The dream of starting your own business is intoxicating, especially when you're tired of working for someone else's dream.  According to MBO Partners' 2018 State of Independence in America, 4.8 million independent workers are referring to themselves as "digital nomads" and seek the life of working from anywhere.  While the dream has become reality for many, still others are hoping to enter the world of entrepreneurship. As with any grass is always greener scenario, there are ups and downs to owning your own business, not the least of which is a very different sort of stress than you may be used to.

Let's look closer at the causes of stress for entrepreneurs and some tips for handling it. 

Common Causes of Stress for Entrepreneurs

Doing Everything Yourself

Freedom seems glamorous when you consider working from anywhere and not having to answer to anyone. The challenge with that is you actually do have to answer to lots of people - in particular, your landlord or mortgage company, your utility companies, your credit card companies and Uncle Sam.  Now that you have your own business, you still have bills and taxes to pay and you'll need a way to pay them.

Attracting and Retaining Clients

If you've started a business, you likely already have a few clients. Working on your own, you also have to attract new clients through marketing efforts, networking and a solid reputation for word-of-mouth referrals. An online presence, to include a regularly-updated website and social media, is helpful for attracting leads but it'll be up to you to prepare proposals, set pricing and invoice regularly.  It will also be up to you to build good customer relationships and keep your clients coming back for more.

Hiring Employees

Part of creating a successful business is hiring help so you can focus on what you do best. Hiring your first employee can be a sticky decision because it is dependent on a healthy cash flow and solid organization. Even after your first hire, you also have to manage the employee and the legal responsibilities required as a business owner. To continue successfully hiring a staff, you must also create human resources policies and benefits to keep your employees happy.

Getting Paid

Did we mention all of those bills that still need paying? Helping clients may be your goal but you still need to make sure they're paying for your work. Some new business owners aren't aware of red flags that will clue you in on a non-paying client. You will have to set boundaries and have tough conversations in order to ensure your invoices are paid and your time is valued. Most importantly, get some help from a third-party collector if you don't have the time to track down a payment that's way past due.

Starting your own business means not only doing what you do best but also putting on the hat of HR, accounting, sales, marketing and collections. The good news is that there are resources available to help with the step-by-step decisions required to grow your business. If you've read this far and still want to strike out on your own, remember that Enterprise Recovery is there for you if your clients aren't paying on time. We offer accounts receivable services, bad debt collection and legal services. We want to see your business successful. Let us know if we can help.