Small business owners are not taking holidays: one-third of small business owners work at least three of the six major holidays in the US. This was the finding of a survey by the direct funding platform Kabbage.
Kabbage’s new survey reveals several work/life balance issues related to the sacrifices small business owners are willing to make. The research involved surveying 400 small business owners, with 67 percent stating they expect to increase revenues by the end of the year. More than half of the small business owners interviewed said they anticipate an increase in revenue of 10 percent or higher.
The survey found that 60 percent of small business owners only take one full vacation a year, while 23 percent take less than two holidays off annually. Furthermore, when on holiday, 75 percent of small business owners continue working.
Small Business Owners Are Not Taking Holidays
In a press release about the survey, Kabbage Chief Revenue Officer Victoria Treyger spoke of the diligence and hard work small business owners put into their businesses, so much so that they’re willing to relinquish holidays and work during major vacations.
“Small businesses are the heartbeat of our economy, and they deserve an enormous amount of gratitude. These are the individuals who take service calls at midnight on Christmas Eve, work long hours and forgo what many Americans take for granted. They define hustle and motivation and go to great lengths to support themselves, their families and their communities,” Treyger commented.
As well as being willing to sacrifice vacations and spend time carrying out business during major holiday seasons, the survey found that almost half of small business owners use personal savings to pay for different elements of their business. The tendency to rely on personal funds for business budgets and requirements is particularly prevalent among younger business owners, with 75 percent of 25-34-year-olds admitting to using their own savings.
The findings of the study confirm that when it comes to running their own businesses, small business owners are driven by diligence, hard work and commitment.
Work-Life Balance Challenges for Small Business Owners
The dedication and commitment of small business owners are evident in their willingness to make sacrifices for their businesses. According to a survey conducted by Kabbage, a direct funding platform, work-life balance remains a challenge for many small business owners. The survey, involving 400 small business owners, sheds light on the extent to which entrepreneurs are prepared to forgo holidays and prioritize their businesses.
Working Through Holidays
The survey reveals that a significant portion of small business owners dedicate substantial time to their businesses during holidays. One-third of surveyed small business owners work on at least three out of the six major holidays in the US. This speaks to their dedication to maintaining their businesses’ operations, even during times typically reserved for relaxation and celebration.
Vacationing and Revenue Expectations
While small business owners are hard at work, they also express optimism about their businesses’ financial performance. Approximately 67 percent of surveyed entrepreneurs anticipate an increase in revenues by the end of the year. More than half of these owners expect revenue growth of 10 percent or higher. This positive outlook underscores the entrepreneurial spirit and determination that drive small business owners to push their businesses forward.
Personal Sacrifices and Financial Strains
The survey highlights several personal sacrifices made by small business owners. A significant number of them are willing to forgo vacations and holidays to ensure their businesses’ success. Around 60 percent of respondents take only one full vacation per year, and 23 percent take less than two holidays annually. Moreover, during holidays, a staggering 75 percent of small business owners continue working.
The financial aspect of running a small business also comes to the fore. Nearly half of the surveyed small business owners rely on personal savings to fund various aspects of their businesses. This reliance on personal funds for business needs is particularly prevalent among younger entrepreneurs aged 25 to 34, with 75 percent admitting to using their own savings.
Defining Hustle and Commitment
Victoria Treyger, Chief Revenue Officer of Kabbage, acknowledges the sacrifices made by small business owners. She emphasizes their dedication, motivation, and the lengths they go to support their businesses, families, and communities. These entrepreneurs define the spirit of hustle and commitment, working diligently to make their ventures successful.
| Aspect | Findings and Insights |
|---|---|
| Dedication and Sacrifices | Small business owners exhibit remarkable dedication by forgoing holidays and working during major vacation seasons. |
| Work-Life Balance Challenges | Work-life balance remains a challenge for many small business owners, as they prioritize their businesses. |
| Working Through Holidays | One-third of surveyed small business owners work during at least three out of the six major holidays in the US. |
| Vacationing and Revenue Expectations | Despite hard work, 67% expect increased revenues by year-end, reflecting entrepreneurial spirit and determination. |
| Personal Sacrifices and Financial Strains | A significant portion foregoes vacations, with 60% taking one full vacation per year. 75% work even during holidays. |
| Financial Aspects of Business | Nearly half rely on personal savings to fund business needs, especially among those aged 25 to 34. |
| Entrepreneurial Spirit Defined | Small business owners embody hustle and commitment, working diligently to make their ventures successful. |
In summary, the survey underscores the remarkable dedication of small business owners, their willingness to sacrifice personal time for the sake of their businesses, and their persistent drive to achieve growth and success.
A Guide for Small Business Owners: Finding Balance and Support on Your Entrepreneurial Journey
As a small business owner, your commitment to your business is undeniable. You’re at the forefront of innovation, driving economic growth, and serving your community. However, it’s equally important to remember that your well-being is crucial to the sustained success of your enterprise. Here are some strategies and resources to help you strike the right balance and feel supported on your journey.
Embracing Efficient Time Management
Time management is key. Consider tools and techniques like the Eisenhower Matrix or Pomodoro Technique to prioritize tasks effectively. By categorizing tasks based on urgency and importance, you can focus on what truly drives your business forward, while ensuring personal time for relaxation and rejuvenation.
Delegating and Building a Strong Team
Delegation is not a sign of weakness, but a smart business strategy. Identify tasks that can be handled by others and invest in building a team you can trust. This not only lightens your workload but also empowers your employees, fostering a positive workplace culture.
Leveraging Technology and Automation
In the digital age, leveraging technology is a game-changer. From accounting software to customer relationship management (CRM) tools, technology can automate routine tasks, freeing up your time for strategic planning and growth initiatives.
Seeking Support When Needed
Remember, it’s okay to seek help when things get overwhelming. This can be in the form of:
- Professional mentorship or coaching for guidance and advice.
- Outsourcing tasks that are outside your expertise or take up too much time.
- Seeking emotional and mental health support through counseling or peer groups.
- Joining local or online small business communities for shared experiences and support.
Prioritizing Your Health and Personal Life
Your health is your greatest asset. Incorporate regular exercise, healthy eating, and mindfulness practices into your routine. Consider joining entrepreneur-focused wellness programs or groups that emphasize the importance of physical and mental health. To maintain a balance:
- Set aside time for exercise, hobbies, and relaxation.
- Maintain a regular sleep schedule and healthy eating habits.
- Plan and take vacations to recharge and gain new perspectives.
- Set boundaries between work and personal life to avoid burnout.
- Cultivate relationships outside of work to maintain a diverse support network.
Frequently Asked Questions
What percentage of small business owners work during major holidays?
One-third of small business owners work at least three of the six major holidays in the US, according to a survey conducted by Kabbage, a direct funding platform.
What work/life balance issues do small business owners face?
Kabbage’s survey reveals various work/life balance challenges that small business owners experience. Many are willing to sacrifice holidays and personal time to prioritize their businesses.
How many small business owners anticipate revenue growth?
Out of the 400 small business owners surveyed by Kabbage, 67 percent expect to increase their revenues by the end of the year. More than half of them foresee revenue growth of 10 percent or higher.
How often do small business owners take vacations?
The survey found that 60 percent of small business owners take only one full vacation per year, and 23 percent take less than two holidays off annually. A significant number of them continue working even while on vacation.
What is the role of personal savings in small businesses?
Nearly half of the surveyed small business owners use personal savings to fund various aspects of their businesses. This reliance on personal funds is particularly common among younger business owners, with 75 percent of those aged 25 to 34 admitting to using their own savings.
How do small business owners view their dedication and commitment?
Victoria Treyger, Chief Revenue Officer of Kabbage, emphasizes the remarkable dedication and motivation displayed by small business owners. Despite the challenges they face, these entrepreneurs define hustle and commitment in their pursuit of success.
How does Kabbage define the role of small businesses in the economy?
Kabbage considers small businesses to be the “heartbeat” of the economy. They work tirelessly, even sacrificing holidays, to support themselves, their families, and their communities.
What portion of small business owners work during major holidays?
One-third of surveyed small business owners dedicate substantial time to their businesses during holidays, with at least three out of six major holidays being workdays for them.
How do small business owners view their businesses’ financial prospects?
Despite the challenges, approximately 67 percent of surveyed entrepreneurs are optimistic about their businesses’ financial performance, expecting an increase in revenues by the end of the year.
What characterizes the approach of small business owners to their ventures?
The survey highlights the remarkable diligence, hard work, and commitment of small business owners. Their dedication often leads them to forgo holidays and work even during major vacation seasons.
What is the impact of personal sacrifices on small business owners’ work-life balance?
The survey underscores the personal sacrifices made by small business owners, including limited vacation time and the use of personal savings to support their businesses.
How does the survey define the entrepreneurial spirit of small business owners?
The survey results showcase the unwavering determination and drive of small business owners to achieve growth and success, even if it means sacrificing personal time and relying on personal funds for their businesses.
What key takeaways can be drawn from the survey?
The survey highlights the resilience, dedication, and commitment of small business owners. Their willingness to make sacrifices and overcome challenges underscores their integral role in the economy.
What motivates small business owners to continue working during holidays?
The survey suggests that small business owners’ commitment to their businesses is fueled by their dedication to providing exceptional service, even during holidays, to support their customers and communities.
How does the survey reflect the essence of entrepreneurship?
Kabbage’s survey underscores the essence of entrepreneurship, where individuals are driven by a combination of hustle, commitment, and determination to make their businesses successful, often at the expense of personal time and comfort.
What can we learn from small business owners’ reliance on personal savings?
The survey highlights the financial challenges faced by small business owners, particularly among younger entrepreneurs, and sheds light on their resourcefulness and willingness to invest personal funds into their businesses.
Conclusion
The world of small business ownership is characterized by a unique blend of dedication, commitment, and sacrifices that entrepreneurs make to achieve their goals. The findings from Kabbage’s survey shed light on the remarkable resilience and spirit of these small business owners who often find themselves juggling their personal lives and their ventures.
One striking revelation is that one-third of small business owners work during at least three of the six major holidays in the US. This dedication to their businesses during times traditionally reserved for relaxation and celebration reflects their unwavering commitment to maintaining their operations and supporting their customers, even at personal cost.
The survey also underscores the optimism and determination of small business owners regarding their businesses’ financial growth. With 67 percent expecting revenue increases by year-end, and more than half anticipating growth rates of 10 percent or higher, it’s evident that their entrepreneurial spirit remains strong.
However, the data also paints a picture of the sacrifices that small business owners are willing to make. A significant portion of these entrepreneurs take only one full vacation a year, and a staggering 75 percent continue working even while on holiday. The tendency to rely on personal savings to fund business needs further showcases the dedication and resourcefulness inherent in small business ownership.
Victoria Treyger, Chief Revenue Officer of Kabbage, aptly describes these entrepreneurs as the heartbeat of the economy. Their willingness to work long hours, answer service calls at midnight on holidays, and forgo personal time demonstrates their unwavering hustle and motivation. Through their diligence, they not only support themselves but also contribute to their families and communities.
In summary, the survey reaffirms the idea that small business owners are driven by a unique blend of diligence, hard work, and commitment. They are willing to make personal sacrifices to ensure their businesses thrive. These entrepreneurs redefine the essence of entrepreneurship, where the pursuit of success often requires perseverance through challenges and a resolute dedication to creating something meaningful.
Work Lunch Photo via Shutterstock
Hopefully they’re giving themselves a day off somewhere else on the calendar.
This shows that real business owners don’t rest when others are just having fun. Instead, they keep on hustling. That’s how they do it.