Staying motivated: The biggest challenge for small business owners

Authored by Hiscox Experts.
2 min read
Person Working at Computer

So you’ve decided to set up by yourself and go at it alone. Congratulations – you’ve joined the large number of people who’ve made the leap and launched a small business or become a freelancer. But once you’ve got through those adrenaline-fuelled first few months, what’s the biggest obstacle you’ll face?

We asked 500 freelancers and small business owners to choose from a list of challenges and were surprised with the results.

Despite the financial constraints faced by small business today, cash flow wasn’t listed as the biggest difficulty. Instead 41% of those surveyed said the biggest problem was staying motivated and maintaining a work-life balance came second.

In total, the top five challenges listed by small businesses and freelancers were:

  1. Staying motivated (41%)
  2. Maintaining a work-life balance (38%)
  3. Cashflow (28%)
  4. Making difficult decisions alone (22%)
  5. Managing people (22%)

On a more light-hearted note, we also asked about their unsung office heroes – the small but vital objects that power their day. Perhaps unsurprisingly, the office kettle was listed as the most important office object, suggesting there’s nothing like a cup of tea to keep you motivated during a busy day

Other unsung heroes were very much on a practical side, with notepads, comfortable office chairs, sticky notes and USB sticks rounding out the top five, which were:

  1.  Kettle (41%)
  2. Notepad (30%)
  3. Comfortable office chair (23%)
  4. Sticky notes (23%)
  5. USB stick (18%)

If you’re struggling to keep yourself motivated with your business then be sure to read up on our entrepreneur articles including tips and interviews.

Is motivation one of your biggest challenges of being your own boss? What gets you through the day? Leave a comment below or join in the conversation on Twitter @HiscoxUK (external link).

At Hiscox, we want to help your small business thrive. Our blog has many articles you may find relevant and useful as your business grows. But these articles aren’t professional advice. So, to find out more on a subject we cover here, please seek professional assistance.

Hiscox Experts

The Hiscox Experts are leaders valued for their experience within the insurance industry. Their specialisms include areas such as professional indemnity and public liability, across industries including media, technology, and broader professional services. All content authored by the Hiscox Experts is in line with our editorial guidelines.