Single parent business owners make the most accommodating bosses, according to a new survey.
The research, conducted by Hitachi Capital Business Finance, found that 32 per cent of single parent business owners offered additional holidays to staff; 30 per cent offer flexible working arrangements; and 18 per cent offer job shares. This group is also the most likely to remember their employees’ birthdays.
The study also found that despite starting out with significantly less, it’s not about the money for many business owners.
The amount of money single-parent owners were putting into the business to get it going in the first two years was roughly four-fifths of the average business – £8,875 versus £10,836. 50 per cent of those surveyed said they started their business with less than £5,000.
However, single parent business owners were three times as likely to start a business for better work life balance than to make money. Half said they were driven by the desire to do something they love.
Hitachi Capital Business Finance’s research explores the challenges businesses led by single parents face. The research surveyed more than 300 single parent business owners asking about how they started their business, running their business day-to-day, and plans for the future. Their responses were benchmarked against a nat rep sample of 1,466 business owners.
Speaking about the survey, Joanna Morris, Head of Marketing & Insight at Hitachi Capital Business Finance, said, “Taking the bold step to go out on your own is hard.”
“However, for single parents, the playing field is far from level and the challenges are that much greater.”
“Our research shows that, despite the odds being stacked against single-parent business owners, most have a genuine love for their business they run, driven by unrivalled passion for what they do, and plan to continue growing their businesses long into the future.”
“The key for any entrepreneur thinking of starting a business is to learn from others who have been in the same situation who can help navigate the demands of running a small business.”
“More broadly, at a time of unprecedented anxiety and market uncertainty, understanding the outlook from small businesses has never been more important.”
“We need to look beyond industry sector or size to fully appreciate the variety of ways small-business owners are thinking and reacting to current issues.”
“Hitachi Capital Business Finance understands that every single business owner faces a variety of challenges – some unique to them.”
“Tailoring a service that acknowledges this is key to helping them grow in the long term.”
Are you an entrepreneur or looking to start your own business? We’ve got hundreds of articles on learning entrepreneurial skills, how to become your own boss, marketing your products and managing your own team. You can find more of our entrepreneurial articles here.
