Sole traders don’t have to go it alone

It's natural for sole traders to feel forlorn after a period of sustained uncertainty like the world has experienced since spring 2020. The National Mental Health Commission (NMHC) has a resource to help sole traders feel less alone in their search to find information, coping mechanisms and support for the strain that running a business can have on ones mental and emotional wellbeing.

Signs that your outlook is dimming
Sole traders are individuals with differing responses to risk and ambiguity. These are signs that you could be heading down an unproductive path:

• You show up to work late without a reason.
• It's harder for you to remember things.
• You're frustrated more easily.
• Your brain won't shut off.
• It's harder to let go of mistakes or others' criticism.
• You're turning to unhealthy coping mechanisms to deal with life.

Some or all of these signs may resonate with you. If so, here are some facts to remember about why you're feeling this way.

Misconceptions about being an entrepreneur
Australian sole traders may be feeling down these days, not only because of the global pandemic but also the bushfires in 2019 and 2021. These entrepreneurs and business people who are "supposed" to be daring, courageous and visionary might be increasingly feeling far from heroic. Sole traders who survived these crises have only to fear what's happening with their counterparts who are scaling back their operations or closing their doors.

The Department of Industry, Innovation and Science reports that one in three small business owners were diagnosed with stress, depression or anxiety in 2019. Mental health training for sole traders hasn't been a priority until now. With the growing number of entrepreneurs feeling down about the future, the government can't ignore the need for mental health information and support for small and medium businesses, if the economy in Australia is to thrive.

Find support near you
A sole trader relies heavily on family, friends and community support for their business success, but it might not be wise to rely on those same supports for their mental health. Mental wellbeing resources and support can be accessed online, by phone and via telehealth. Health care for children and adults that is socially and culturally specific can be found for a wide range of mental health issues. The NMHC booklet has a comprehensive list of support services.

Anxiety is something we all experience at one time or another. Sole traders who are feeling stressed and worried don't have to go it alone. 

WMC Accounting specialises in assisting small companies with accounting, finance and business management for long-term growth and prosperity. Contact us today to learn more about how we can help.