The typical small business owner has at least five different roles - ranging from accountant to social media promoter.
A poll of 1,000 SME owners found 73% wear more hats than they had anticipated. And 84% feel like they have to be a 'Jack of all trades' in their workplace.
More than a third (34%) have dabbled in social media promotion, while 21% have had to do a crash course in legal matters.
It also emerged 39% have found themselves having to get to grips with marketing and 28% have had to take up cleaning. And four in 10 said being a sole trader is a cause of many of the problems they face.
Other struggles for small business owners include accounting issues (13%) and finances (7%).
The research was commissioned by AXA UK as part of its 'Being self-employed shouldn't be a risk' campaign, which aims to help SME owners better navigate their day-to-day working lives.
CEO, Tara Foley, said: "Running a small business is incredibly rewarding but it also presents a multitude of challenges that can be difficult to manage, especially if you are a sole trader and have to juggle everything yourself.
"Our survey shows that small business owners took on more roles than they expected when they started out."
During a typical working week, SME business owners estimate they spend the equivalent of three days a week doing over overtime outside their 'normal' working hours to get everything done.
While 29% admitted they had made a significant mistake at work due to lack of expertise within a specific area of their business.
And 46% come up against challenges on a day-to-day basis which they have to resolve themselves, with 34% saying it's impossible to be skilled in all areas of business.
It also emerged 26% feel there's not enough general help and advice for business owners, with 17% concerned they might not have the right business insurance.
But while one in 10 of those polled, via OnePoll, believed running their business was easier than they initially expected - 33% felt the reality was harder.
Not having time to get everything done (61%), unpredictable cash flow (45%) and work-life balance (44%) were the top reasons people felt like a 'Jack of all trades' when running their business.
Tara Foley, of AXA, which also has a 24/7 helpline, added: "We understand the challenges small business owners face and by providing a range of business tools we are helping them to thrive.
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