Back in 2013, Inc. Magazine’s article “The Psychological Price of Entrepreneurship” went viral, highlighting the mental toll on business owners facing debt, depression, stress, imposter syndrome and fear of failure.
A decade later, owning a business hasn’t gotten easier, but awareness, resources and support for overcoming (or lessening) these challenges has grown. More Americans are realizing the benefits of self-care to improve their overall confidence, happiness and quality of life.
Restaurant owner Imani Greer (Roasted and Raw) has seen firsthand what can happen when you don’t put self-care first: substance abuse issues, mental health crises and worse. “The only way to really be successful in my business is putting spiritual, mental, physical and emotional health at the top. Those things first,” says Greer.
Read on to review some self-care examples you can adopt to help you navigate the challenges of entrepreneurship while prioritizing your mental well-being.
Why self-care is important for small business owners
Prioritizing self-care is crucial for small business owners to maintain mental well-being, improve productivity, make better decisions and achieve work-life balance. Most of all, it helps entrepreneurs avoid burnout and ensures healthy, long-term sustainability.
After feeling drained and stretched thin, Stoney Michelli Love (Stuzo Clothing) learned that working on yourself has a lot to do with the success of your business. “What’s not taught is self-care — especially for a business owner and people of color,” she says. “If you’re not okay, there is no business.”
By investing in self-care strategies, entrepreneurs can reduce stress, enhance focus and create a better entrepreneurial journey for themselves.
Setting boundaries and time management
Establishing boundaries with work empowers business owners to recharge and bring their best selves to both their personal lives and business endeavors.
“If you prioritize an email, a work matter, a challenge that you have with a career or even family issues — if you prioritize all those things before you prioritize yourself, it can steamroll, and it can domino into your health diminishing,” Chef Greer says.
1. Establish boundaries between work and personal life. Set specific working hours and avoid checking emails or taking work calls outside of those hours.
2. Take breaks and step away from your workspace. Incorporate regular breaks into your workday to refresh your mind.
3. Practice time management and set realistic goals. Efficiently manage your time by setting achievable goals and prioritizing tasks.
4. Learn to say no to overwhelming commitments. Understand that it’s okay to decline certain opportunities or requests that may stretch your resources too thin.
Practice self-care
Remember, self-care is not selfish; it is an essential investment in your own well-being and the success of your small business.
5. Prioritize self-care routines. Set aside time each day for activities that promote relaxation and well-being, such as exercise, meditation, reading, or engaging in hobbies.
6. Get enough sleep. Studies have consistently shown that getting at least seven or eight hours of sleep every night leads to an overall better quality of life, from physical health to mental clarity. Good sleep can improve everything from your mood to decision-making.
7. Engage in regular exercise. Incorporate physical activity into your routine, whether it’s going to the gym, practicing yoga, or simply taking a walk outside. “If you just prioritize [exercise] 30 minutes to an hour, at least four to five days a week, I promise your life will be just a little better,” Greer says.
8. Unplug and disconnect from technology. Set aside dedicated time each day to disconnect from digital devices and engage in activities that don’t involve screens.
9. Foster work-life balance. Strive to find a healthy balance between work and personal life by scheduling time for activities you enjoy outside of work.
10. Practice gratitude and keep a gratitude journal. Reflect on and appreciate the positive aspects of your business and personal life to foster a positive mindset.
Seek support and connection
In connecting with other owners or professionals, you can build a support community that helps alleviate feelings of isolation, provide fresh perspectives and contribute to professional growth.
11. Connect with fellow entrepreneurs or small business networks. Seek support from others who understand the challenges of running a business and share experiences, advice, and camaraderie.
12. Seek professional help if needed. If you’re experiencing persistent stress, anxiety, or other mental health issues, don’t hesitate to seek support from therapists, counselors, or coaches who specialize in working with entrepreneurs.
13. Attend industry conferences or workshops for inspiration and learning opportunities. Engage in activities that inspire you and stimulate personal growth, such as attending conferences or workshops to stay updated on trends and connect with like-minded individuals. Cake artist Mimi Hood (Mimi’s Mocha Treats) finds inspiration through special effects makeup artists and attends their training. “You learn sculpting and how to add texture to faces. A lot of sci-fi makeup artists also think outside of the box. They’re daring. So I tend to look toward them a lot more than other cake people to learn.”
Delegation and automation
Self-care practices include delegation and automation, which can help alleviate feeling overwhelmed and reduce stress. Owners can better focus on bigger-picture strategic decision-making.
14. Delegate tasks to trusted employees or outsource non-core activities. Reduce stress and free up time by assigning responsibilities to capable individuals or considering outsourcing certain tasks.
15. Automate repetitive tasks to streamline your workload. Explore tools and technologies that can automate repetitive tasks, allowing you to focus on more essential aspects of your business.
Self-compassion and mindset
We often think of applying compassion to others, but it’s also important to show it to ourselves. According to a Stanford study, self-compassion helps individuals build greater resilience, strength and happiness — and it’s learnable.
18. Practice self-compassion and be kind to yourself during challenging times. Acknowledge that setbacks and mistakes are a natural part of the entrepreneurial journey, and treat yourself with understanding and compassion. “Don’t overwhelm yourself. Just take it day-by-day,” Greer says.
19. Adjust your business as needed. Your business doesn’t have to be static or unchanging; it should grow and change with you. Before her father developed dementia, Hood averaged 50-60 large wedding cake orders per year, but scaled back to care for him. Now, she’s adjusted her business from taking many orders to do more teaching and consulting. “I’ve been at bakeries to come on as a consultant and teach their team. As I’m getting older, I’m realizing that it may be time to pass the torch and watch others grow and blossom,” Hood says.
20. Foster a positive mindset and celebrate milestones. Set realistic goals, break them down into smaller tasks, and celebrate your achievements along the way to boost motivation and confidence.
How NEXT helps give business owners peace of mind
We understand you’re juggling many things when running a small business, as well as the risks you face on a daily basis.
That’s why we specialize in providing business owners with peace of mind through the right business insurance. NEXT develops custom business insurance packages so you can get coverage that meets your specific business needs online, 24/7, anytime it’s convenient for you.
Kim Mercado is a content editor at NEXT's blog, where she writes and edits posts for small business owners. She enjoys helping entrepreneurs solve their business challenges and learn about insurance. Kim has contributed to Salesforce, Samsara and Google.
You can find Kim trying new recipes and cheering the 49ers.
