How to deal with the anxieties of being an entrepreneur

Feeling stuck, not making enough money & working too hard. Understand the causes and how to fix them, by Jackie Fitzgerald.

As a coach and mentor working with a range of small and medium sized businesses I have noticed three common themes in the anxieties of being an entrepreneur. If left unchecked, these can have a very negative impact on your business and your wellbeing. However, recognising and addressing these issues will ensure you are well equipped to keep taking your business forward.

1. Feeling stuck

At the start, most business owners are full of new ideas and enthusiasm about their venture, but once they get caught up in the drudgery of day-to-day reality, that excitement can fade leaving you feeling stuck and stale.

This is often caused by the classic working in and not on your business – bogged down in doing the job rather than thinking about how things can be done better. What’s the fix? In short, stay fresh:

Network - so that you get new ideas from talking to other entrepreneurs and engaging with the world. Ideas and inspiration lurk in all sorts of strange places!

Learn things - go to seminars and workshops, new ideas will help you look at things from a different perspective.

Take time out - distance yourself from the day-to-day challenges you face and reflect on what’s happening in your business.

Bring in advice - if you have a specific problem, don’t be afraid to consider an advisor for help. If money’s an issue see what free mentoring or advice is available locally and remember that many coaches, accountants and business advisers will give you a free consultation to start with.

2. Stress caused by not making enough money

Needless to say this is a very common problem!  What’s the cause? Sometimes your costs can get out of control, for example you may be paying for services you don’t really use or that aren’t actually that useful to your business. Often, it’s that business development isn’t going well or you’re focussing on the wrong things. What’s the fix?

Review costs - do this regularly, don’t just let contracts roll over without negotiating a reduction or seeing what else is available out there.

Check your marketing is still working - track where your leads are coming from and measure how many leads turn into paying customers. 

Understand what your numbers are telling you - then take action. So if, for example, networking isn’t generating leads look at why and sort it out.  Ask yourself: are you meeting the right people? Are you engaging with them properly? Do you talk to new people or hang out with your friends?

Are you following up properly - if not start doing so because in my experience this is the main reason why sales aren’t happening in many businesses: people are squeamish about making the sale happen. In reality it’s simple. If you send out a quote, or have an initial meeting follow up with a phone call to see if there are any questions. Follow up again a few days later and keep following up until it’s the right time to ask for the sale. Be polite but persistent until you have a decision, don’t give up too soon.  

3. Working too hard and lacking time

For many of us there aren’t enough hours in the day; we’re too busy and don’t have time for anything. And although we’re flat out all day we don’t seem to get anything done. This is often caused by reacting to events rather than taking charge of them – we let other people control our agenda in the form of emails, phone calls and other interruptions. What’s the fix?

Minimise distraction – check emails, LinkedIn and Twitter once or twice a day, screen your phone calls and return them at a time that suits you.

Have a to-do list - work through your to do's methodically. Or have a “don’t do” list if your mind works that way! 

Outsource - delegate the things you don’t like doing. If you don’t enjoy them you won’t be good at them anyway, so concentrate on the things you enjoy and do well. If money’s an issue you might be able to barter your time and expertise for the services you need.

Manage your energy - rest, exercise, and switch off. Take care of yourself so you’re more resilient and better able to cope with the demands of your business.

The content of this post is up to date and relevant as at 29/04/2016.

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