This is an AI translated post.
Survey on Flea Market, 1 in 2 Self-Employed People Are "Solo Owners"... Work 10 Hours a Day on Average and Take 2 Days Off a Month
- Writing language: Korean
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Summarized by durumis AI
- One out of two self-employed people in South Korea is a "solo owner" who works alone without any employees, works an average of 9.8 hours a day, and takes two days off a month.
- 64% of self-employed people work with their families or alone as "solo owners", and 6 out of 10 are considering closing down their businesses.
- The life satisfaction of self-employed people was 2.7 out of 5, and the biggest reason for the low satisfaction was unpredictable income, unstable business environment, and high labor intensity.
Average daily working hours are 9.8 hours, with 'Accommodation and food service activities' being the longest at 11.5 hours.
6 out of 10 self-employed individuals are considering closing or shutting down their businesses due to high fixed expenses such as rent and labor costs.
One out of two self-employed individuals in South Korea are 'solo proprietors' who work alone without employees, working an average of 10 hours a day and taking two days off a month. Their satisfaction with their self-employed life was only 2.7 out of 5.
The flea market, a representative job app for the people, announced the results of a survey on the 'self-employment management environment' of 658 self-employed individuals nationwide on the 22nd.
According to the survey, 64% of self-employed individuals work with family or alone as 'solo proprietors'. When asked if they currently have employees, 47.7% of respondents answered 'no', while 16.3% said they have 'unpaid family workers'. Self-employed individuals with employees accounted for 36%, with the majority having 1-3 employees (57%).
Self-employed individuals were working an average of 9.8 hours per day. By industry, 'Accommodation and food service activities' had the longest working hours at 11.5 hours, followed by 'Wholesale and retail trade' at 10.2 hours, 'Arts, entertainment and recreation' at 9.7 hours, 'Transportation and storage' at 9.5 hours, 'Education services' and 'Other personal services' at 9.2 hours each. Working hours also differed depending on the presence or absence of employees. First, self-employed individuals who work with family or alone worked 10.3 hours per day, 0.5 hours longer than the average. On the other hand, self-employed individuals with employees worked 8.9 hours, about 1 hour less than the average.
The average number of days off per month was 1.9 days. When asked if they have regular days off, 29% answered 'no', followed by 'twice a month' (24.2%), 'four times a month' (19.8%), 'once a month' (14.3%), 'five times a month or more' (7.1%), and 'three times a month' (5.6%).
In addition, 9 out of 10 self-employed individuals (91.2%) responded that their first-quarter 2024 sales were either similar to or decreased from the same period last year. Only 8.8% responded that their sales increased. The average sales decrease rate was 23.7%, with the real estate industry experiencing the largest decrease at an average of 30%.
So, what are the business expenses that self-employed individuals find most burdensome? 28% of respondents cited 'rent' as their top concern. 'Labor costs' (22.9%) and 'various fees and taxes' (18.2%) also received high response rates, while 'utilities such as electricity and water' (14%), 'raw materials/material costs' (10.5%), 'marketing costs' (3.3%), 'loan principal and interest payments' (3%), etc. also received responses indicating burden.
When asked if they had considered closing or shutting down their business in the past year, 64% answered 'yes'. The main reason for self-employed individuals considering closure/suspension was 'burden of fixed expenses such as rent and labor costs' (39.4%), followed by 'continuous decline in performance' (24.5%) and 'worsening financial situation' (20.4%). Other responses included 'uncertain outlook for economic recovery' (11.9%), 'burden of loan repayment' (2.9%), 'health reasons' (1%), etc.
On the other hand, the satisfaction with life as a self-employed individual was 2.7 out of 5, indicating a relatively low level. The main reason for dissatisfaction with life as a self-employed individual was 'inconsistent income' (46.8%), followed by 'unstable business environment' (15.9%), 'high workload' (15.2%), and 'lack of free time' (14%). Other responses included 'lack of progress' (4.2%), 'not suited to my abilities' (3.3%), and 'negative perception from others' (0.5%).
MediaWill Introduction
Since 1990, MediaWill has been developing various new media businesses after publishing the 'Flea Market', a daily life information newspaper. Currently, it has grown into a group company operating 12 subsidiaries, including specialized media covering online and offline, printing, distribution, and food service. It is rooted in the management philosophy of 'serving humanity', and is striving to achieve its vision of 'customer satisfaction' and 'leading company'.
Flea Market: http://www.findjob.co.kr
Website: http://www.mediawill.com
Contact Information
MediaWill
Marketing Strategy Team
Hyelim Jang, Section Chief
02-3019-1571
