Skills and wellbeing

Have you got what it takes to run your own business? It's a question every entrepreneur asks themselves, often when the going gets tough.

Developing leadership skills, boosting your self-confidence and resilience, managing stress, looking after your wellbeing and developing a work-life balance are all key aspects of running a successful business.

Self-confidence

Every small business owner needs to believe in themselves but that doesn't mean trying to be someone you're not. You certainly don't have to become more “corporate” in order to succeed. Be yourself and show people that you love what you do and believe in your own products and services. That kind of confidence can be infectious.

Even so, it's completely normal to have doubts. Maybe you have a fear of failure that is stopping you from taking the plunge with a business idea. Or perhaps you have imposter syndrome and you're worried that you're not a “real business owner”. These fears are incredibly common but there are lots of ways to overcome doubts and build the self-confidence you need to run your own business and enjoy it.

Leadership skills

Many people start a business because they want to be their own boss and discover that being a boss is harder than they thought. Whether you're a sole trader, have a couple of employees or manage a bigger team, the buck stops with you. That can be daunting for many business owners who haven't had these kinds of management responsibilities before.

Not everyone is a born leader but these skills can be learned. Focus on listening and communicating clearly, hire talented people and be prepared to delegate, be open to new ideas and accept that mistakes will be made along the way. And above all, don't forget that you need to work on the business not just in it.

Manage your time

Working long hours often goes with the territory when you run your own business.; but business owners quickly discover that working long hours, flitting from one task to another or trying multi-task is bad for the business and their own wellbeing.

It's a cliché, but working smarter not harder is key; studies have shown that productivity starts to decline when you work long hours anyway. By scheduling and prioritising what you do you'll be more efficient and more likely to meet your business objectives.

Managing time is also a critical part of protecting your own wellbeing. Every business owner needs to balance work with everything else - family responsibilities, taking time to eat properly and exercise, catching up with friends and getting enough sleep. The best way to get a work-life balance is to schedule all of these activities alongside your work responsibilities.

Dealing with stress

The most common causes of stress for small business owners are: the weight of responsibility, having to “do it all”, managing people, dealing with admin, managing finances, keeping customers happy and managing your own time. Of course, you can't make these things go away; as a business owner you'll need to find ways to keep everything in perspective and switch off from time to time.

Reducing stress starts with understanding that problems will arise and mistakes will be made - it's all part of the business journey. Focus on your own learning to find ways to do things better and more efficiently. Schedule, prioritise and delegate to reduce the burden of your workload. Look after your health by making sure you are getting enough sleep and eating properly.

If you find you're thinking about your business 24/7, identify the activities that help you to switch off and make time for them in your week. There are lots of ways to give your nervous system a break. It could be a walk, a yoga class or some meditation; a game of football or a trip to the cinema. Managing stress is a very personal thing; find what works for you and make it a priority.