6 Ways to Handle the Financial Stress of Owning a Business
If you run your own business, you’re no stranger to stress. Stress is a normal part of business ownership, so it’s important to develop strategies for dealing with it in a healthy way. If you’re having a hard time defusing the financial stress of owning a business, try these simple tricks to get the situation under control:
Free Yourself From Financial Burdens
Finances can be a huge source of stress for small business owners. If you find yourself worrying about financial burdens, take some steps to get rid of them. Worrying about unpaid debt or spending habits is not very productive, so put together a plan to resolve your financial burdens. You may want to consider looking into getting a small business loan to help pay off and consolidate your debt. There are all kinds of options available that can help you find stable financial footing. For example, if you need significant funding, a Small Business Administration (SBA) loan could provide you with up to $5 million in as few as three weeks. If you need cash quickly, you could receive funds from a term loan in just two days; since you only need a “good” credit score of 680, it’s attainable for many small business owners who’ve taken care of their credit. It’s important to note that interest rates on term loans are often in the double digits, so be sure you can repay this debt in a reasonable amount of time should you take one out; the idea is to reduce your financial stress -- not add to it!
Feel like your spending is out of control? Then organize a personal and business budget, and stick to it no matter what. If you’re not sure where to start, reach out to your personal or business bank. They should have at least one specialist on staff who can help you create a budget for your personal and professional life free of charge.
Keep Your Schedule Organized
As a business owner, your time is worth money. A tight schedule can prevent profit losses and help you feel more in control over your finances. Just be sure you are not overbooking yourself. Make your business the center of your schedule. Stick to project deadlines and always show up a little early, but not too early, to business meetings. If you find it difficult to get personal tasks done during the day, like laundry or cleaning your house, it’s well worth it to hire someone to take care of these chores for you.
Talk With a Financial Advisor
If you’re really concerned about your finances and your business is booming, you may want to think about consulting with a financial advisor. The right financial advisor can help you review the financial elements of your business plan and suggest any adjustments that will take stress off of you. Find a financial expert you can trust and who can guide you in the right direction when it comes to your business. Consider having your personal finances reviewed as well.
Set Up a Meditation Room
Talk to any successful business person, and they’re likely to have a secret to combatting their business stress: meditation. Meditation can help you find peace of mind and relieve any stress you are feeling regarding your finances. Set up a meditation space in your home and make it a daily ritual to practice. Better yet, think about setting up a small meditation space at work. You can use a corner of your office or even a small closet. If you have employees, consider getting them into meditation as well.
Take Time for Yourself
With a busy schedule, it can be difficult for small business owners to take real time off. Even if you have employees, it’s still your business at the end of the day, and it can be tricky to step away. But taking time to relax and reset your mind is necessary if you want to keep financial and business stress under control. Take at least a day off each week, and avoid thinking about your finances during that time. If you can swing it, take a vacation and go on a budget-friendly trip to clear your mind.
Know When to Get Help
Finding your own ways to combat financial stress can help you feel better about your business. But if you are feeling overwhelmed or are having a hard time fighting stress alone, it may be time to get a little help. Though often stigmatized, taking care of your mental health is just as important as caring for your physical health. Talking with a mental health professional can be very therapeutic when you’re combatting stress, and keeping regular sessions can improve your mental health.
Being a business owner comes with perks, but there are definitely some challenges as well. Learning how to deal with financial stress will lead to more stability in your business and more happiness in your life. Find ways to deal with your stress, and you’ll see your personal and business life begin to boom.
