Protecting your wellbeing as a small business owner

Key takeaways

• More than half of Australian business owners report heightened feelings of anxiety and depression due to the pressures of running a business.
• Simple strategies like maintaining sleep routines, setting work boundaries and practicing mindfulness can help prevent burnout and exhaustion.
• If you are struggling, there are several free and confidential services available to help you get your work-life balance back on track.

With more than two million small businesses registered in Australia, the small business sector is one of the single most important engines of the Australian economy.

Yet as any business owner could tell you, running your own business requires high levels of physical, emotional, mental and financial commitment. Business owners often need to work long hours, feel a high sense of responsibility for their family and employees, and may not have anyone to talk to about their worries.

This can make it difficult to maintain a healthy work-life balance and look after your mental health, especially when your business is facing challenges such as rising expenses, cashflow concerns, staffing issues or sheer busyness.

Recognising the signs of poor mental health

An important thing to understand is that if you're feeling overwhelmed – you're not alone. According to the 2024 MYOB Business Monitor, more than half of Australian business owners reported heightened feelings of anxiety and depression due to the pressures of running a business, while 46% described their business as a source of stress.

While in small doses these can be normal emotional responses to the challenges of life, it's when they become your default mode that problems can arise.

The psychiatrist Marie Åsberg pioneered the idea of the 'exhaustion funnel', which describes how people experiencing stress and anxiety can transition from a healthy state – with a balance between work, chores, rest and play – to a state where work and chores dominate and result in exhaustion or burnout.

There's no hard and fast diagnosis of burnout, but it's often associated with feelings of exhaustion, together with headaches, poor sleep, irritability, social isolation, inability to focus and an increasing reliance on substances like alcohol to quiet the mind.

Practical strategies for managing stress

Much like there's no single diagnosis for stress and burnout, there's also no guaranteed remedy. However, there are a number of simple ways that you can try to get your work-life balance back on track.

Maintain healthy sleep routines

Sleep can feel like wasted time, but the science is clear: getting a good night's sleep is one of the single most effective ways you can look after your mental health.

This can be easier said than done when you have a thousand things on your mind, but by putting yourself to bed at a similar time every night your body will start slipping into a more natural sleep cycle, leading to deeper, more refreshing sleep.

Helpful ANZ resource:

• How to stifle stress and live a burnout – free life

Set up strong work – life boundaries

As a business owner it's natural to feel like you need to always be on call to ensure things keep running smoothly. However, if you're always available then your brain will never stop feeling like it's at work.

Schedule a set number of hours in your daily calendar where you don't answer your work phone or respond to emails and then make sure your staff know they won't be able to get in touch with you during these times. This will give your brain a rest and mean you have time in your day to focus on the other things that matter in your life – friends, family, fitness and fun.

Learn how to say 'no'

Sometimes success can create its own stresses. When things are going well for your business, it can be tempting to try and maximise the momentum by saying yes to every opportunity that comes your way, even when you know it could be difficult to deliver. While this might be sustainable for a few weeks, it can quickly lead to a spiral of overwork and unmet obligations.

Only taking on the amount you can do – and do well – will not only reduce your levels of stress but also create a more satisfied and loyal customer base, setting up your business for longer-term, more sustainable success.

Cultivate mindful bodies and brains

Practicing mindfulness may seem like a cliché, but you don't have to meditate for half an hour to realise its benefits.

Stressed brains are prone to unhelpful thought patterns such as anxiety loops and negative thinking, which can make problems seem insurmountable. By taking a few minutes to simply focus on your breath and body or engage in some intentional physical movement (stretching, dancing, a walk in the park – they all count), you'll be better able to snap out of these loops and re-focus on the task in front of you.

Support services for business owners

If you are finding it difficult to cope, know that you don't have to manage alone. There are a number of free and confidential services available to support small business owners through tough times.

Helpful resources:

• NewAccess: free one-on-one mental health coaching program for small business owners designed by Beyond Blue.
• Ahead for Business: digital hub offering small business owners personalised mental health resources and tools.
• Small Business Debt Helpline: free financial counselling service specialising in business debt management and negotiation.

If you're experiencing severe emotional distress or suicidal thoughts, call Lifeline on 13 11 14, 24 hours a day.

Taking care of business – and yourself

The benefits of having a healthy mindset are more than simply personal. According to the Australian Government's Mental Health Commission, the return on investment for a mentally healthy workplace is $2.30 for every $1 invested.

A healthier, more balanced you means better decision – making, stronger customer relationships, happier staff and a more resilient business.

However, if you are struggling, talking to someone is the first step. Reach out to a service like Beyond Blue or one of the organisations mentioned above, or else your doctor can speak to you about setting up a mental health treatment plan.