A new YouGov survey carried out on behalf of The Start Up Loans Company, part of the British Business Bank, has found that half (50%) of smaller business owners in the South East say they have felt lonely or isolated while running their business.
Nationally, the issue of loneliness is particularly pertinent among microbusiness owners, who often work entirely alone, with 56% saying they have felt isolated while running their business. By contrast, rates are significantly lower among leaders of medium-sized (37%) and small (38%) businesses.
The good news for entrepreneurs is that loneliness and feelings of isolation also appear to ease with time and experience. While nearly two thirds (65%) of business owners trading for less than a year report feeling lonely, the percentage drops considerably for those whose businesses have been running for 10 to 15 years (31%), and more than 20 years (40%).
The emotional toll of running a business
The findings also point to the weight of responsibility that many South East entrepreneurs carry during their business ownership journey. Nearly six in 10 (57%) feel the constant mental load of being responsible for their business success and over half (51%) wish they had someone they could turn to for support.
Almost half (47%) of South East business owners struggle to maintain a healthy work-life balance and 37% sometimes wish they were in less senior roles due to the loneliness that comes with leadership.
The practical ways business owners seek relief
Despite the challenges, the findings show that many entrepreneurs develop strong support networks and strategies to grow their networks, counteracting the impact of working alone. The data shows that business owners actively take the following steps:
- 56% spend time with family or friends outside work
- 51% focus on personal wellbeing, such as exercise and hobbies
- 43% take breaks to reset
- 38% connect with other business leaders
- 34% join networks or professional associations
The upside of going it alone
The research also highlights the positive skills and personal development gained along the way. Nearly seven in 10 (67%) of business owners in the South East say running their business has made them more resilient, while three quarters (75%) say they value the responsibility that comes with leadership, even when it feels isolating.
A further 72% of small business owners nationwide report having made new friendships and connections through their business journey, and 67% feel motivated by proving to themselves that they can manage challenges independently. Almost six in 10 (59%) feel more connected when they know they share the same experiences as other leaders
Louise McCoy, managing director of Start Up Loans Products, said: “Running your own business is one of the most rewarding things you can do, but it can also mean spending a lot of time working on your own and doing something very different to most friends and family. As our research reveals, this can often have a hidden emotional cost that often goes unseen.
“Unsurprisingly, the first year of starting a business in particular can be isolating and that’s where mentoring and having a wider support network is so important. Yet, while loneliness is common, the findings also highlight a powerful story of resilience, growth and connection among UK entrepreneurs.
“At Start Up Loans, we’re proud to support entrepreneurs not just financially, but by helping them find the networks and confidence they need to thrive, be that through business mentoring or in-person events.”
The findings highlight the importance of community and mentorship in supporting UK entrepreneurs. Start Up Loans provides fixed-interest loans of up to £25,000, as well as mentoring and guidance, to help entrepreneurs navigate the personal and professional challenges of starting a business.
