Nearly half of small business owners state that running their own business has negatively affected their physical and/or mental health—up slightly from 2022 at 44%.
This is according to new research by a cloud accounting provider Free agent.
A survey of small business owners from across the UK, conducted by FreeAgent, reveals the scale of the mental health challenge facing the SME sector, with results showing that more than a third (37%) have experienced burnout as a result of burnout. Business Management.
According to respondents, many small and medium businesses work overtime each week as overtime has become commonplace, with two in five (41%) business owners saying they work up to 48 hours per week on average, and one-fifth (20%) %) They work up to 64 hours a week. More than a third of business owners (36%) say they work mostly in the evenings and two-fifths (41%) work often or always on the weekend.
The data shows that there is no comfort in owning your own business. With over three-quarters (78%) of respondents working through an illness because they felt they could not afford time off and the majority (84%) not having benefits paid sick pay or business insurance to cover the circumstances in which they fell ill. It’s clear that UK entrepreneurs put their hearts into their businesses.
However, despite this, two-thirds (66%) of small business owners feel they have a good work-life balance compared to just one-quarter (27%) who don’t.
Roan Lavery, CEO and co-founder of FreeAgent, said: “Our research suggests that a significant number of UK SME owners feel the physical and mental health pressures of running a business. Many say they have experienced burnout as a result of working for themselves, while many more put in long hours.” On their business ventures – including evenings and weekends.
“However, despite these challenges, it is really positive to see that the majority of small business owners still feel they have a good work-life balance and say they recommend self-employment as a career. This is a great foundation to build on as the UK continues to beat The ongoing cost of living crisis.
“What I would like to see in the future, though, is more support for small business owners to manage these physical and mental health challenges. Whether that is providing more funding for mental health support programs, increasing access to sick pay and health insurance, or offering incentives For companies that prioritize employee well-being, or simply increase support for business education and training programmes, there are plenty of opportunities for government to step in and provide help where it is most needed.
“By taking these steps, I believe the government can help strengthen the SME sector and boost economic growth, while supporting the well-being of the UK’s five million small business owners.”