A new survey commissioned by AXA UK has highlighted the challenging and multifaceted nature of owning a small business, revealing that many entrepreneurs have been forced to wear multiple hats, often beyond their expectations.
The survey, which polled 1,000 small and medium-sized enterprise (SME) owners, found that almost three-quarters (73%) of respondents have taken on more roles than they initially anticipated. Conducted as part of AXA’s “Being self-employed shouldn’t be a risk” campaign, the study revealed that 84% of these business owners feel like a “Jack of all trades,” juggling responsibilities from accountancy and social media to cleaning and legal matters.
Over a third (34%) of respondents reported taking on social media promotion, while 21% said they had to quickly learn about legal matters. Additionally, 39% found themselves diving into marketing, and 28% reported cleaning duties as part of their daily workload.
“Running a small business is incredibly rewarding but it also presents a multitude of challenges that can be difficult to manage, especially if you are a sole trader and have to juggle everything yourself,” said Tara Foley, CEO of AXA UK and Ireland.
Small business owners reported to have spent an average of three days’ worth of overtime beyond their normal working hours each week. Many cited this heavy workload as a key factor in their struggle to balance responsibilities.
According to the survey, 46% of business owners said they often face challenges they must solve independently, and 34% claimed it’s impossible to be skilled in all areas of business.
The survey also revealed that more than a quarter (26%) of owners felt there was insufficient general help and advice available, while 17% expressed concerns about not having the right insurance coverage. Despite these challenges, 33% of business owners said the reality of running their business was more difficult than they had expected, compared to just 10% who found it easier than anticipated.
Other significant concerns included cash flow issues (45%) and maintaining a work-life balance (44%). About 61% cited time constraints as the primary reason they feel stretched across different roles.
The survey also showed that small business owners are often forced to take on duties like finances, administration, sales, customer service, IT, advertising, and even cleaning. More than 20 different roles were mentioned by respondents, ranging from operations and maintenance to human resources and legal responsibilities.
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