This Tip looks at the vicious cycle of burnout in a depressed economy, which leads to personal depression.
“I’m living so far beyond my income that we may almost be said to be living apart.” e.e. cummings
Burnout in a Depressed Economy
A depressed economy is very hard on those of us who are solo entrepreneurs. With business slow or nonexistent, our incomes drop to depths we thought we would never see again. It is understandable if we start to burn out. Unfortunately, as we become more worried, depressed and stressed, it is much harder for us to do what we need to do to keep our businesses afloat.
The Vicious Cycle Begins With a Lack of Income
In response, we begin to define our necessary operating costs more narrowly. However, most solo entrepreneurs must rely on outside expertise and services. Cutting out some of those services can be highly detrimental to the health of our businesses.
For example, if we decide not to renew our membership in professional organizations, we may save money initially. However, in the long run, we lose opportunities to network with other members and stay current on the issues in our profession. This will most definitely cause us to lose money. The contacts, referrals, exposure, and additional expertise are really essential for the growth of our businesses.
If we decide we can no longer afford professional bookkeeping, accounting, or marketing services, we run the real risk of errors or omissions that may be very costly. Our decision will have also have a detrimental impact on the professionals who provide such services to solo entrepreneurs. This is because they are often either solo practitioners or small business owners themselves.
Overwhelmed With Worry
Should we try to stay in business or instead try to find a job with a larger more established business or organization. We worry if we are using our time wisely when we experiment with different marketing approaches. Will we annoy them if we ask our customers if they might have additional work for us to do. We worry about paying our bills and meeting our obligations.
Lower Self-Esteem
Many entrepreneurs define ourselves on the basis of the work we do and what we accomplish. When work stops coming in and we go for weeks without a tangible professional achievement, our sense of self worth suffers. We start to question our own capabilities. We worry that we no longer have what it takes to run a successful business.
A Sense of Futility
When we have trouble trusting in our own competence, we can fall prey to a sense of futility. We feel trapped in our business. This is because we doubt that any other employer will want us. We feel trapped by our circumstances. We doubt our ability to do anything constructive to better them.
Isolation
Our lowered self esteem, coupled with our sense of futility, can cause us to isolate ourselves from family, friends, colleagues and customers. We are not able to provide for our family in the manner that we desire. As a result, we avoid talking with them. Our lack of income directly impacts our ability to participate in recreational activities with our friends or colleagues. So we stop calling them. We are ashamed to have them know about our failure.
As a result, we isolate ourselves from the very people who would be willing and able to provide the support we desperately need. Our family and friends would offer emotional support, if we gave them the chance. Our colleagues could provide professional suggestions and business recommendations. That is if we brought them into our confidence. We deny ourselves what we most need at such a time- a sounding board and a sense of community and support.
Stress Spikes
It is no wonder that our stress spikes. The more stressed we feel, the less we are able to remain professional and effective in our business-related activities and communications. Whether we tend to get highly emotional or completely withdrawn when we are very stressed, the outcome is the same. We are not very pleasant or we make ourselves inaccessible. As a result, people eventually get frustrated and choose to avoid interacting with us. Their avoidance reinforces our negative perception of ourselves. It makes us feel even more isolated and abandoned.
Anger and Betrayal
We get angry with ourselves for failing and ending up in this seemingly futile situation. Then we also feel betrayed by our incompetence and inability to help ourselves. We also feel betrayed by family, friends and colleagues. This is because they do not persevere in breaking down the barriers we ourselves erected. We can become profoundly depressed. This deadens our initiative and stifles our ability to pull our businesses and ourselves out of the dumps.
Depression
Our depression makes it very difficult for us to effectively serve the customers we already have or to attract and retain new customers. This in turn negatively affects our income. The vicious cycle of entrepreneurial burnout in a depressed economy begins again.
How to Avoid Burnout
Remember Who You Are and That This, Too, Will Pass
Don’t allow yourself to get on this burnout track. Do what you can to keep a positive attitude. Remember who you are, what you have accomplished, and what you have to offer. If you have trouble remembering, ask your family, friends and colleagues. They can certainly remind you.
Nothing lasts forever, including a depressed economy. Stay conscious of your situation, but not paralyzed by it. Set a plan in place.
Update Your Resume and Review Your Income Streams
Update your resume, in case you want to seek part time or even full time work with another employer. You may never choose to use it, but it’s nice to have one handy should an opportunity arise. Updating your resume is also a great way to validate yourself and your achievements.
Review your income streams and focus on what brings you the most income for the least effort. Cease unnecessary effort that generates little return.
Barter Skills and Broaden Your Scope
Instead of cutting necessary professional services, see if you can barter skills that those businesses might need.
Broaden your scope or approach to doing business. Consider e-trade. Write articles and speak at professional events to market your business.
Be More Active and Keep Support Close
Don’t hide. Instead, become even more active in professional organizations and community activities. Who knows what the next formal or informal networking occasion may bring in terms of referrals and new business.
Keep your community of support close. Trust that they will want to be part of your journey, whether it is smooth or rocky.
You Choose
Look for creative ways to succeed rather than giving in and giving up. It is your business and your life. You choose.
To help those of us who are highly stressed or facing burnout, I have posted a white paper on Hot Tips for Good Mental Health on my website at https://laurelandassociates.com.
In next week’s Tip, we will turn to a more uplifting topic better suited to a beautiful spring.
May your learning be sweet.
