Despite all the perks that come with working for yourself, being an entrepreneur can be very stressful. It involves a steep learning curve, risks to know and avoid, and hoops to jump through just to get a business up and running.
With stress being dubbed the silent killer of the business world, threatening productivity and finances, keeping it at bay should be a part of your strategy for success. There are a number of ways to practice self-care techniques to benefit your wellbeing. But as a business owner, stress management is more about following these steps:
1. Build a reliable team
Most small businesses start with a team of one or two. Having such a small team makes sense if you don’t plan on scaling but as you grow the business, so will the demands pile up. That’s when having a great team of partners or employees can really help. They will lighten the load off your shoulders. And not that they aren’t important but credentials aren’t everything.
A person might look good on paper but they might clash with your views, which will be very unproductive and even costly for your business. When building your team, search for employees that share the core values and goals of the company. Also learn to delegate tasks to gauge whether your team can be reliable under pressure.
2. Manage finances
It goes without saying that money matters are always great source of stress. The only way to make it less so is to stay on top of your business’s financial management at all times. Don’t overspend on unnecessary equipment or a large space. Focus on increasing your sales and, of course, reducing your debt.
Tackle your business debt the same way you would tackle personal debt: by being organized, focused, and goal-oriented. If managing finances is truly challenging, don’t be afraid to seek expert help from financial consultants who specialize in small businesses.
3. Separate business from the personal
Separating business from the personal doesn’t just mean finding work-life balance. It also means starting your own business accounts to improve financial management. Another way to do this is to consider forming a limited liability company (LLC) instead of settling for the default business entity.
Although it requires more paperwork and higher fees than sole proprietorships, an LLC limits your liability as its owner. This keeps your personal assets secure even if the business faces legal or financial difficulty, which lets you stay away from a major headache down the road.
4. Comply with rules and regulations
Navigating complex business regulations is one of the most strenuous parts of being an entrepreneur. Every state or city has its own version of one rule as well as requirements business owners have to comply with. For example, you have to know what kind of insurance you’re required to provide and privacy policies to follow.
Keeping up with these changes is also a challenge, which is why it’s so easy to break them unwittingly. However, there is no way around them. What can help though is monitoring the news to learn of updates. Seeking legal counsel, while costly, is also recommended especially for businesses in industries with complicated regulations like tech or retail.
5. Outsource help
There’s nothing wrong with asking for help. In fact, it’s recommended for businesses that don’t specialize on a particular field. Some of the business functions you should consider outsourcing are accounting, marketing, IT management, and human resources. As they are critical aspects of the business, outsourcing professional services can give you more peace of mind that they’re being fulfilled properly. Not stressing over these functions, you’ll also be able to dedicate more time and energy into other parts of the business.
Owning a small business is often stressful. The pressure can sometimes get overwhelming, especially during the initial stages of operations. However, following these tips can help you deal with the stress of owning a business and focus on building it instead.
Luke Moss is an entrepreneur and a business consultant. With a background in finance and the corporate scene, Luke launched his own career in helping other entrepreneurs get their own ventures off the ground with financial and business management advice.
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