Small Business Owners Prioritize Passion Over Profit: Why They Do What They Love

Driven by More Than Money

In a recent study conducted by Small Business Britain and Xero, it was found that the UK’s 5.2 million microbusinesses are not solely focused on profits. While financial success is a top priority for 62% of small business owners, an even higher number, 63%, value freedom and flexibility in their work lives. The most common goal, shared by 75% of business owners, is to satisfy customers.

Community Impact and Mission-Driven

The study also revealed that small business owners are deeply motivated by a desire to make a difference in their communities and society as a whole. Almost two thirds (60%) want to share their skills and passion, over half (57%) aim to contribute to their local community, and 26% hope to have a positive impact on the planet.

Personal Stories of Passion

Jenny Lowthrop, founder of Coworking Corner in Matlock, Derbyshire, shared her personal motivation for starting her business, saying, “Setting up my business was about so much more than the money. Instead, I wanted to contribute to the local area by building a community and a place where people can come together. I love the people who come to my co-working space, and many of my customers are now friends.”

Long-Term Aspirations and Support

The aspirations of small business owners extend beyond financial success, with almost half (47%) aiming to work in their businesses for as long as possible. Additionally, 24% hope to grow their businesses to sell one day, while 30% dream of stepping back from day-to-day operations and enjoying a passive income.

Michelle Ovens CBE, Founder of Small Business Britain, highlighted the ambition and passion of micro business owners, emphasising the importance of recognising their contributions and supporting their growth for the benefit of the UK.

To learn more about the Small and Mighty Enterprise Programme, visit https://smallbusinessbritain.uk/small-and-mighty. This programme, in partnership with Xero and ARU Peterborough, offers training, mentoring, and support opportunities to help small businesses take the first steps towards growth.

Alex von Schirmeister, Managing Director, UK and Emerging Markets at Xero, commended British entrepreneurs for their dedication to work-life balance, community service, and growth, pledging continued support for their journey towards fulfilling their dreams.