Owning a business is great. As the boss, you get to decide how much to pay yourself, take off as much time as you’d like. Basically…you’re in charge.
That may be the perception but the reality is fundamentally different. That finding comes from a study of more than 1,000 small business owners who say the exact opposite. Owning a business brings big responsibilities: you have obligations to customers and suppliers, you take a back seat to employees when it comes to holidays and there’s no such thing as a defined work week.
The study, conducted for CIBC which has launched a new product to help small business owners address these challenges, says these entrepreneurs are holiday deprived – 40-percent have not taken a break so far this year. Two-thirds say the number of hours they are working has gone up this year and 60-percent feel stress levels are rising.
Being the owner or boss of a small business means you’re also the chief cook and bottle washer with things like bookkeeping and complying with government demands making it harder to run the business, let alone find time for that ever-elusive work-life balance.