Small business owners are working 13 hours a week more than the UK average, negatively impacting their health, new figures show.
According to a survey commissioned Bizdaq, an online platform that allows people buy and sell a business without agents, small business owners work 50.5 hours, compared to the UK average of 37.
As many as 370,000 small business owners work 60+ hours a week and 94,000 owners work 80+ hour weeks the study shows.
As a result, health is often sacrificed. The research found that 1.3 million small business owners are suffering health issues due to the pressures of running a small business in the current climate, with 660,000 of those owners feeling that the business has a negative impact on their mental health.
Interestingly, business ownership was found to 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%.
Looking to the future the survey found that 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, chief executive officer of Bizdaq, comments: “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.
“The abolishment of Business Link and the regional adviser program by the Coalition government in 2010 left a vacuum in small enterprise in the UK. Where small business owners previously felt the benefits of having a local support network, there are currently no services where owners can turn to when looking for support. I would call upon the new small business minister Margot James to prioritise the re-establishment of business support on a local level.”
Today the new Prime Minister Theresa May will be hosting a business summit at Number 10, focusing on Brexit and the need of small business owners.