Income Resource Club > Business > Small Business Lifestyle
Small Business Lifestyle
The ABS defines a small business as one that employs less than 20 people.
- Around 30% of Australia’s economic activity is generated by the small business sector.
- Small businesses are responsible for generating 3.6 million jobs, or 47% of private sector, non-agricultural employment.
- There are 1.88 million small businesses, which represents over 95 % of all business.
- Approximately 35% of small businesses operate in regional Australia.
- 67% of small businesses are operated from home.
- The number of women operating home based small businesses grew by 17% between November 1999 and June 2001, compared to 13% for male home based businesses.
- Approximately 69% are operated by males.
- Approximately 80% of small businesses are now connected to the Internet.
- Around 30% of small business operators were born overseas.
In the Optus 2004 Small Business Matters Survey conducted by leading publication DSB (Dynamic Small Business) magazine and Creative Thinking Marketing, close to 500 small businesses around Australia completed the survey. The following results are a summary:
PERSONAL REWARD – It may be hard work, but most small business operators find it a rewarding experience. 92% of respondents say they enjoy more ‘personal reward’ from running their own business. In fact, 59% say they get ‘significantly more’ personal reward.
MORE TIME TO LEARN – 68% say having their own business gives them more opportunity to pursue education and personal development programs.
FINANCIAL REWARD – 60% say they can get more financial reward from running their own business, than being an employee. Of these, 29% say they can generate ‘significantly more’ financial reward.
HOW TO MAKE LIFE BETTER – When asked about various ways to improve their work-life balance, 65% opted for employing more staff. The next most popular option was cutting back on operating hours, followed by investing more money into the business. 5% suggest the best way to improve their work-life balance was to “shut up shop”, although this was the smallest response of all the options.
STRESS LEVELS – While there may be personal and financial rewards, running a small business can be stressful. 55% of respondents say they have more stress from having their own business, with 23% of this group saying they have ‘significantly more’ stress. Those involved with younger (less than five-years) and smaller companies (1-4 employees) tend to have lower stress levels, and women are generally less stressed than men.
TIME IS NOT ON THEIR SIDE – Only 33% say that having their own business has given them more time for themselves, and only 34% say they have more time for family & friends.
If you would like to download the Audio interview with Entrepreneur and Business Guru Richard Branson plus 4 other gifts valued at over $147, click here.
To gain access to more ebooks, book summaries, audio and video interviews on trading, try our $1 membership test drive offer.