Building a business isn’t always a walk in the park. But once the thing’s set up, it should largely leave you alone. Yes, you’ll need to do a bit of work on it every now and then. But once management is in place, the thing will largely run itself.
However, many business owners never find themselves in this enviable position. While that’s their stated aim, they can’t quite get 100% of the way there.
So, what’s going on? Why do some businesses cause their owners stress long-term?
Too Much Work Is Stressing You Out
The top reason is simply too much work. While most people can work 12 hours a day on their business for 18 months solid at the start of the project, keeping that up for a lifetime isn’t advisable. It doesn’t work.
The main problem is simply trying to do everything yourself. You wear multiple hats and never pass work over to other people.
You also treat your time like it’s an infinite resource. You stay in the office late every night because you run errands all day.
Of course, the simplest solution is to delegate what all successful entrepreneurs do. Leveraging other people is the best way to escape a productivity trap.
Uncertainty
Another reason business owners can pull out their hair is uncertainty. You don’t know what’s going to happen next.
Market fluctuations will always be an issue and something that every entrepreneur has to deal with. Economic downturns are inevitable as long as government officials and central bankers don’t understand the cycle.
However, you can adjust your decision-making processes. Instead of constantly stressing about everything, you can look for ways to make your company less fragile and able to survive a downturn.
For example, you could:
- Sell services that people need regardless of their finances
- Make your labor pool more flexible by paying them by the project, instead of salaries
- Working across geographies
- Preparing for technological disruption
Operational Challenges Are Stressing You Out
Another issue is operational challenges. You might be stressed all day because your company is hard to manage.
The best way to deal with this is to rely more on machines and computers. Using solutions for your industry, like landfill software if you’re in the waste business, can be tremendously helpful.
Isolation
You could also be feeling stressed because you feel like you’re completely alone and no one is coming to help you. Even entrepreneurs need emotional support sometimes! After all, the challenges and stresses of running a business are extreme.
The best way to deal with this is to find a mentor in your industry. Having someone who’s been there before can be enormously beneficial.
You could also join a group of friends trying to do similar things and support each other that way.
High Financial Stakes Is Stressing You Out
Finally, entrepreneurs often feel the heat because of the high financial stakes involved in running a business. Often, it is their own money on the line.
There’s not much you can do about this. But focusing on what you can control is often the best policy.
Collaborator