Mental Health for Sole Traders with Small Businesses

If you are a sole trader, then you are aware of how important your mental health is, as well as how you can take care of yourself. There are many ways to do this, from connecting online to attending industry events, through professional associations, to sole trader Facebook groups. You can seek support, encouragement, and positive thinking, and it will make you feel less alone. You should also trust your instincts, no matter how tough it may be.

COVID-19

As the coronavirus pandemic spread across the world, the impact on mental health as a sole trader is becoming increasingly apparent. The Victorian government in Australia recently announced new initiatives to support mental health in the business community, including training to help strengthen mental health capabilities in local communities and a free one-on-one hotline for business owners. In total, the Victorian Government has awarded $1.3 billion to the nation’s small business community in the form of the Business Support Fund, which can provide up to $20000 in relief to businesses in Melbourne and up to $15000 across the rest of Victoria.

Stress

The National Mental Health Commission, working with Ahead for Business and the Mentally Healthy Workplace Alliance, has launched the National Workplace Initiative for sole traders. Sole traders face a range of unique challenges, and despite the rewards of being your own boss, running a business can be both rewarding and challenging. The recent COVID-19 legislation has only made matters worse for many, adding an extra layer of complexity to the stressors that a sole trader may face. The guide for sole traders is designed to help them understand and manage these unique challenges.

Depression

Research has shown that depression is common among small-business owners and self-employed individuals. However, the results of the surveys are contradictory. One study from Asia found that depression was much more prevalent among self-employed men than women. Other studies in Asia and North America found a higher prevalence of mental disorders among sole traders. These studies may have understated the extent of the problem. Nevertheless, the findings of these studies may have consequences for both men and women.

Managing wellbeing

If you’re a sole trader, managing your wellbeing can be more challenging. Working by yourself means you’re often more isolated, which can make taking sick days harder. In addition to physical health, wellbeing can also include the demands placed on your mind. Here are some tips to help you manage your wellbeing as a sole trader. First, take time out for yourself. Take some time to recharge and rejuvenate.

Treatment

As a sole trader, you are often in a unique position in that you’re not part of a traditional support network, but you can access valuable resources that will help you manage your mental health. As a sole trader, you have unique demands and responsibilities that don’t always match up with your usual support network. In this case, treatment for mental health as a sole trader can be of benefit. Ahead for Business is a digital platform that helps sole traders connect with support and resources. The aim is to create a Business Mental Health Plan – a plan that will be tailored to the individual’s needs.