Many small business owners aim to start their own business to live a happier, more balanced life, and for most of them, that goal is a reality: According to the 2024 Homebase Small Business Team Fulfillment Index, nine in 10 small business owners are satisfied with their job, and 65% are satisfied with their work-life balance.
These business owners aren't just increasing their own happiness: the majority of their employees feel the same way, with 82% of hourly workers at small businesses saying they're satisfied with their jobs. Happier employees are more productive, so it's in every small business owner's best interest to prioritize happiness in the workplace.
Here, we discuss why small business owners should love what they do and how they can create a positive work environment that contributes to the well-being of everyone, including their employees.
[Read more: How to Be a Better Entrepreneur in 2024]
Why running a small business is so fulfilling
There are countless reasons to start a business, but many of them stem from a desire to pursue a passion and feel fulfilled in your work.
“The small business owners we speak to tell us their entrepreneurial journey began when they decided to turn their passion into a job,” says Rushi Patel, co-founder and COO of Homebase. “Integrating that passion into their daily lives, gaining independence and control over their lives, helping to build a community, and having fun is a big part of what they do and why they started their business.”
Charles Farriér, owner of Crumble and Whisk and a Homebase customer, has discovered that the true “pride and joy” of running a small business is his customers.
“Running a local business allows me to explore my craft with my customers. [which allows] “I want them to join my world and enjoy our pastries and the joy we bring to the community,” Farrier told CO.
Teams tend to be happiest in a flexible environment, where people feel they can balance work and life responsibilities.
Rushi Patel, co-founder and COO of Homebase
How to Create a Positive Work Environment for Your Small Business
Small business owners who want to attract and retain employees should focus on creating an environment where everyone feels happy and fulfilled. Based on a report from Homebase, here are some steps you can take to promote happiness for your business, yourself, and your team.
Empower your team through autonomy and flexibility
More than three-quarters of employees surveyed said they feel personally invested in the success of the small business they work for. Reward this investment by allowing employees autonomy in their day-to-day work, which helps your team feel “in control” and accountable for their contributions, says Patel.
Flexibility in schedules and work hours is also an effective way to empower your team and increase satisfaction.
“Teams tend to be happiest in a flexible environment where people feel they can balance work and life responsibilities,” Patel said, noting that roughly 40% of hourly workers cite flexible working as a priority factor when choosing a job (after competitive pay).
[Read more: 10 Entrepreneurial Quotes to Keep You Motivated]
Be transparent about relevant business information
A Homebase survey found that 47% of hourly workers want to be more involved in the business's decision-making process. Transparency and access to relevant business information is key here. Knowing these “behind the scenes” details gives employees a better understanding of what's going on from a business perspective.
“By giving team members access to everything from shift notes to performance reports, owners can focus on all other aspects of their business,” Patel said.
Farrier does this at his own company by giving employees access to Homebase, including updates on their job performance, schedules, and tasks that need to be completed that day.
Recognize employee contributions (and encourage them to recognize each other)
Patel advised small business owners to stay motivated by showing gratitude to their teams and appreciating all they do.
“86% of hourly workers say they feel good about their job when they receive recognition, yet only 66% actually feel recognized for their efforts over the past year,” Patel said.
Employee recognition doesn't have to cost a lot: some low-cost reward ideas for your team include public verbal or written recognition, professional development opportunities, gift cards, or company merchandise.
First and foremost, make sure any initiatives you implement in the workplace reflect what your employees actually want.
“Discuss and listen to your team members' needs and wants for a successful work environment,” Patel says.
CO— aims to provide inspiration from leading, respected experts. However, before making any business decisions, you should consult with an expert who can advise you based on your individual circumstances.
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