Tue 20 Nov 2007
It can be a very exciting and rewarding experience to own a business of your own. You will have the flexibility of setting your own work schedule and managing things the way you want. Even though business ownership may seem to be lucrative, there are pitfalls that come along with the deal.
You may encounter stumbling blocks that are emotional, physical or psychological. If you don't deal with them immediately, you will begin to experience stress.
Stresses can be divided into 3 categories:
Emotional: friends, family, isolation, change of routine
Psychological: finances, employees, operations and legal
Physical: poor eating habits, sedentary lifestyle and overwork
It is essential to have an effective plan ready so that psychological stress can be prevented. It is better to take a proactive approach when it comes to managing stress.
Make sure that you have a financial plan ready for situations when clients and orders are few and far between. You should also plan to have a surplus of any supplies needed to run the business on hand, so that in lean times, you don't have to purchase them.
Development of leadership skills is also essential — you need to be able to work as a team with your employees.
It can be a bit difficult to tackle stress in your business on an emotional level. A very different approach will be needed to tackle these types of problems. Talk to your family or even a therapist about how you are feeling. Make a concerted effort to be more social and involved in the lives of your family and friends.
As far as physical stress is concerned, the trick is to take time out for yourself. Stop eating at your desk and take a proper 1 hour lunch break. Go to the gym to blow off extra steam. Take a well-deserved vacation. You aren't a machine — and you need regular breaks to be able to perform well.
Owning a business is a rewarding but tough job. Learning how to handle stress well will make being a business owner a pure joy.