New research reveals beauty business owners are stressed-out

New research by NRMA Business Insurance has found that small business owners in the beauty industry are in it for the love, not the money.

New research has just been released by NRMA Business Insurance which says that small business owners in the beauty industry feel the stress of owning their own business yet love what they do.

The study looked into a number of small business sectors (think trades, retail, hospitality and farming) including the beauty, health and well-being industries to find out more about the challenges and perks of working in small business.

It was interesting to see that the beauty sector feels more stressed compared to the rest of small business owners (37 per cent verses 26 per cent of the general small business population). Some of you even feel overwhelmed (23 per cent verses 15 per cent), or anxious (23 per cent vs 17 per cent) about your workload.

With so much going on in the day-to-day running of a salon business, these results may not be so surprising – a day of back-to-back leg and Brazilian waxes can bring out the anxiety in even the coolest among us. However, there is a lot of love amongst respondents for the business, with small business owners in the beauty, health and well-being sector saying they “love owning their own business (61% per cent verses 57 per cent generally).

Flexibility rates highly as a reason why the beauty biz is such a great sector to work in, with 64 per cent of small beauty business owners highlighting it as a perk of the job. Being your own boss (63 per cent), and the work itself (47 per cent) also rate highly as the best parts of running a beauty business.

When it comes to business advice, small business owners in the beauty, health and well-being sector are more likely go to their peers  than other segments of the market (61 per cent verses 50 per cent) and they are also more likely to look to your spouse or partner than other small business owners for business advice (54 per cent verses 48 per cent ).

In terms of marketing and communications, 49 per cent are more likely to seek help, verses 37 per cent of the general population. The next biggest area of business beauty professionals would like help with is accounting, finance and taxation (46 per cent).

On the flipside, despite the challenges of running a beauty business, a whopping 80 percent of beauty business owners feel as though they’ve made the right choice in starting their own business. What’s more, given the choice, they would do it all again!

nrma.com.au/business-insurance