens your workload but also empowers your employees, fostering a positive workplace culture.
Leveraging Technology and Automation
In the digital age, leveraging technology is a game-changer. From accounting software to customer relationship management (CRM) tools, technology can automate routine tasks, freeing up your time for strategic planning and growth initiatives.
Seeking Support When Needed
Remember, it’s okay to seek help when things get overwhelming. This can be in the form of:
- Professional mentorship or coaching for guidance and advice.
- Outsourcing tasks that are outside your expertise or take up too much time.
- Seeking emotional and mental health support through counseling or peer groups.
- Joining local or online small business communities for shared experiences and support.
Prioritizing Your Health and Personal Life
Your health is your greatest asset. Incorporate regular exercise, healthy eating, and mindfulness practices into your routine. Consider joining entrepreneur-focused wellness programs or groups that emphasize the importance of physical and mental health. To maintain a balance:
- Set aside time for exercise, hobbies, and relaxation.
- Maintain a regular sleep schedule and healthy eating habits.
- Plan and take vacations to recharge and gain new perspectives.
- Set boundaries between work and personal life to avoid burnout.
- Cultivate relationships outside of work to maintain a diverse support network.
Work Lunch Photo via Shutterstock
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