Having your own business can be extremely rewarding and fulfilling in more ways than one. Being able to control your work schedule, time off is always guaranteed, and building a business that you are passionate about can bring feelings of happiness and accomplishment.
However, owning your own business comes with a set of unique challenges. Financial stress, employee management, lack of support, and long hours are all common challenges business owners face on a daily basis, which can lead to poor mental wellbeing.
Despite their increased risk of mental health challenges, many business owners don’t put their wellbeing first due to pressures from the business. According to the BACP, 63% of small business owners admit to deprioritising their mental health to keep financial security for their business.
At Health Assured, we believe that everyone should prioritise their mental wellbeing for the benefit of the individual and the organisation.
Challenges that business owners face
1. Work-life balance
An inadequate work-life balance is a common challenge for many business owners. It can feel as though you need to work every single second of the day just to juggle all the responsibilities and keep the business afloat.
This isn’t a healthy way to operate for you and it could negatively affect business. Without making space for personal endeavours and relationships, business owners can expect a reduction in satisfaction, morale, productivity, and increased likelihood of burnout.
Business owners should be especially cautious about avoiding burnout. It’s important to minimize this risk by finding a good way to create equilibrium between your business obligations, mental wellbeing needs, and personal life. You can do this by setting boundaries, taking regular breaks, having regular mental health check ins, and delegating tasks.
2. Stress and burnout
An inevitable part of being an entrepreneur is dealing with elevated pressure and over time, continued stress can lead to burnout. Research shows us that 44% of business owners have financial stress and fear about the future of the business.
Often, business owners are susceptible to burnout because they deal with continuous stress, a demanding role, juggle responsibilities, feel as if they have to be constantly on, and deal with uncertainty daily. You can offset this stress by speaking to a professional counsellor, taking regular breaks, and taking the time for self-care activities, such as going to the gym or spending time with loved ones.
3. Stigma
Most people will experience mental health problems within their life, in fact, 1 in 4 people will experience a mental health challenge each year in the UK.
Despite the increasing amounts of awareness and understanding in recent years, there is often stigma associated with mental health struggles. Business owners may find this stigma even more debilitating as they feel as though they need to be the face of the company, the unshakable manager, and driving force of the organisation. Speaking to counsellors and being aware of your own mental health through journalling or mindfulness can mitigate stigma and boost self-confidence.
4. Imposter Syndrome and self-doubt
Self-doubt is a normal part of life, yet it can be crippling to many people if not managed properly. Business owners are at higher risk of self-doubt as they may harbour feelings of inadequacy and often deal with setbacks within their business.
Some business owners may downplay their achievements, compare themselves to other competitors, and not believe they are worthy to own a business. These are signs of Imposter Syndrome which can be detrimental to mental health.
5. Loss of relationships
Businesses take up a lot of time and effort and often business owners may neglect their personal life to keep the business on a steady course. By disregarding personal lives, business owners may see the breakdown of significant relationships which can lead to mental health challenges, such as loneliness, depression, and isolation.
Having trusted people around can extremely beneficial in combatting mental health problems, so it is a good idea to nurture those relationships as much as the business.
6. Isolation and loneliness
Many business owners feel as though they must be the leader that is void of any emotions and feelings to keep the business alive, but this couldn’t be further from the truth.
According to ethe BCAP, 35% of business owners don’t want to burden others with their problems. It can be lonely being a business owner, intensifying feelings that people wont understand the unique pressures business owners face or that they need to put on a brave face to make their business succeed.
Despite this, it is vital to talk about mental health challenges to trusted friends, family, or professional counsellors to reduce the risk of a mental health crisis.
