Personal Sacrifices/Professional Rewards of Small Business Owners

Transcription

1 Personal Sacrifices/Professional Rewards of Small Business Owners Constant Contact Survey Small Business Week 2015 If you want to be the master of your own destiny, then you want to be a small business owner -Bryan Caplan, small business owner

2 For small businesses, personal sacrifices are a major part of the job description. 56% Q: What kinds of sacrifices do you make running a small business? 51% 43% 41% 40% 16% Feeling like I can never be away from my business Not having time to focus on myself Not taking vacations My money is tied up in my business Not seeing my family and friends as much as I d like It can be soul-sucking if you re not careful. Ten to 12 hours a day at a computer can leave little energy to spend time with my children. I ve learned to set boundaries and book time on my calendar with friends and family. Sherri-Lee Woycik Social Media Minder

3 Juggling varied responsibilities marketer, operations, accounts payable is all in a day s work. 43% Q: What is the most difficult part of running a small business? 20% 10% 9% 7% 5% 3% 3% I am a jack-of-all-trades for my business. I do it all: client services, invoicing, PR, marketing, content creation, new business, IT specialist, and so much more. The most important responsibility is keeping my clients happy but it can be challenging if something goes wrong in another area. Having to wear so many different hats (marketer, operations manager, customer relations, payroll, accounts payable, etc.) Riding out bad economic times Hiring and managing a staff Fear of failure Working so many hours and missing out on other aspects of my life Not trusting employees to run things without me Coming up with a succession plan Julia Campbell J Campbell Social Marketing

4 There are plenty of concerns keeping small business operators up at night 66% Q: What are your top business concerns today? 55% 40% 32% 30% 27% 25% 22% 18% 17% 6% 5% Finding new customers Having enough time Retaining existing customers Paying my bills Keeping up with technology advances Meeting customer expectations The economy Taxes Healthcare costs Maintaining sufficient staffing levels Lending availability

5 Yet even in the face of these hardships 84% would choose to do it all over again. I tell people that owning a small business is like having a child. We have been in business for over 30 years now, so my child is all grown up. Like raising a child, you will have your ups and downs, but through it all you love it; you adore it. And now I get to step back and realize that I ve created this great thing, that I ve dreamed it into reality. I love the rush of owning my own business. There's something indescribable about working for yourself. I liken it to hopping on a plane to an unknown destination and exploring without a map or translator. You don't know what the next turn will bring, but you take it all in stride. As you continue navigating through the paths and thoroughfares, you welcome each challenge as it comes and find yourself better off with each obstacle you overcome. In essence, if you want to be the master of your own destiny, then you want to be a small business owner. Bryan Caplan BJC Branding Arlet Koseian Extend Yoga I would definitely, without a doubt, do it again. I would do it differently, but I would do it again. I mean, I just can t picture myself writing a resume and walking into some office to do a job interview. That s just not me. Denise Attwood Ganesh Himal Trading

6 So why do they do it? Passion, freedom, and flexibility rise to the top. 62% 59% Q: Why do you run a small business? 50% 41% 18% 16% 11% 9% Pursuing my passion Freedom to control my professional life Flexibility I don t want to work for anyone else Building a business with my name on it Building something my family can be involved in Lost my former job It s freeing knowing that I can set my path and decide what s important to me and what my career will look like. I like having that control. Sherri-Lee Woycik Social Media Minder

7 The best part? Freedom and the ability to control their own destiny. Q: What s the best part of running a small business? 30% 29% 19% 12% 10% The freedom to try new things and make my own mistakes Controlling my destiny Being the decision-maker Putting my stamp on things As my father told me, You can do anything you want to do; don t listen to anyone who tells you otherwise. Rieva Leskonsky GrowBiz Media

8 We asked survey respondents for their best advice on how to market. Here s what they had to say: Make a marketing plan. More expensive is not always more effective. Network, network, network. Find your niche. Market your personality. Hire an expert. Person to person. Know your customer. Measure and learn from your results. Look at the big picture. Build relationships. Be true and authentic. Never stop seeking new opportunities. Never give up! Ask for help. Focus on referrals. All the little things add up. Make it a priority. Pursue all channels and opportunities. 8

9 About the Data: This Constant Contact data was compiled from a survey administered in March 2015 to 785 small business owners who participate in the Constant Contact Small Biz Council a research panel of US small businesses and nonprofits recruited from the Constant Contact customer base. The survey is part of an ongoing series about the state of small businesses and the ways they connect with, and grow, their audiences.