Originally written by Joanna Morris on Small Business
Single parents face significantly more challenges when starting their own business, juggling childcare while working every spare minute on their start-up.
According to a new Hitachi Capital Business Finance survey, single parents have one fifth less money to put into their fledgling business to get it going in the first two years – £8,785 versus £10,836.
Half of single parents start their new business with less than £5,000, compared with a national average of 44 per cent.
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Single parents work for an hour and a half longer each week than the average business owner. Nearly two thirds (63 per cent) work more than the average 35-hour week, with one in 10 putting in a 50-hour week and 4 per cent working a 60-hour week.
On the other hand, half of the 300 single parents surveyed say they are doing what they love, and 52 per cent saying they would never retire because they love their start-up businesses and nearly two thirds (65 per cent) see themselves working well past retirement age.
And single-parent business owners are among the most accommodating of bosses, with nearly one third offering