Starting Your Own Business: What to Expect Part II

In the second of this two part series based on Discover Card’s “Small Business Watch,” we’re looking at information derived from small business owners that will better prepare you to take that next step into entrepreneurship. Here are some things you might not know but better be prepared for:

• Nearly one of three business owners, 31 percent, indicated they work at least 10 hours or more per day on average. Only out of five non-business owners, 19 percent, worked the same each day.
• 15 percent of small business owners work every day of the week, more than twice as many, 6 percent, as the general population. Similarly, 28 percent of small business owners work six days a week, compared to 15 percent of the general population.
• Nearly half of small business owners, 47 percent, said that they always or mostly work on official holidays.

So if you’re used to a 9 to 5 life, think twice before starting a business.

• More than half of the business owners, 52 percent, took seven days or less off work last year, compared to 36 percent of the general population.
• 59 percent of small business owners define a “day off” as being available for calls and emails, working some time or even working all day at a remote location. Only 32 percent of the general population does the same.
• More than half of small business owners, 55 percent, said their spouses approve of them checking email when they are off from work, compared to 37 percent of the general population.
• “Small business owners are really focused on serving their customers every day. Our survey found that 40 percent of them carry wireless devices to keep in touch with their customers and clients when off work." “Being a small business owner often means that you are always open for business.”

When you’re a small business owner, your life is your business and your business is your life. It’s not even a matter of overlapping; they are totally intertwined.

Also, if you already own a small business or you’re thinking about starting one, then check out our new small business consulting service and give us a call for a free initial consultation.