Entrepreneur surveyed 500 small business owners across the country to ask them what they thought about their corporations.
Here’s what we heard: 61% admitted to feeling stressed — and 56% of stressed owners admitted it caused them to have trouble sleeping.
How much less? An average of 7 hours — although 20% of the group said it was only 3 to 4 hours a week. Millennial homeowners are the biggest sleep losers, averaging 7.5 hours a week, with men losing barely more sleep than women (7.3 hours versus 6.9 hours).
What stresses them out?
In short – money.
Almost half of respondents (47%) said they’d experienced a money shortage this yr. To make up the difference, 46% dipped into their personal savings, while 30% stopped taking money out of their pockets.
About half of respondents said their business is in decline. They said that if circumstances don’t change, the average business owner believes they will survive 11.9 months before they should close — and 20% of them said they’ll have to shut inside three to 4 months.
Of the biggest risks they see, inflation is number one (53%), followed by rising operating costs (43%) and economic uncertainty (41%). In response to inflation, 51% of owners have cut non-essential expenses, while 38% said they have raised prices.
But there is room for optimism
But it is not all bad news: 51% of small business owners said their business is doing well higher than in 2023, and most owners (84%) are optimistic that 2025 shall be even higher.
However, this optimism was not evenly spread across all political parties: 63% of Democrats said the economy would improve over the next yr, compared with just 49% of Republicans and 39% of independents.
If you possibly can’t sleep and you are stressed…
If, like the business owners we surveyed, you struggle with sleep, heed this warning: If you do not address your stress, it would only get worse.
Stress floods your body with hormones that disrupt your sleep — and if you don’t sleep well, those hormones don’t break down, and you find yourself with more of them. It becomes a vicious cycle, According to Johns Hopkins sleep expert Luis F. Buenaver, MD, CBSM
Experts advise finding rest activities that work for you and developing habits around them. They may include gentle respiration techniques, meditation or movement techniques akin to yoga, tai chi and qigong.
EntrepreneurThe survey of 500 small business owners was conducted in cooperation with Talker’s Research in August. To see the full results of our study, click Here.