- On January 22, 2018
Kabbage released new data reporting on the similarities that connect small business owners, including personal sacrifices, professional challenges and growth expectations.
In partnership with Bredin, a leading small-business market research firm, 400 small business owners were polled across industries such as retail, education, manufacturing, food and beverage, healthcare, automotive, energy and finance.
The findings demonstrate work-life-balance commonalities across all small business owners and illustrate sacrifices business owners make, irrespective of industry.
- 67% expect to increase revenues by the end of 2017
- More than half anticipating an increase of 10 percent or higher.
- The number one sacrifice small business owners make each year is not taking a proper vacation.
- 60% said they take only one vacation per year.
- 23% take fewer than two vacation days annually.
- When on vacation, 75% still work.
Business over Personal Gain
- Small business owners prioritize building their businesses over personal financial gain.
- When asked how they spend surplus cash, a greater number will invest it in their business (40 percent) rather than paying themselves (21 percent), saving for retirement (17 percent) or setting aside for personal or family investments (14 percent).
- 47% of small business owners use personal savings to pay for aspects of their business.
- 29% of small business owners work more than 50 hours per week.
- 86 percent work on weekends.
- One-third work at least three of the six major US holidays, including New Year’s Day, Independence Day, Memorial Day, Labor Day, Thanksgiving and Christmas.
Source: ATLANTA (PRWEB) NOVEMBER 20, 2017
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