As an entrepreneur, you may find that your mind is constantly focused on finances. While money can be a common cause of stress for any individual, it can reach a new level for entrepreneurs. This is why it’s important to learn that you’re not alone and what you can do to get help.
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The connection of finances and stress for entrepreneurs
Entrepreneurs don’t just need to think about their personal finances, they need to think about their business finances. And this can lead to stress in several different ways. Here are some of the common ones that entrepreneurs experience:
Not making enough money
When your paycheck comes from your own business, there is a new layer of stress that finances bring. You aren’t just working a 9 to 5 and waiting for the paycheck to hit your bank account on Friday. You are out hustling day in and day out working to make the money that your business needs to succeed.
If you have employees, then there is even more stress because you need to make sure you have money in the bank when it needs to be there to cover payroll expenses. When things start to get tight, you may notice the stress taking a toll on you.
Not knowing how to handle business finances
Even if you are a solopreneur or own a microbusiness, it requires you to handle your finances in a different way. You shouldn’t just be putting the money you make for your business into your personal checking account. But it can be difficult and stressful for entrepreneurs to learn not to comingle their funds (mixing business money in with personal).
If you aren’t sure where your money is going or where it needs to be going, you may feel a lot of stress building especially when tax time rolls around.
Growing too fast
When you first started your business, you might have never dreamed that growing too fast could become a financial strain for you. However, many businesses reach a place where they need to decide to figure out how to take the next jump forward to grow or simply maintain the level they’ve reached.
You may be ready to take the next step, but the finances you need to make it happen might not be there yet. This can put you in a stressful situation as you try to learn how to navigate through.
How this stress can impact you
Stress doesn’t understand boundaries. That means, you aren’t likely to experience stress in your finances but feel good in other areas of your life. It has a way of consuming your thinking and even impacting your physical health.
When you are consumed with stress, you may find that you constantly think about the thing you are stressed about. In this case, it’s money. That can lead you to carrying stress throughout your day and into your personal life and relationships. When you feel stressed, you may find that you have less patience with those around you.
Stress can also have a negative impact on your physical health. You may find that you aren’t sleeping as well or that you have digestive issues or frequent headaches. When you’re trying to run a business, the last thing you need is to be feeling physically ill and mentally distracted from stress.
How BetterHelp can help you overcome stress
BetterHelp (https://www.trustpilot.com/review/www.betterhelp.com?page=5) is an online counseling platform that makes it easy to get help from a licensed therapist. You may be leery about talking to a therapist over your financial stress, but it may be just the thing you need.
Therapists are able to help individuals, including entrepreneurs, learn how to handle the stress in their life in a healthy way. That includes financial stress. And, BetterHelp helps make professional therapy more affordable, which can also be a great advantage when you’re already worried about money.
The platform allows you to work with a therapist 24/7 right from your phone or computer. You don’t have to worry about taking time out of your schedule to go to a therapy office. You can simply shut the door on your own office or even sit in your car and learn how to best handle and overcome your stress.
Other solutions to consider for your financial stress
Outside of seeking therapy to learn how to handle your stress, you may want to seek the help of other professionals to help you address your financial concerns. For example, you may want to meet with a Certified Public Accountant to make sure that you have your business properly set up. You may want to work with a bookkeeper to make sure you are keeping everything in order. Or you may want to speak with a banker to explore your options for things such as a business line of credit to meet your financial needs.
Life as an entrepreneur comes with challenges, but it’s also incredibly rewarding to run your own business and control the direction of your future. Don’t let the stress of the finances get in the way of the enjoyment of your business. If you’re struggling. reach out for help.
About Author
Marie Miguel has been a writing and research expert for nearly a decade, covering a variety of health- related topics. Currently, she is contributing to the expansion and growth of a free online mental health resource with BetterHelp.com. With an interest and dedication to addressing stigmas associated with mental health, she continues to specifically target subjects related to anxiety and depression.
About Carson Derrow
