Being an entrepreneur can be very exciting. Unfortunately, it can also be very exhausting at times. Some studies have actually shown that entrepreneurs stress more about their business than they do about raising their children. Catherine Clifford points this out in her article on CNBC:
“Of the 1,001 small-business owners surveyed by Bank of America for the bank’s Spring semi-annual report on the state of small business, 41 percent report that managing their business is their top personal stressor. Only nine percent choose raising children.”
Unfortunately, stress isn’t the only problem that entrepreneurs face. They must also contend with high levels of depression. This depression is even worse during some parts of the year.
You need to know when the most depressing time of the year is for entrepreneurs and find out how to cope.
Getting Through the Most Stressful Time of the Year as a Business Owner
Everyone knows that January can be a blue month. In fact, January 21st is known a ‘Blue Monday’ – officially voted the most depressing day of the entire year. The holidays are behind us and things just feel a little too glum.
According to Psyche Central, it’s not hard to see why; “The bills come in from all those generous gifts you gave back when the holiday spirit had you feeling rich. The resolutions you made on December 31 are, well, broken.” Not only this, but most people are back in the full swing of work, where the year ahead feels long and the promise of Summer is months away. It can be a difficult time for many.
But there has to be a way to survive this difficult time without crashing into a pit of depression. As one of the main reasons January can be so tricky is financial, it would be wise to get your monetary affairs in order to save the hit you might otherwise feel at this time. Here, we look at some key financial resolutions and objectives you can make to lessen the impact at the start of January, and try and get your New Year off to an all-round happier start:
#1 Think ahead in December – It can be easy to spend, spend, spend when you are all wrapped up in the festive spirit of the holiday season. However, this is where your troubles start. Don’t get carried away in December with present buying. Instead, make a list of what you need to buy, what you could get away without buying, and keep on top of your spending. If you don’t have the money there, don’t spend it!
#2 Get your savings in order – It can feel more comforting knowing that you have savings tucked away but many people find it difficult to save each month. Why not set a resolution to begin saving in the New Year? Take for instance Wonga’s 52 week savings challenge. This allows you to save little and often, accumulating a decent sum at the end of the year.
#3 Create a budget plan – There are many online budget guides you can use to help you. Looking at your finances in this way gives you a clear indication of where you might be overspending, and where you can cut back. Be honest about what you spend, and include everything you might spend in a month (even that cheeky coffee you have!) as all these items really do add up.
#4 Look at where you can cut back – Try negotiating utility bills to bring those costs down, and look at shopping elsewhere for your groceries if your food bills are coming in too high. Small changes like this can make a big difference and aren’t that difficult to achieve.
Manage Your Depression as a Business Owner During January
January is a rough time for many entrepreneurs. You need to make sure that you can keep your depression levels in check to get through it. Don’t worry – there are a lot of things that you can do, which will make things a lot easier.