3 Ways Your Business Can Lead to Burnout
3 Ways Your Business Can Lead to Burnout
Let me start by saying that I am a fan of bootstrapping your business in the traditional sense. For those who aren’t familiar with the term, bootstrapping usually means building your business from the ground up without funding from outside sources.
I did just that when I borrowed $15,000 from my retirement plan to invest in my business. (Scary, right?!)
That, however, is where my bootstrapping ended. I knew that if I wanted to see real results in my business, I could no longer piece things together to create hodge-podge solutions that may or may not work.
Since you made it here, you know the same is true for you. Keep reading to learn the 3 ways you’re bootstrapping your business and how you can avoid burnout.
1. Your mindset
The first place that you’re bootstrapping your business is with your mindset. You’re consuming all the free webinars and ebooks. You sign up for every challenge and regularly listen to podcasts.
All of these are actually great because you DO need to do those things in order to learn and grow. It only becomes bootstrapping when you believe that by listening to the podcast or free webinar and walking away with a good feeling that the information actually stuck.
Truth is, all of it is wasted energy unless you are willing to do the work. If you’re not going to stretch yourself outside of your comfort zone and implement what you’ve learned, all of that wasted energy can burn you out.
Solution: Create an action plan for everything that inspires you. For example, you hear on a podcast that it took 20 calls for someone to get her first client. Use that inspiration as fuel to go out and book 20 calls yourself.
2. Your money
The next place you’re bootstrapping your business is with your money. You’re not tracking your revenue and expenses like a true businesswoman. Bootstrapping your money looks like ignoring the importance of accounting software, using random spreadsheets or checking your business bank account every once and awhile.
Even as a brand new business owner, you should have structure around your finances. Most new businesses don’t need an accountant, but you should be able to track your profit and loss (P&L) every month. Remember, your profit is your revenue minus your expenses each month. If you find this to be difficult, consider that you probably have a disempowered relationship with money that needs to be transformed before you’re able to call in more money.
Nothing will burn you out quicker than running out of money.
Solution: Make a commitment to look at your money and be honest about your relationship with it. Instead of putting it off, get proactive about dealing with and tracking your numbers (I recommend using accounting software like Quickbooks or Wave Accounting). I know it’s getting cliche, but always remember that you can’t manage what you don’t track.
3. Your goals
The third and final place you’re bootstrapping your business is with your goals – and this one has two parts.
First, you’re not being specific enough. “I want to have publicity” or “I want to make enough to be secure this quarter” are not considered goals. A goal has to be S.M.A.R.T. – Specific, Measurable, Achievable, Relevant and Time-sensitive – in order to be clear and reachable.
The second way you’re bootstrapping your business goals is by not having an accountability structure in place. You might have deadlines around your goals and you can show everybody your strategic plan, but without having accountability tied in, your goals become self-negotiable.
Solution: Get specific about your goals and be honest with yourself about your accountability structure. Do you have the right people keeping you on track to meet your goals? It may be time to invest in yourself by hiring a coach or finding a mentor. We all need accountability.
You owe it to yourself to end the burnout in your business. Most people think that in order to do so, you have to cut back. While there is some truth to that, it’s not necessarily about doing less all the time.
It’s about being smarter and being willing to “do the work”. You have to be willing to be honest with yourself. You have to be willing to hold yourself accountable. You have to be willing to invest in yourself at a higher level so that you are fully supported and you’re no longer bootstrapping your way to the top.
Take action today:
- Prioritize your mindset.
- Prioritize your money.
- Prioritize your accountability.
Ready to stop bootstrapping and get the support you need to take your business to the next level? Click here to view our services and start ending your burnout today.
CEO & Founder
My clients hire me when they’re overwhelmed, burned out and exhausted from burning the midnight oil without the results to show for it. They realize that wearing busy as a badge of honor didn’t work for them in the corporate world and still doesn’t work as an entrepreneur. I coach my clients and their teams on how to develop their intuitive leadership to make quicker decisions, take bolder actions and shift into a leadership style of authenticity.