Small business owners nationwide likely have a number of concerns on their plates with regard to how all aspects of their lives are going as a direct result of the amount of time they have to devote to their companies. However, for the most part, these entrepreneurs remain relatively upbeat about how things are going for them personally and professionally.
Today, 91 percent of small business owners say that they’re happy in general, including 55 percent who indicate that they’re “extremely happy,” according to the latest Small Business Sentiment Survey of owners by the online marketing company Yodle. In addition, nearly three out of five also said that they would not consider selling their business within the next few years because of how satisfied they are with them, and how optimistic they are for future success.
That doesn’t mean, however, that owners aren’t harboring at least some concerns about their companies – and how these enterprises affect their lives – in general, the report said. Nearly half say that they’re worried about being able to afford healthcare, and slightly fewer indicated saving for retirement is a major concern. One-third also say that providing their families with the lifestyles they want could be an issue. As far as companies go, more than two in five say that they’re worried about being able to find new customers, while slightly fewer are worried about covering employee health insurance and other benefits (61 percent also say they think the Affordable Care Act will have a negative impact on them), while 33 percent expressed misgivings about being able to retain current patrons.
And when it comes to the work-life balance owners seem to value, slightly more than half are apparently enjoying it, the report said. Some 52 percent of owners say they work 40 hours or less per week, and 72 percent say they take at least two weeks of vacation per year. At the same time, though, the remaining owners say they work either 40 to 60 hours a week (39 percent) or 60-plus (9 percent). Another 11 percent say they never take vacation.
Owners who want to reduce their concerns and potentially free up large amounts of money that can be devoted to other areas of their companies may want to look into whether they can find more affordable small business insurance policies. Cutting costs related to workers’ compensation or general liability insurance can give companies greater flexibility in a number of ways.