Small Business Owners and Stress

When you decide to open your own small business, you are committing to a challenging road ahead of you. For some people, the payoff is immense financial success, while for others, it is simply taking a shot at a dream. Everyone wants to make a living on their small business dream, but more than half of all small businesses close within a few years of their opening. Successfully managing all aspects of a small business can be very challenging in the face of changing business legislation and recessions, but when extra care is taken to build a trustworthy reputation and brand, you too can become a small business success story! Below are some basic guidelines to help you achieve your small business goals:

• Get funded. The first step to any small business dream is determining where the financing is coming from. This may be from a wealthy benefactor or it may be a loan from an institution. Dreams are not made of money, but this is one dream that definitely requires some funding!
• Get licensed. Step two in your small business venture is securing a business license for yourself. These are obtained through your local jurisdiction for a certain fee. This is mandatory to opening a business location in a public setting, and highly recommended to attracting a clientele base to your business.
• Get marketed. No one will give you business if they do not know you exist. Marketing is essential to starting up a new business. This means business networking, website circulation and advertising through digital and hard copy media. Other small businesses make for great referrals so be sure to make an impression on the local small business community!
• Get staffed. When you are approaching your opening date, you should ensure that you have the staff you need to carry out the business’s operations. New businesses are often operated by the CEO’s alone until some business is generated, then more staff is hired.
• Get operational. The task of operating your open business has begun! Prepare to be busier than you have ever been before, managing staff, inventory, customer relations and budgets. Planning ahead and learning to foresee difficulties is essential!

Small businesses have  a challenging road ahead of them, especially in the recovering North American economy. Small businesses that were already in operation when the recession began were hit hard and struggled to stay on their feet, if they did not go under entirely. Small business owners who have entered the market since that time, or who are thinking of entering it, have had more hardships in front of them than any other small business owners in history. Managing stress as a small business owner can be a monumental task, but it is so incredibly important to the business and to the individual in question.

The stress that can pile up onto small business owners can be overwhelming. New businesses are often not fully staffed when they are just breaking ground, so every operation task on every level falls on the owner.  It is not uncommon for a new small business owner to work 70 hours a week or more. Often, families run small businesses together, which can become highly problematic if the business struggles or if the family relationships are unhealthy. Commonly, a small business owner will turn desperately to some form of escapism in order to cope with their stress, such as substance abuse, which deteriorates their life over time. Substance abuse problems in small business owners is more common than many people realize, and it is very important for a small business owner to manage their stress, or seek help in doing so if they cannot on their own.

It is recommended that stressed out small business owners make sure they allow themselves some amount of time to unwind. Whether it is exercise, cooking, reading, or some other favorite hobby, immersion into a stress releasing activity is critical for the human mind. Many people coping with stress find exercise to be the best release as it relaxes the body as well as the mind. If a person finds they do not know how to make the time to unwind, or if they are turning to an unhealthy coping mechanism such as substance abuse, they should immediately seek professional help. Expert counselors and rehabilitation professionals can guide a small business owner through healthy thought patterns and coping  methods. Stress can deteriorate health quickly and should not be left unattended.