Small business owners are working thirteen hours a week more than the UK average, negatively impacting their health, according to a survey by business marketplace, Bizdaq.
The research found that small business owners work just over 50 hours a week on average, compared with the national average worker who works 37. And over a quarter (28%) believe their health has been negatively affected directly by the amount of hours they work - that is the equivalent on 1.3 million small business owners in the UK.
Mental health is a particular concern, with 660,000 small business owners currently experiencing a negative impact on their mental health due to the pressures of running a small business in the current climate. Holidays are not an option for many small business owners , with more than half a million (566,000) not having taken a holiday since they started their business.
Families are feeling the effect of small business ownership too, with 87% of small business owners with children under the age of 18 not planning to take their children on holiday this year. This lack of family time isn’t just felt during the summer break though, as 18% of small business owners feel their business negatively affects their family.
Business ownership was most likely to be a burden in the North of England, with twice as many Northern small business owners (22%) responding that their health was negatively impacted than Southern business owners (11%). The East Midlands was found to be the most negatively impacted region, with 34% of owners saying their health was affected, whilst the South East was the least affected with only 8%.
Younger small business owners more confident post-referendum
The EU Referendum saw a historic leave vote which was vastly criticised by younger voters in particular, however younger small business owners are more confident about a post-Brexit future than any other generation.
Whilst only 20% of small business owners are more confident about the future since the referendum, this jumps to 45% of 18 – 34-year-old small business owners. This far-exceeds the 13% of 35 – 54-year-old business owners and 23% of 55+ year old small business owners who are more confident about the future since the referendum.
Sean Mallon, CEO of Bizdaq, said: “The fact that so many small business owners are struggling is astonishing and really shows the need for the government to do more to support the backbone of the British economy. Now more than ever, the UK needs strong small businesses.