Being a business owner can be a fantastic experience.
You can create a very rewarding lifestyle, build a business you are proud of, give back to the community, and be your own boss.
But – it can also take its toll at times.
There is a lot of responsibility, and you are sometimes working long or unsociable hours.
This can lead to increased levels of stress or anxiety, or feelings of loneliness. It's no wonder that at times, as business owners or entrepreneurs our mental health can suffer.
Just last year, MYOB released the results of its latest Business Monitor, which showed 46 per cent of small business owners felt anxiety as a result of running their own business, while 26 per cent ranked mental health as an “immediate” concern.
I mean let’s face it, 2020-2021 was a particularly tough time, with some industries still experiencing ongoing disruptions. So, it’s important to recognise the signs of burnout, stress, or depression – and it’s okay to not be okay.
Business ownership and being an entrepreneur
As business owners and entrepreneurs, we often “think big” and are keen to take risks to achieve our goals and push our businesses forward.
We are not afraid to work long hours when needed, and we might feel responsible for others (staff, sub-contractors, or even just your own family).
Feeling we need to ‘do it all’ is a common issue with business owners who haven’t learned the knack of outsourcing where necessary such as engaging an accountant, copywriter, or by employing a personal assistant.
Tips to help manage your own health as a business owner
Thankfully there are some quick and easy ways to try and tackle some of these concerns.
Trust your family and friends
Having a coffee catch up with a friend, or meeting for a walk once a week can prove beneficial to your mental health and help you to stay fit too.
You can either talk shop – after all “a problem shared is a problem halved” – or you talk about everything but work!
Fill your cup first
If you don’t make time to look after yourself, you will eventually have to make time for illness.
It is not selfish to want time and space to do the things that help you ‘switch off’. In fact, it has been proven time and time again that taking a little rest or making time to do the things that fill you up emotionally or creatively, can actually help you perform better in the long term.
Clean up your plate
If you can build lots of healthy fruit, vegetables, and healthy fats into your daily diet, you will help boost your mood and your energy levels.
Decide what working hours suit you best
You might be a morning bird, or a night owl – if you have the flexibility to set your work hours around your natural habits, and your other responsibilities, this can really help your mood.
Maybe you have to work weekends, but you can take off days mid-week. Or perhaps you agree to stop replying to work-related messages after a certain time each day.
Outsource parts of your business and build a professional network
Joining business networking groups is a great way to get out of the office and meet other business owners. Many local council business associations host sundowners, workshops, speed networking, and offer mentoring opportunities.
And look for tasks that you can outsource. Engage the services of a good accountant, outsource any marketing or content writing you need, and delegate some admin tasks too.
Online resources and professional help
Here are a few helpful online resources you can access if you need further support:
And of course, if you need further help, please contact your doctor or a therapist, and in an emergency always call 000.
Look for help in the right places
Profacc Accountants can help you manage your business accounts as well as your personal wealth. Contact us today.