News

Small business owners putting in over 50 hours a week
By Naomi Helleren-Myob Australia
December 6, 2007

Small business owners putting in over 50 hours a week

06 Dec 2007

A third of small business owners are working over 50 hours a week, according to the latest MYOB Australian Small Business Survey (special focus report), released today.

When examining the breakdown of working hours by gender, the MYOB survey reveals that 38% of male and 53% of female small business owners work up to 40 hours a week.  While 62% of male and 46% of female small business owners are working between 41 and 70 hours a week.

"This is the first time the MYOB Australian Small Business Survey has looked into the lifestyle of small business owners, and the results are interesting," says Tim Reed, Managing Director of MYOB Australia.

"We wanted to gain an insight into the lifestyle issues facing small businesses," said Mr. Reed.  "It is important to not only gain a business insight of small business owners, but understand how satisfied they are with their lifestyle, hours worked, work-life balance, goal achievements and stress levels."

The MYOB survey found that 88% of small business owners surveyed worked as a full time employee prior to starting/purchasing their own business.  Of this 88%, more than a third (37%) believe that there is more pressure/stress now in their work as a small business owner, when compared with their time as an employee.  However, on the other hand, around two-fifths (43%) of this 88% believe that the level of stress in their work has decreased since owning a business.

"This decrease in stress levels could relate to business owners being happier with the actual work they are doing. Forty eight percent of business owners started their own business with the goal ‘To do what I like doing/work in the area I am passionate about'," said Mr Reed.

A majority (70%) of small business owners surveyed are happy with their overall lifestyle.  And in general, running a business has more of a positive impact on the lifestyle of most small business owners, with around two-thirds (67%) of small business owners surveyed believing that running their own business has affected their overall lifestyle positively. Approximately a third (32%) of small business owners surveyed honestly feel that running their own business has had a negative impact on their stress levels.

When asked about illness, 15% of small business owners surveyed responded that they have experienced a serious illness in the last 12 months that has affected the operation of their business.  Of this 15%, just over two-thirds (64%) kept working through, while 20% temporarily shut down their business and 10% had their partner/spouse manage the business for them.

It is also interesting to note that:

  • Around three quarters (72%) of small business owners surveyed are satisfied with their progress in achieving the goals that drove them to start/purchase their own business.
  • A majority (70%) of small business owners surveyed are satisfied with their overall lifestyle.  However stress levels are an issue, with around a third (32%) of the small business owners surveyed indicting that they are dissatisfied with their stress levels.
  • Two thirds (67%) of small business owners surveyed feel that running their own business has affected their overall lifestyle positively.

From the small business owners surveyed, it is interesting to note that...

  • 30% are aged between 40 and 49 years of age
  • 68% are married
  • 41% are sole traders
  • 25% have 2 to 4 full time employees
  • 38% have been operating for 10 years or more

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