A Guide for Solo Entrepreneurs and Small Business Owners battling entrepreneurial loneliness
Starting and running a solo venture or a small business can be an exhilarating journey filled with boundless opportunities for success.
However, amid the excitement and freedom of being your own boss, solo entrepreneurs and small business owners often experience a less talked-about challenge: loneliness.
The absence of a traditional team environment can lead to feelings of isolation and disconnection. In this blog, we explore why entrepreneurs encounter loneliness and offer valuable strategies to conquer it.
The Stats
According to recent research over 73% of small and medium-sized enterprise (SME) owners have admitted to feeling lonely while running their businesses. Among them, a third experience this loneliness on a regular basis, highlighting the prevalence of the issue.
This sense of isolation is particularly concerning considering that SMEs make up 99.3% of all private sector businesses. Loneliness has been associated with serious health risks, with lonely individuals being 29% more likely to suffer from heart disease or strokes, two leading causes of death in the UK, according to a study conducted by the University of York.
The research also reveals that a lack of support compounds the problem, as three-quarters of those surveyed stated that they often don't know where to turn when faced with challenges at the top. Additionally, 60% of respondents expressed the belief that there is insufficient support available in the UK for SMEs seeking to expand their businesses.
Amidst economic uncertainties, business owners are grappling with concerns related to meeting customer needs, developing effective business strategies, accessing funding, and maintaining a healthy cash flow. These pressures contribute to a significant amount of stress within SMEs, particularly for those striving to grow and succeed.
How to increase your connections
We asked our business coaches to share their advice on how to increase connections and banish that feeling of loneliness! Here’s what they said:
Seek a Support Network: Join networking groups, industry associations, or online communities to connect with like-minded individuals who understand the entrepreneurial journey.
Attend Events and Conferences: Participate in workshops, seminars, and conferences to meet other entrepreneurs and gain valuable insights from experienced professionals.
Collaborate and Network: Partner with fellow entrepreneurs on projects to increase collaboration opportunities or give networking a go! Here at RWC, we hold regular social gatherings and networking events which we would LOVE to invite you too! Check our social media or sign up to our newsletter to stay informed about the next dates.
Coworking: Join a co-working office near you, or engage in virtual coworking sessions, where entrepreneurs can work simultaneously with others remotely, creating a sense of community and accountability.
Find a Coach or Mentor: Seek guidance from a mentor who has experience in your industry. A business coach or mentor can provide valuable advice, support, and an outside perspective. If you are interested in exploring this option, book in for a free ‘cuppa & a catch up’ with our head coach Esther who can tell you all about it.
Prioritize Self-Care: Allocate time for hobbies, physical activities, and relaxation to maintain a healthy work-life balance and alleviate stress.
Join the challenge
To kickstart those positive changes we’ve created this fabulous checklist giving you 20 ways to increase your connections. We are inviting small business owners/freelancers/solo-entrepreneurs to join the challenge and share their progress each week on social media.
Loneliness can be a challenging aspect of the entrepreneurial journey, but it doesn't have to be a permanent companion. By actively seeking out opportunities for networking, collaboration, and self-care, solo entrepreneurs and small business owners can overcome feelings of isolation and create a support system to thrive professionally and personally.
Remember, you are not alone on this path to success, and there is a vibrant community of entrepreneurs waiting to connect and grow with you.
Embrace the journey, reach out, and let loneliness become a thing of the past.
