When you started your small business, did you think there would be a smooth path to growth, an upwards trajectory?
This week on the podcast, I’m talking about the rollercoaster ride that is being your own boss, and why we need to talk about the lows as well as the highs.
The highs are those moments of exhilaration, when you’re riding high at the top of the rollercoaster.
Then there’s the lows, where you feel like you’ve been shaken around and come crashing down to the ground, and might find yourself thinking ‘what just happened?’
In an age where we share everything on social media, it can feel like everyone else is enjoying the highs all the time and when you’re feeling low, this can be tough.
This episode is a look at the reality of running a small business in the UK in 2023, with statistics from studies and interviews with thousands of solopreneurs.
Plus, details on where you can get help if you need it and suggestions on ways to feel more supported as a business owner so you can build your resilience.
Key topics and timings in this episode:
1:00 - Why we need to be more honest about the challenges of running a business.
2:00 - The rollercoaster analogy and how it applies to solopreneur life.
4:40 - How our emotional state can change in just a few hours, going from feeling really low to being ecstatic with joy!
5:04 - Why seeing posts in my community inspired this episode about the highs and the lows.
6:10 - Quitting my job at the News of the World and the rollercoaster that followed.
10:30 - Asking my family for support at the start of going freelance.
11:03 - The highs of the first few years of self-employed life.
12:38 - The lows of losing 85% of my income overnight.
14:08 - How launches have differed in my online business.
15:05 - The misconceptions about six-figure launches and 10k months and why it needs to be addressed.
16:47 - Statistics on life as a small business owner in the UK - 7 in 10 experience anxiety over late payment - Juno study.
17:16 - Simply Business study found that 56% of small business owners reported feelings of poor mental health in the last 12 months.
18:27 - Xero Global state of small business well-being study.
22:37 - Recommendations from the Xero study.
23:13 - The positives of being a business owner.
29:33 - Small Business Britain Study found 60% expect to grow this year.
31:58 - Kantar research on spending this Christmas - 50% of respondents plan to spend more.
34:20 - How you can feel more confident and robust as a small business owner.
35:48 - Free communities where you can gain support and programs like the NatWest accelerator and Theo Paphitis’ Small Business Sunday.
39:23 - How you can go from feeling low to riding high in a short space of time.
40:15 - My rollercoaster year in 2023.
42:31 - How to connect if you’d like to explore the topics covered in this podcast.
Links mentioned in this episode:
https://www.smallbusinesscommissioner.gov.uk/63-of-small-business-owners-suffer-from-stress-anxiety-or-depression-caused-by-late-payments/
https://www.xero.com/content/dam/xero/pdfs/FINAL%20-%20April%202023%20-%20The%20global%20state%20of%20small%20business%20owner%20wellbeing.pdf
https://www.xero.com/content/dam/xero/pdfs/Brains-of-the-Business-May-2022.pdf
https://smallbusinessbritain.uk/downloads/moving-forward/Small-Business-Britain-Moving-Forward-In-2023-Report-Final.pdf
https://cdne.kantar.com/uki/inspiration/advertising-media/christmas-2023-spending-intentions
Further reading on this topic:
How winning Theo Paphitis’ Small Business Sunday can benefit your pet business
The NatWest Entrepreneur Accelerator and how it can support you as a small business
Bella Vasta interview about coping in the cost of living crisis
Connect and carry on the conversation:
Find me in my Facebook group here: https://www.facebook.com/groups/publicitytipsforpetbusinesses
On Facebook here: https://www.facebook.com/rachelspenceruk
On Instagram here: https://www.instagram.com/rachelspenceruk
On LinkedIn here: https://www.linkedin.com/in/rachelspenceruk/
