The State of Being a Small Business Owner
We surveyed 500 small business owners on the health of their business and their personal lives.
December 29, 2020 – Is 2020 over yet?! Working more, sleeping less, and drinking more sums up the state of being a small business owner. Business owners are trading off so much more than they already did, which doesn’t leave much room for reflection and focus on creating the best path for you and your business in 2021. So unlike in years past when January is a chance to jump to conquering new plans for your business, it’s important to pause, reflect, and do a self-health check.
In fact, self-health is more important than ever for business owners. And understanding where you are at today is critical to establishing a clear vision of 2021.
The Health of Business Owners
We surveyed 500 small business owners. We asked them a series of questions to understand how their business is doing, but also, to understand how they are doing, both mentally and physically.
Here is what we found out about small business owners during the pandemic (surveyed in November 2020):
- 57% of business owners have spent more time working on their business in 2020.
- Despite this increase in time worked, 25% of business owners don’t think their business will be able to stay open without receiving additional Payroll Protection Program (PPP) funds.
- Only 34% of business owners that we surveyed said they received PPP funds this year.
- 46% said they didn’t expect to receive any more PPP funds before March 1, 2021.
Now, here is what we learned about how 2020 affected small business owners mentally and physically:
- 34% of business owners reported that their mental health is worse than it was a year ago today.
- Over 50% of business owners said they are sleeping worse the last couple of months compared to pre-COVID.
- Here are the top stressors that business owners said are causing them sleep problems:
- Stressed about money (82%)
- Stressed about the health of themselves or loved ones (68%)
- Stressed about changes in life and business (59%)
- Stressed about government (58%)
- Our survey also showed that 34% of business owners are feelings depressed from COVID’s effect on their business
- Lastly, 24% of business owners reported they are drinking more since COVID hit the United States.
Acknowledgment of Your Own Health in 1 Minute
If you are reading this and thinking “wow that’s how I feel…” then know aren’t alone. Being a business owner became extra complicated in 2020 and many owners faced unheard of challenges. Being aware and honest about your own health is critical before just moving into 2021, especially if you have employees. Your team relies on you to continue being strong. We’ve simplified our survey questions into a 1 minute quick self-check.
1 minute business owner check-in:
- When you wake up in the morning, are you grateful?
- Are you keeping your commitments to yourself and others?
- Are you exercising at least 30 minutes a day…even if it’s just a walk?
- Is your family or your loved ones staying connected to your experiences, both good and bad?
- Are you clearing space in your schedule to reflect and focus on what you can control to keep your business moving forward?
Now just take an extra minute to reflect on your answers. You may find yourself aligned with other business owners in all responses or just a few, but it’s important that in order to succeed in 2020, you must know where you stand today.
There’s Help in Community
The good news is that business owners are resilient! Entrepreneurship has taught all business owners true grit. However, before 2020 relying on each other and technology wasn’t always a business owner’s first nature. Now is the time to shift and realize that in a community of business owners, we are all stronger together than separate. We can lean on each other for support and guidance on “what to do next.”
Business Warrior sees what is going on in the U.S. with small businesses and we have decided to make a major update to our software to help small business owners decide what to do next. After months of development and getting feedback from our current subscribers, we are getting ready to release our customer growth education product in early January. It’s an inexpensive way for small businesses to hit their marketing goals and get more customers.
For less than $50 per month, it does the job of 5 different softwares and a full time marketing employee (There’s a free version as well that provides a ton of value to a business in earlier stages). At a time when small businesses are making less money, are working more, and are more stressed than ever, they need cost effective solutions that deliver results. You may sign up for early access and receive a $240 discount for a full year.
Whether you decide to use Business Warrior for help or not, we ask that all business owners take the time to self-care as not only are your customers and employees rooting for you, we all are.
Looking for ways to get more customers immediately?
About Business Warrior
Business Warrior is the source for small businesses in America to enhance their brand and boost marketing results. The Business Warrior software takes a holistic view of a business’s online reputation, listings, website search results and social media. Predictive algorithms are utilized to recommend the most imperative actions needed to drive new customers, positively impact daily operations, and improve profitability. For more information, please visit businesswarrior.com.