Despite an increase in the number of hours they work, some small business owners say they are satisfied with their decision to become entrepreneurs.
That’s according to the $4.7 billion Bethpage Federal Credit Union, which recently surveyed 612 Long Island small businesses with annual sales volume of up to $10 million.
Fifty-eight percent said they were satisfied with being the boss.
Women business owners were far more likely than male owners to say that owning a business had a positive effect on their marriage and family life, with 54% citing flexible working hours as the best personal perk.
Many of the survey respondents reported having to work longer days. Forty percent of small business owners said they now work 50 hours per week or more, with 20% working from 51 to 60 hours and the other 20% working 60 hours or more. Thirty-seven percent said they work 40 hours or less per week, with 19% working from 41 to 50 hours.
Among the obstacles to growing their businesses, 38% said the economy is an ongoing and significant challenge, according to the survey. Getting sales, new businesses, clients and customers came in second at 14% followed by a lack of consumer confidence at 10%.
Some of the respondents said the high cost of doing business and living on Long Island, health care cost, taxes and competition were other challenges.
According to Kordeleski, these findings substantiate the current efforts by credit unions nationwide, including Bethpage, to urge passage of H.R. 1418 and S. 509, the Small Business Lending Enhancement Act, which will expand the lending cap for credit unions to business members from 12.25% to 27.5%.