13 Ways To Manage The Stress of Running a Start-Up
You’ve finally opened the doors to your very own start-up; congratulations. Now the hard work begins. You have to deal with issues ranging from crafting the perfect product to ensuring the team is motivated.
Besides this, you must find ways to market your start-up to get it in front of the right people. It’s a lot to take on, but don’t worry – there’s help. Read on to find out.
#1. Have an Emergency Source of Funds
Financing is a huge concern for all businesses but is more stressful when you’re a new start-up with little to no revenue. Finding the money to cover situations is challenging when something unexpected comes up.
A business credit card is an excellent way to raise funds quickly. Get more info on business credit card by Capital on Tap before applying.
As you will realize, cash flow is a massive concern for all new businesses. Sometimes, you’ll get unplanned expenses, and you must have a way to cover them. Building up an emergency fund is the best way to do this. Put some money aside, or know how you can access emergency funds each month as a cushion to fall back on when things go wrong.
#2. Build a Strong Support Network
Have a supportive network of family and friends who you can rely on when things get tough. They’re people who offer a listening ear, some words of wisdom, or just be there for you when you need to vent.
Don’t forget about your professional networks as well. They offer ideas or help with connections when required.
To build a professional network, attend industry events, webinars, or even start a networking group. It’s a great way to get in front of the right people and learn about the latest trends or technologies.
As you will realize, some of the most successful entrepreneurs have a coach they rely on to help them make decisions, stay accountable, and achieve their goals. If you don’t have anyone in your personal or professional life who can do this, hire a business coach.
#3. Outsource What You Can
There are only so many hours in the day, and if you try to do everything yourself, you’ll quickly burn out. Outsource some of the tasks you’re not good at or take up too much of your time. It frees you up to focus on things only you can do, such as developing the product strategy.
Outsourcing opens the door to working with people from all over the world, providing much-needed perspective. You improve efficiency and get the job done for less money.
#4. Learn to Delegate
Part of being a good leader is knowing when to delegate tasks. The temptation is to do everything yourself, but that’s not possible or sustainable. You must learn to trust others to get the job done and delegate accordingly.
The benefit of delegation is that it allows you to focus on the tasks only you can do, such as developing the product strategy. It also helps you manage your time better and avoid burnout.
When delegating, give clear instructions and be available to answer any questions. Set deadlines and check-in periodically to see whether the task is on track. However, avoid micromanaging as it will only lead to frustration on both sides.
#5. Get Away From The Office
Don’t forget to take some time for yourself. You can quickly get obsessed with the business that you forget to take care of yourself. It leads to burnout which is not suitable for you or the company.
For a start, get away from the office regularly. It doesn’t have to be an extended vacation; even a weekend getaway will do. Set time every day where you’re not working, even if it’s just an hour. Use that time to exercise, read or do something that you enjoy.
When the pressure is mounting, it’s easy to take it out on those around you. Whether it’s your partner, employees, or suppliers, it’s not fair to them. Step back, take some deep breaths, and remember that everyone is doing their best. Being assertive is okay, but don’t be too hard on everyone around you.
Every year, plan to take an extended vacation, even if it’s just two weeks. You recharge your batteries, develop fresh ideas, and return to work refreshed. You can also take a vacation when feeling overwhelmed, so you have something to look forward to.
#6. Hire a Good Team
You can’t do it all on your own. Have a team that is passionate about the business as you are. Take the time to hire slowly and ensure you’re getting the right fit. It’s worth waiting for the right person rather than hiring someone to fill a position.
To hire right, first, understand the talent you need on your team and what motivates them. Write a job description that attracts suitable candidates. Consider a recruiter if you find it challenging to attract and keep good talent. They’ll help you find the right people and provide valuable insights into the job market.
#7. Recognize When You Need Help
There’s no shame in admitting that you need help. It’s a sign of strength. If struggling to manage the stress of running a startup, seek professional help. A therapist will help you manage anxiety and stress.
Additionally, you can check out online resources, such as articles, books, and podcasts, that can help. Don’t try to tough it out on your own. Running a startup is hard enough without adding unnecessary stress to the mix.
#8. Set Realistic Goals
One of the mistakes that entrepreneurs make is setting goals that are impossible to reach. It leads to disappointment and frustration. Avoid this by being realistic about what you can achieve in the short and long term.
Celebrate the small wins along the way to keep yourself motivated. For instance, if you’ve attracted 100 new users, that’s something to be happy about. Avoid comparing yourself to others as it will only lead to feelings of inadequacy. However, learn what your competition is doing and find ways to improve.
#9. Invest in Your Health
Your health should be a top priority, especially when running a startup. When you’re not feeling well, it’s hard to focus on work. Eat a balanced diet, get enough sleep, and exercise regularly. Also, don’t forget to schedule regular checkups with your doctor.
Regular exercise releases endorphins, which have mood-boosting properties. It’s a natural way to reduce stress and improve your mental health. If you can’t find time to exercise, try working out first thing in the morning or during your lunch break. If you don’t live far away from your office, walk or bike to work.
It’s also essential to take care of your mental health. Consider meditation or yoga to relax and manage stress. When overwhelmed, talk to someone who can help, such as a therapist. Have a robust support system, whether friends, family, or colleagues.
#10. Lower The Expenses Without Compromising Quality
In the early days of a start-up, be frugal. It doesn’t mean you should skimp on quality but be mindful of where you’re spending your money. There will always be expenses but try to keep them as low as possible.
For instance, as much as marketing is a critical part of any business, you don’t need to spend much on it initially. There are many creative and low-cost ways to market your business, such as social media and word of mouth.
Additionally, consider saving on office space, such as working from home or renting a co-working space. You’ll be surprised how much you can save without compromising quality.
Other than this, outsource only when you need to. Hiring full-time employees is expensive—outsource tasks, such as bookkeeping and accounting. Also, use freelancers for one-time projects. It’s a cost-effective way to get work done without breaking the bank.
#11. Know The Stressors and Find Ways to Manage Them
Identify the stressors in your life and know how to manage them. For instance, if you’re always worried about money, develop a budget and stick to it. If you’re finding it hard to juggle work and personal life, hire a babysitter or nanny.
Another way to manage stress is to take breaks when needed. You’ll feel stressed when tired, so get enough sleep. Also, realize when you’re stressed. It’s easy to confuse exhaustion with stress. When in doubt, take a break.
#12. Go Easy on Yourself
Setting high standards is good, but don’t be too hard on yourself. You’re only human, and you can’t do everything perfectly. Give yourself some credit and pat yourself on the back when you’ve accomplished something, no matter how small.
Additionally, learn to say no. You can’t do everything and shouldn’t try to. When spread too thin, it leads to burnout. Focus on what’s important and let go of the rest.
#13. Get Organized
Without a working strategy, running a start-up is stressful. It’s also confusing, especially if you’re unsure where to begin. Get organized and develop a plan. Write down your goals and objectives, then create a timeline for each. The effort gives you a road map to follow and keeps you on track.