Small business owners are working considerably longer hours than the average UK employee, according to a report from call handling company Penelope.
The study found that small business owners work an average of 52 hours per week. Full time work contracts for employees in the UK are usually between 35 and 40 hours per week.
Entrepreneurs in London are putting even more hours in, with an average of 61 hours per week in the capital. Small business owners in the construction industry fit in an average of 62 hours per week, more than any other sector.
Most small business owners are happy to put in the extra hours – 60% said they would prefer to have more money than time.
Ed Reeves, co-founder of Penelope, said “Many micro-business owners are both time and cash-strapped, they need to make the most of every day because the amount of time being squeezed into the working week is enormous.However, it’s possible to own a small company and have a healthy work-life balance, with all the reassurance that they’re not missing out on valuable business opportunities.”