Small business owners don’t do it for the money

The freedom and control that comes with being your own boss is apparently more important to small business owners than the money they earn.

The freedom and control that comes with being your own boss is apparently more important to small business owners than the money they earn.

A new survey of 600 small businesses in Queensland and Western Australia conducted by banking group Suncorp found that 27% of respondents believed they would definitely earn more money as an employee, while 42% indicated they would more than likely earn more.

Just 25% said they would earn less as an employee rather than as a business owner.

Two out of three owners surveyed said that they wanted to be their own boss, and that the freedom of owning their own business was the main driver behind their decision.

The survey also showed that small business owners are struggling with the issue of work/life balance, with 19% of respondents saying that they had difficulty with balancing business demands with their family and social lives.

Suncorp executive general manager small business, Peter Larsen, says it is hard to get the balance right.

“The downside of being your own boss can mean sleepless nights, long hours and wondering how the bills are going to be paid.

“There is immense satisfaction in running your own small business but you don’t want it to control your life.”

We want your feedback on this issue.
Are the hardships and sacrifices of small business outweighed by the freedoms and control entrepreneurship bring?
Send your thoughts to feedback@smartcompany.com.au