Third of entrepreneurs have ‘fallen out of love’ with their business, reveals new report

Rido/shutterstock

One-third of small business owners have ‘fallen out of love’ with their own business since starting up, according to a new study.

For many small business owners, passion is a major driver behind starting their own business, but a new survey reveals another side of the story.

“Starting a business is not so different from starting a relationship. There is the honeymoon phase that carries you through for a while, but long-lasting relationships and businesses both require a lot of work and can come with a few rough patches,” says Vistaprint Customer Strategy and Insights Director Simon Braier.

One-third of small business owners in the UK, the US, and Canada, admit to losing motivation to run their business since starting up.

The survey, undertaken by Vistaprint, also looks at the factors that affect motivation in entrepreneurs, how it impacts them, and what they do to rekindle the passion for their business in each of the three countries.

Top Responses from the UK

What are the top reasons for losing motivation when running your business?

  • Lack of regular/stable salary
  • High levels of stress
  • Lower than expected earning potential

How did you identify that you were losing your motivation?

  • Procrastinating on necessary business projects
  • Not updating website as often
  • Not posting on social media

Top Responses from the US

What are the top reasons for losing motivation when running your business?

  • High levels of stress
  • Lack of regular/stable salary
  • Lack of work-life balance

How did you identify that you were losing your motivation?

  • Procrastinating on necessary business projects
  • Not posting on social media
  • Not updating website as often

Top Responses from Canada

What are the top reasons for losing motivation when running your business?

  • Lack of regular/stable salary
  • High levels of stress
  • Lack of work-life balance

How did you identify that you were losing your motivation?

  • Procrastinating on necessary business projects
  • Not posting on social media
  • Not updating website as often

 

However, this story does have a happier ending than one might think. It seems when it comes to small business, where there’s a will, there’s always a way. An overwhelming majority of respondents across all three countries say they have not considered closing their business despite the challenges they’ve faced over the years.

“By consistently reminding yourself why you started your business and seizing new opportunities you can avoid slumps in motivation and keep the spark alive,” says Braier.

We asked our small business contributors to shed some additional light on ways they keep the passion for their business alive over the years.

Top Tips from Small Business Owners 

  • Remind yourself why you started your business in the first place
  • Seek new challenges and set new goals
  • Refresh your brand
  • Create an in-store event
  • Create partnerships with other businesses/brands
  • Maintain a healthy routine
  • Expand product and service offerings
  • Hit the “reset” button by taking time away from your business