Being a sole trader comes with more freedom — and more responsibility. This can mean stress, pressure, isolation and work time bleeding into your personal life.
No wonder many sole traders struggle with their mental health. One study found that 22% of small business respondents had been diagnosed with a mental health issue, with anxiety, stress and depression the most common. Even worse? If you’re constantly rushing and pushing yourself, it’s easy to miss the signs of a problem.
Sarah La Roche, CEO of mental health not-for-profit Smiling Mind, puts it like this:
“For those running organisations in small or one person teams, hustling to fill the needs of many roles can take its toll. When we’re juggling or constantly thinking about the future, we can miss signs that are right in front of us about how our mental health might be impacted. While it might feel counterintuitive or inefficient, slowing down and refocusing on the present can actually help us in the long run.”
So, how do you keep your business humming along without burning out? There’s no quick fix, but there are ways to protect yourself.
1. Balance is key
Remember that SME study we talked about? Respondents’ top concern was balancing the demands of work, family and personal life. It makes sense: Many sole traders work from home with flexible hours, which can mean that business carries over into personal time.
You don’t have to do the standard 9-5, but it is a good idea to create daily work hours for yourself. A defined line between work and personal life reminds you to switch off, tells your family and friends when you’re available, and helps keep clients from contacting you at all hours.
2. Sleep, move, repeat
Weaving self-care into your work life is about protecting your well-being and your general health, as poor mental health can lead to a range of physical issues.
As psychologist Therese Sheedy explains, poor mental health can lead to “exhaustion, a compromised immune system and high blood pressure.”
Where to start? Good old sleep and exercise can improve mental health, so try to stick to a sleep routine and find some time for movement during the day (even a 20-minute walk helps!)
3. Ask for help
If you’re doing literally everything in your business, you’re likely to end up swamped, stressed and overwhelmed. Working alone can also feel isolating and lonely, which isn’t great for your mental health either. This is where building a strong support system comes in handy.
You could ask friends and family for advice and support, join a local business organisation, or outsource some jobs to experts. A bookkeeper or accountant to sort out the finances, a marketing expert to write your social posts or a virtual assistant to answer emails — whatever takes the pressure off is a good thing.
4. De-stress your business systems
The ad hoc, make-it-up-as-you-go approach can work for a while, but as your customer base and sales numbers grow, those spreadsheets and manual processes start to feel like a grind. That day-to-day stress can turn into depression and burnout.
Rejigging your business systems can help you carve out more time in your day — and take some of the stress off your shoulders. For example, a sole-trader-specific app like Solo by MYOB can manage your expense tracking, accounting and tax returns, which means much less admin on your end.
“It’s imperative SME business owners implement better systems and structures to support their employees’ and their own wellbeing,” says Sarah. “Why? Because more businesses than ever are experiencing the detrimental personal, business and economic impacts that poor workplace mental health can have.”
Don’t lose yourself in your business
Sole traders face some unique pressures — from isolation and losing personal time to being solely (get it?) responsible for everything. That’s why it’s so important to make health and well-being a priority.
Smiling Mind, empowering more Australians to achieve lifelong mental fitness, anytime, anywhere. Mental health protection at work is crucial for business owners, leaders, and team members. MYOB and Smiling Mind partner to proactively develop mental fitness skills for all, providing tools and resources to help everyone thrive, at work and beyond.
Smiling Mind’s preventative approach to mental fitness, drives better mental health outcomes for kids, families, business owners, and communities.
Source: MYOB December 2024
Reproduced with the permission of MYOB. This article by MYOB Team was originally published at https://www.myob.com/au/blog/mental-health-care-for-sole-traders/
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