This study examined how satisfaction with aspects of running the business as well as satisfaction with aspects of the private life are related to small-business owners' subjective well-being (SWB). Measures were obtained of both life satisfaction (LS) and emotional well-being (EWB) to investigate possible differences. Questionnaire data from a survey of small-business owners (n=614) showed that in the business domain LS is associated with satisfaction with revenues, EWB with satisfaction with customer and employee contacts, and both LS and EWB with satisfaction with working time. In the private life domain, LS is associated with satisfaction with family and economy and EWB with satisfaction with leisure. Overall, LS has a stronger association than EWB with satisfaction with aspects of private life, while the associations with satisfaction with business aspects are equally strong.