For many people, starting a business is a fantasy in which they can become their own boss and escape the stress of a traditional, 9-5 job.
However, according to a recent survey by CIBC, that may not be the reality of becoming a business owner.
More than 1,000 business owners took part in the survey, entitled the CIBC SmartBanking for Business Survey.
The findings aren’t exactly positive—at least for aspiring entrepreneurs who dream of starting their own business.
According to the results, 39 percent of the surveyed business owners didn’t take a vacation in 2019 and have found their life has become more stressful, with less leisure time since starting their business.
Additionally, 65 percent of surveyed owners reported working longer hours, 61 percent feel their stress levels are much higher than they were before they started their business, 54 percent have given up hobbies and extra-curricular activities, and 60 percent struggle to get time off work when needed.
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“Entrepreneurs wear many hats to ensure their enterprise runs smoothly and profitably. But this often creates real obstacles in achieving work-life balance,” Andrew Turnbull, senior vice-president, CIBC Business Banking, said. “Time spent on bookkeeping, accounting and payroll is contributing to the problem and business owners have been telling us they spend too much time on these activities.”
In May, CIBC launched the first-of-its-kind banking platform intended to help small and medium-sized businesses manage their banking, accounting, and payroll, entitled SmartBanking for Business.
“CIBC SmartBanking for Business is one of the ways we are helping business owners save time so that they can focus on higher value aspects of their business and find more time for leisure and balance in their lives,” Turnbull said.
When asked what they would do if they had more time off, 52 percent said they would travel, 38 percent said they would spend more time with friends and family, 35 percent said they would spend time pursuing a passion or hobby, 34 percent said they would spend more time exercising or playing sports, and 28 percent said they would spend more time simply relaxing.