It’s Mental Health Awareness week (18th – 24th May) so the team at Equal Accountancy want to shine a light on some of the common issues faced by business owners and some helpful solutions for entrepreneurs.
Having lost loved ones to suicide, we are extremely passionate about looking after our own and our client’s mental health at Equal Accountancy.
Issues Faced by Business Owners
Work/life Balance
You are so emotionally invested in your own business; it is likely you’ll be working more than just the usual 9-5 to get your business off the ground. If your business is criticized, you not only feel it professionally but personally too. Remember that too many long days and not enough time away from your desk can take its toll on your mental and physical health.
Loneliness
The chances are when you first set up, you’ll be working alone. Whilst some peace and quiet away from office politics and Susan’s continuous cat stories may be nice at first, it soon becomes lonely and you’ll miss the human interaction which can be so important to your well-being.
Financial Worries
It is without doubt one of the most stressful factors to going it alone. Worrying about meeting payment deadlines and the monthly bills can not only be stressful, it can keep you up at night which in-turn has detrimental effects on your mental health.
Impostor Syndrome
Working longer hours than necessary, feeling stressed when you’re not working and feeling like down-time is just time wasted are feelings associated with Impostor Syndrome. You may feel like you haven’t truly earned the right to be running your own business and need to work harder to make up for it.
Fear of Failure
Of course, no one wants to fail, nor would anyone start a business venture expecting it to fail but the sad reality is that some will. When this happens, it is easy to entirely blame yourself for the struggles your business faces and spiral into those negative emotions.
Ways Business Owners can Improve their Mental Health
Form a Support Group
There are lots of business networks you can join online or attend meet ups to talk to like-minded people. Don’t forget your Accountant knows the highs and lows of your business unlike anyone else, and if you deal with an accountant like us, they will always be happy to talk through any business worries you have.
Exercise
Good physical health helps ensure you have good mental health too. Exercise is proven to release endorphins which make you feel happier and energised, and so can help anxiety, depression, and stress. So dig out those running shoes and clear away the working day’s stress!
Get Enough Sleep
Easier said than done, we know! Ensuring you get enough sleep is so important to your health and productivity. We recommend getting into a nightly routine to help you wind-down. Drink a herbal tea in a nice bubble bath and ditch the screens before bed!
Take Some Time Off
For many who run their own business, if you’re not working then you’re not earning which is why it can be so hard to take some time off. It is so important that you feel your best so you can provide your services/products to their best potential too. If you’re feeling run down or that you need some time to clear your head, you need to prioritize the time to do so.
Don’t be Afraid to Ask for Help
There’s a lot of online content from mental health charities you can read, along with self-help books and apps which can help you when you are feeling overwhelmed. Never suffer in silence though, it is always best to speak to someone about how you are feeling – it could be your significant other, family, friend or even a business associate. If reaching out to someone doesn’t help you, seek advice from a professional and visit your GP.
It's important to remember the benefits of freelancing though, which we have written about separately here.
With the current Covid-19 epidemic, the stresses of running your own business are magnified with the added worries of the unknown and uncertain times ahead. Now, more than ever, it is important to talk about those worries. We’ll stick the kettle on, we’re here for you…
Charities who can help:
Mind - 0300 123 3393
Anxiety UK - 03444 775 774
Samaritans - 116 123
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Equal Accountancy Ltd offers Accountancy and Bookkeeping services in Hemel Hempstead and surrounding areas across Herts, Beds and Bucks. We offer a range of services for Limited Companies, Self-Employed individuals and Landlords including Year End Accounts, Corporation Tax returns, Self-Assessment Tax returns, Payroll services, VAT returns, Bookkeeping and Company Secretarial. Get in touch today for a free, non-obligatory quote for your business needs.