One of the best parts of being a small business owner and an entrepreneur is the ability to be your own boss. However, that responsibility is also one of the hardest parts, according to the September 2016 SurePayroll Small Business Scorecard®.
- 42% said having to handle too many responsibilities on their own is the worst thing about owning a business.
What are the other most challenging aspects of being a small business owner?
- 20% said navigating tax and employment laws.
- 18% said swings in income due to the changing profitability of the business.
- 14% said managing employees.
On the other side of the coin, 44% said being their own boss is the best thing about owning a business. A third said the opportunity to grow a company was the best part of the endeavor.
Ranking fairly low on the list of pluses was working with employees (8%) and the financial rewards (8%).
“There are definitely tradeoffs in going into business for yourself – entrepreneurs take everything on their shoulders and that can wear a person down. At the same time, the vast majority tell us they’re satisfied with what they’re doing,” said SurePayroll General Manager Andy Roe.
In fact, 92% said they are satisfied with the combination of added freedom and added responsibility they have as a business owner.
“There will always be challenges, but when you’re doing what you love and what you’re really good at, it gives you a totally different perspective on the work,” said Roe.