Connection between mental health and small business owners

Little wonder the Australian Government reports that 20% of surveyed small business owners reported a mental health condition in recent months. There is only so long people can balance the stress. Sooner or later, we all hit breaking point.

In this guide:

⟩           Challenges of Being a Small Business Owner

⟩           Signs You're Mental Health is Suffering

⟩           Risk Factors for Small Business Owners

⟩           Managing Your Mental Health as a Small Business Owner

Challenges of being a small business owner

Everyone has struggles at work. However, for most people, the moment they exit the building, their worries stop at the door. Nor do they have to worry about the survival of the overall business(even if they might temporarily worry about their job).

Small business owners (SBOs) and sole traders have much more freedom to set the agenda, from their working hours to how things are run. But that freedom comes with a lot of responsibility and pressure. There isn't always an "end of the day," and worries about survival and success persist into the rest of their lives. Sound familiar?

You might experience:

✓       Money is always a worry. Managing your cashflow, debt, or chasing up invoices is a never-ending part of the job.

✓       Taxes and regulations fluctuate depending on the government. You've got to stay ahead of the changes to stay in the game.

✓       Your employees look to you for guidance and support. Answering their questions, hearing about personal issues, and dealing with "office politics" can be a headache.

✓       "Work hard, play hard" isn't in the vocabulary of many small business owners. If you don't work, you don't get paid. SBOs work long hours to keep everything going.

✓       It's lonely at the top. Being responsible for everyone can leave you with nobody to share your worries with –or at least nobody who understands.

Signs you're mental health is suffering

Anxiety, depression, or just a classic case of burnout. Small business owners and sole traders experience higher rates of mental illness than the wider population. Stress builds up over months or years, crippling a person's ability to be happy and functional. The longer the problem is ignored, the greater it becomes.

And, with so many other things to worry about, SBOs put themselves at the bottom of the list. Some may not even knowhow their environment is impacting their mental health.

Look for these signs:

✓       Feeling tired all the time

✓       Negative intrusive thoughts

✓       Unenthusiastic about your work and business

✓       Not very optimistic about the future

✓       Repeatedly missing deadlines

✓       Struggling to earn enough money

✓       Losing your temper with colleagues or clients

✓       Becoming forgetful or confused

✓       Difficulty making decisions, even minor ones

✓       Isolating yourself from friends or support networks

If you notice any of these signs, it's sensible to get yourself assessed. Reach out to a mental health professional to dig a little deeper into your psychological wellbeing.

Risk factors for small business owners

Not all SBOs are at risk of a mental health condition. Some love what they do and never find themselves tipping over in to mental illness. What separates these people from those who need help?

Stress is the biggest factor. Like a boiling pot, it builds and builds until, eventually, it spills over. With tightening economic conditions, Australian SBOs may find themselves struggling to stay afloat. That's fine for a bit – stress is part of life. However, if the stress becomes chronic, mental health problems will start to creep in. You'll feel more anxious and more depressed until, one day, you burn out. You're "riding on empty."

Part of the problem is that SBOs rarely seek help early. In fact, in a 2022 report, almost half of SBOs agreed or strongly agreed with the statement, "Small business owners will be treated poorly if they were to disclose they had been diagnosed with amental illness." Many simply felt "embarrassed" to ask for help. That's not a sustainable situation.

Managing your mental health as a small business owner

You're already squeezed for time. Finding a few spare moments to talk about your mental health feels like a luxury you can't afford. Yet, we'd never think about stomach pain or coughing up blood in the same way – we'd make time. Your mental health matters just as much.

We've got a few suggestions to manage your stress and wellbeing:

Speak to a mental health professional

There's no substitute for a professional psychologist. The problem most SBOs face is knowing where to go. At Thriday, we have partnered with Talked, an online psychology platform, who offers a simple solution for affordable, effective mental health sessions through Medicare rebates.

To access Medicare rebated psychology sessions, you need to:

1.       Get a Mental Health Plan and referral letter from your GP

2.       Choose one of our psychologists

3.       Upload your Medicare documents

4.       Receive the rebate to your bank account

Medicare will rebate you $96.65 per session with a general psychologist, $141.85 per session with a clinical psychologist and $85.20 per session with a social worker.

Best of all, you can connect with qualified psychologists anytime, anywhere. You can schedule chats, phone calls, or video sessions that work around your schedule. There are no wait times and 24/7 availability. So, you can get the care and support you need.

Deal with money problems

Money is often the root cause of stress. Rather than avoiding the issue, tackle it head-on. If you've got debt, speak toa financial advisor to develop a feasible payment plan. If cash flow is the issue, think about problems in your business preventing you from fixing the issue. Taking a step back to look at the problem helps you come up with a solution.

Get a small business coach

You're not alone. Small business owners are often learning things for the first time. Speaking to a business coach gives you someone to share your worries with who'll provide actionable advice. While they can't help you with mental health problems, they can tackle some of the causes.

Be strict about "you" time

Finally, treat your small business like a job. Set a time every day when the work stops, or wall off a few days every few weeks when you get to truly relax. Just like that boiling pot, you've got to turn down the heat for a little while.

Conclusion

There is no shame in acknowledging that you need to support. An investment in yourself is an investment in the business. Whether it is giving yourself time or finding a small business coach, there are always options available to you. If you do find that you need professional support from a psychologist, you can use discount code THRIDAY10 with our partner Talked for 10% off your first session.

References

• ‍Small Business Owners and Mental Health Report - Department of Industry‍
• Treasury Report 2022 - Australian Government Treasury‍
• Small Business Mental Health - Commonwealth Bank of Australia
• Small Business Owners Diagnosed with Mental Health Conditions - Smart Company