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Study reveals the sacrifices to avoid when starting a new business in 2024
As the new year unfolds, ambitions are high, and for some, that may mean embarking on a new business venture. But, according to the most common sacrifices made by small business owners last year, which should you try to avoid in 2024?
To find out, Capital on Tap has delved into the sacrifices that small business owners felt like they had to make. The research has also explored the importance of self-care among entrepreneurs, and the team has provided some top tips for maintaining a healthy work-life balance.
The most common small business sacrifices to avoid making in 2024
Sacrifices made due to business commitments
% of small business owners who experienced this
Missed events with friends and family
Work long and unsociable hours
Spend less time with family than would like
Mental health has suffered
Work-life balance has suffered
Sleep schedule has suffered
Have had to make difficult decisions in my personal life
Sacrificed financial security
Key findings that may be of interest
The number one sacrifice for small business owners is missing events with friends or family, with 36% of those surveyed saying they’ve had to skip important moments before.
34% of those surveyed say that their mental health has suffered because of the time and energy spent on their business.
89% of successful small business owners say they include some form of self-care in their daily routine to protect their mental health.
You can find the press release below or the full research here: