The Power of Small Business Owners: Nurturing Wellbeing in the Face of Challenges
Small businesses play a crucial role in the health of the UK economy, accounting for, as at the start of 2022, at least 99.9% of all businesses, 61% of all jobs, and contributing £2.1 trillion or 51% of UK GDP.
Within the tapestry of the UK economy, small businesses weave a vibrant thread that holds immense significance. Yet, despite their undeniable economic importance and their deep roots within the community, the realm of micro business owner wellbeing remains relatively unexplored.
Micro business owners (0 to 9 employees) represent 95.33% of all small businesses and 28.66 of micro businesses are sole business!
As micro business owners ourselves, we intimately understand the multitude of reasons that drive individuals to embark on this entrepreneurial journey. Some seek the autonomy to seize control of their livelihoods, while others envision expanded earning capacities. Many yearn for the elusive harmony between work and personal life, embracing the promise of flexibility. However, we cannot overlook the fact that alongside these aspirations, the path of micro business ownership is lined with formidable challenges.
The late nights spent hunched over the kitchen table, navigating the labyrinth of paperwork, bear witness to the dedication required. The ever-present spectre of cash flow issues and the weight of escalating costs cast shadows of concern. Anxiety intertwines with thoughts of economic downturns, leaving small business owners perpetually pondering the potential impact on their ventures. Such trials may intermittently haunt the minds of these resilient individuals, or perhaps persistently loom overhead.
It is our hope that this report, based upon the findings of our own Wellbeing and The Future of Work survey, coupled with some peer reviewed findings from other similar wellbeing surveys, and the insights and recommendations contained within it, will shine a light on the factors that affect micro business owner wellbeing and provide some practical steps that can be readily undertaken to start improving it.
Together, lets cultivate a culture that honours their invaluable contribution and helps them flourish in the ever-changing landscape of entrepreneurship.
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Let’s make business better!
Terry and Phil
